The Calculator App
Retirement
Project savings toward a goal from a current balance, monthly contributions, and a rate you enter. This is not a retirement plan, a forecast, or tax advice.
$1,015,810.37
Illustrative $50,000 current savings, $500 monthly contribution, 7% rate, from age 35 to 65. Goal $1,000,000. Not a quote. The interactive calculator replaces this summary in the browser.
How this retirement estimate is built
You enter current savings, a monthly contribution, a rate, your age, a retirement age, and a goal. Interest during the saving years uses the same monthly schedule as the compound interest calculator. Nothing on this page looks up a rate, estimates Social Security, or opens an account.
Questions
What is the balance at retirement?
It is the current savings, plus every monthly contribution, plus monthly interest, through the retirement age you enter. Contributions stop at that age. The rate is the annual percent you enter. The calculator does not look up a savings yield or a market return.
How is the goal used?
The goal is a balance you type. The page shows whether the projected savings are ahead of that balance or short of it. It also shows a monthly contribution that would reach the goal by the retirement age. That figure is a result of this schedule. It is not a required savings rate.
What happens after retirement?
If withdrawals are included, the same monthly rate continues and the withdrawal is taken after interest. The withdrawal cannot be larger than the balance. The illustration stops after the number of years you enter, or sooner if the balance reaches zero. Contributions are not added during those years.
What does this leave out?
Social Security, pensions, taxes, account fees, inflation, and a change in an investment price are not calculated. A higher rate raises the balance in this model. It does not mean an account will pay that rate, and it does not mean the savings will last.