Retirement Calculator
Calculate your retirement savings, project future growth, and estimate retirement income with detailed year-by-year projections
Retirement Projection at Age 65
Savings Breakdown
Retirement Income Estimate
* Based on 4% withdrawal rate. Actual income may vary based on market conditions.
Year-by-Year Growth Projection
| Age | Year | Contributions | Growth | Balance |
|---|---|---|---|---|
| 31 | 1 | $6,000 | $3,811 | $59,811 |
| 32 | 2 | $6,000 | $4,520 | $70,331 |
| 33 | 3 | $6,000 | $5,281 | $81,611 |
| 34 | 4 | $6,000 | $6,096 | $93,707 |
| 35 | 5 | $6,000 | $6,970 | $106,678 |
| 36 | 6 | $6,000 | $7,908 | $120,586 |
| 37 | 7 | $6,000 | $8,913 | $135,499 |
| 38 | 8 | $6,000 | $9,992 | $151,491 |
| 39 | 9 | $6,000 | $11,148 | $168,638 |
| 40 | 10 | $6,000 | $12,387 | $187,025 |
| 41 | 11 | $6,000 | $13,716 | $206,742 |
| 42 | 12 | $6,000 | $15,142 | $227,884 |
| 43 | 13 | $6,000 | $16,670 | $250,554 |
| 44 | 14 | $6,000 | $18,309 | $274,862 |
| 45 | 15 | $6,000 | $20,066 | $300,928 |
| 46 | 16 | $6,000 | $21,950 | $328,879 |
| 47 | 17 | $6,000 | $23,971 | $358,850 |
| 48 | 18 | $6,000 | $26,138 | $390,987 |
| 49 | 19 | $6,000 | $28,461 | $425,448 |
| 50 | 20 | $6,000 | $30,952 | $462,400 |
| 51 | 21 | $6,000 | $33,623 | $502,024 |
| 52 | 22 | $6,000 | $36,488 | $544,511 |
| 53 | 23 | $6,000 | $39,559 | $590,070 |
| 54 | 24 | $6,000 | $42,853 | $638,923 |
| 55 | 25 | $6,000 | $46,384 | $691,307 |
| 56 | 26 | $6,000 | $50,171 | $747,478 |
| 57 | 27 | $6,000 | $54,232 | $807,709 |
| 58 | 28 | $6,000 | $58,586 | $872,295 |
| 59 | 29 | $6,000 | $63,255 | $941,549 |
| 60 | 30 | $6,000 | $68,261 | $1,015,810 |
| 61 | 31 | $6,000 | $73,629 | $1,095,440 |
| 62 | 32 | $6,000 | $79,386 | $1,180,825 |
| 63 | 33 | $6,000 | $85,558 | $1,272,384 |
| 64 | 34 | $6,000 | $92,177 | $1,370,561 |
| 65 | 35 | $6,000 | $99,274 | $1,475,835 |
About This Tool
A retirement calculator helps you plan for your financial future by projecting how much you'll have saved by retirement age based on your current savings, contributions, and expected investment returns. Planning for retirement is one of the most important financial goals, and starting early can make an enormous difference due to the power of compound growth.
The Importance of Starting Early
Time is your greatest asset when saving for retirement. Thanks to compound interest, money invested early has decades to grow. For example, if you invest $500/month starting at age 30 with 7% annual returns, you'll have about $1.2 million by age 65. If you wait until age 40 to start, you'll only have about $510,000 - less than half! Those 10 extra years of contributions ($60,000 total) result in nearly $700,000 more at retirement. This demonstrates why financial advisors emphasize starting retirement savings as soon as possible.
Expected Investment Returns
Historical stock market returns average around 10% annually, but a more conservative 7% estimate accounts for inflation and diversified portfolios including bonds. Your actual returns will vary year to year, but for long-term planning (20+ years), using 6-8% is reasonable for aggressive portfolios, 5-7% for moderate portfolios, and 3-5% for conservative portfolios. Younger investors can typically afford more aggressive allocations since they have time to recover from market downturns, while those closer to retirement should shift toward more conservative investments.
The 4% Withdrawal Rule
The "4% rule" is a popular retirement planning guideline suggesting you can safely withdraw 4% of your retirement portfolio annually (adjusted for inflation) without running out of money over a 30-year retirement. For example, with $1 million saved, you could withdraw $40,000 per year ($3,333/month). This rule is based on historical market performance but isn't guaranteed - some experts now suggest 3-3.5% for longer retirements or volatile markets. Remember to factor in Social Security, pensions, and other income sources when planning your retirement budget.
Maximizing Your Retirement Savings
Take full advantage of tax-advantaged retirement accounts: contribute enough to your 401(k) to get the full employer match (it's free money!), max out Roth IRA contributions if eligible ($7,000/year in 2024, $8,000 if 50+), and consider additional contributions to traditional IRAs or taxable investment accounts. Increase your contribution rate by 1-2% annually or whenever you get a raise. Even small increases compound significantly over time. Also review and rebalance your portfolio annually to maintain your target asset allocation and risk level.