Retirement Savings Calculator
Project the balance you could have at retirement based on your current age, current savings, monthly contributions, and an assumed average annual return.
How this calculator works
This calculator projects two growth streams to your target retirement age: your current balance compounding monthly, and your ongoing monthly contributions compounding as an annuity. The two are added together for your projected balance at retirement.
Formula reference: Investor.gov: Compound Interest Calculator (U.S. SEC)
Example
Example: starting at age 30 with $15,000 saved, contributing $400/month, and retiring at 65 with a 7% average annual return projects to roughly $893,000 at retirement, of which about $183,000 came from contributions and the rest from investment growth.
Frequently asked questions
- Is 7% a realistic long-term return assumption?
- It is a commonly used long-run average for diversified stock-heavy portfolios, but actual results vary year to year and are not guaranteed. Consider running the numbers at a lower rate as well to see a more conservative outcome.
- Does this account for employer matching?
- Not automatically. If your employer matches contributions, add that match to your monthly contribution amount to include it in the projection.
- Does this include Social Security or pensions?
- No, this only projects the personal savings and contributions you enter. Other retirement income sources should be considered separately.
This calculator provides estimates for general informational purposes only and does not constitute financial, tax, or legal advice. Always confirm important numbers with a qualified professional or your lender/institution before making a decision.