Retirement Calculator
Plan your retirement by calculating how much you need to save. See if you're on track and what adjustments may be needed.
Your Retirement Details
Amount Needed at Retirement
For 25 years of retirement at $142,392/year
You're behind. Consider saving $1,617/month.
Projected savings at retirement: $1,211,327 (Gap: $603,532)
Retirement Planning Basics
Retirement planning involves estimating how much money you'll need to live comfortably after you stop working, and developing a strategy to accumulate that amount. The key factors include your current age, target retirement age, expected lifestyle, and sources of income like Social Security or pensions.
Key Rule: Most financial advisors recommend replacing 70-80% of your pre-retirement income to maintain your lifestyle in retirement.
Savings Rate Guidelines
| Starting Age | Recommended Savings Rate | Notes |
|---|---|---|
| 20s | 10-15% | Time is your greatest asset. Start early! |
| 30s | 15-20% | Increase contributions as income grows |
| 40s | 20-25% | Peak earning years, maximize savings |
| 50s+ | 25-30%+ | Catch-up contributions, aggressive saving |
Retirement Income Sources
- +Social Security: Government benefits based on work history
- +401(k)/403(b): Employer-sponsored retirement accounts
- +IRA: Traditional or Roth individual retirement accounts
- +Pension: Defined benefit plans from employers
- +Investments: Taxable brokerage accounts
- +Part-time Work: Supplemental income in retirement
Age Milestones
- 50:Catch-up contributions allowed ($7,500 extra for 401k)
- 55:Early 401k withdrawal without penalty (if separated from employer)
- 59½:Penalty-free withdrawals from retirement accounts
- 62:Earliest Social Security eligibility (reduced benefits)
- 65:Medicare eligibility begins
- 67:Full Social Security retirement age (for those born 1960+)
Retirement Savings Benchmarks
| Age | Target Savings | Example ($75k salary) |
|---|---|---|
| 30 | 1x salary | $75,000 |
| 40 | 3x salary | $225,000 |
| 50 | 6x salary | $450,000 |
| 60 | 8x salary | $600,000 |
| 67 | 10x salary | $750,000 |
* Fidelity Investments guidelines. Individual needs vary based on lifestyle and goals.
Tips to Improve Your Retirement Outlook
- 1.Start early: Every year of early saving significantly impacts your final balance.
- 2.Get employer match: Contribute at least enough to get the full 401(k) match.
- 3.Increase contributions annually: Bump up your savings rate by 1% each year.
- 4.Consider Roth accounts: Tax-free withdrawals in retirement can be valuable.
- 5.Delay Social Security: Waiting until 70 can increase benefits by 24-32%.
- 6.Plan for healthcare: Factor in Medicare premiums and supplemental insurance.