Example 1
Age 30, $20,000 saved
Adding $500 a month at 7% until 65 projects about $1.1 million.
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Retirement Calculator
See how much you'll have saved by retirement. Enter your age, contributions, and expected return to get started.
Retirement details
See how much you'll have when you retire.
$
$
%
Total savings at retirement
$1,015,588.82
Total contributions made
$210,000.00
Total interest earned
$795,588.82
Years until retirement
35
Starting balance
$10,000.00
Growth breakdown
Year-by-year balance growth
| Year | Age | Annual contribution | Interest earned | Running balance |
|---|---|---|---|---|
| 1 | 31 | $6,000.00 | $919.19 | $16,919.19 |
| 2 | 32 | $6,000.00 | $1,419.38 | $24,338.58 |
| 3 | 33 | $6,000.00 | $1,955.73 | $32,294.31 |
| 4 | 34 | $6,000.00 | $2,530.85 | $40,825.16 |
| 5 | 35 | $6,000.00 | $3,147.55 | $49,972.70 |
| 6 | 36 | $6,000.00 | $3,808.82 | $59,781.53 |
| 7 | 37 | $6,000.00 | $4,517.90 | $70,299.43 |
| 8 | 38 | $6,000.00 | $5,278.24 | $81,577.68 |
| 9 | 39 | $6,000.00 | $6,093.55 | $93,671.22 |
| 10 | 40 | $6,000.00 | $6,967.79 | $106,639.02 |
| 11 | 41 | $6,000.00 | $7,905.24 | $120,544.25 |
| 12 | 42 | $6,000.00 | $8,910.45 | $135,454.70 |
| 13 | 43 | $6,000.00 | $9,988.32 | $151,443.02 |
| 14 | 44 | $6,000.00 | $11,144.12 | $168,587.14 |
| 15 | 45 | $6,000.00 | $12,383.47 | $186,970.62 |
| 16 | 46 | $6,000.00 | $13,712.41 | $206,683.03 |
| 17 | 47 | $6,000.00 | $15,137.43 | $227,820.45 |
| 18 | 48 | $6,000.00 | $16,665.45 | $250,485.91 |
| 19 | 49 | $6,000.00 | $18,303.94 | $274,789.85 |
| 20 | 50 | $6,000.00 | $20,060.87 | $300,850.72 |
| 21 | 51 | $6,000.00 | $21,944.82 | $328,795.53 |
| 22 | 52 | $6,000.00 | $23,964.95 | $358,760.48 |
| 23 | 53 | $6,000.00 | $26,131.12 | $390,891.60 |
| 24 | 54 | $6,000.00 | $28,453.88 | $425,345.48 |
| 25 | 55 | $6,000.00 | $30,944.55 | $462,290.03 |
| 26 | 56 | $6,000.00 | $33,615.28 | $501,905.30 |
| 27 | 57 | $6,000.00 | $36,479.07 | $544,384.37 |
| 28 | 58 | $6,000.00 | $39,549.88 | $589,934.26 |
| 29 | 59 | $6,000.00 | $42,842.69 | $638,776.94 |
| 30 | 60 | $6,000.00 | $46,373.53 | $691,150.47 |
| 31 | 61 | $6,000.00 | $50,159.62 | $747,310.09 |
| 32 | 62 | $6,000.00 | $54,219.40 | $807,529.49 |
| 33 | 63 | $6,000.00 | $58,572.66 | $872,102.15 |
| 34 | 64 | $6,000.00 | $63,240.63 | $941,342.78 |
| 35 | 65 | $6,000.00 | $68,246.04 | $1,015,588.82 |
Calculator guide
How It Works
The calculator finds how many years you have until retirement, then grows your current savings and monthly contributions at your expected annual return, compounding monthly. Each year, it records the balance, your total contributions, and the interest earned, building a year-by-year growth table that ends at your chosen retirement age.
Current age and retirement age set your time horizon, the single biggest driver of growth. Current savings is your starting balance across retirement accounts. Monthly contribution is what you add regularly, including any employer match. Expected return is an average annual growth assumption; use conservative rates for planning. Seeing your projection helps you balance priorities like paying off loans, building emergency savings, and saving for later, because money you free up from debt payments can be redirected into retirement and compound for decades.
For a deeper explanation, read Understanding Compound Interest: A Beginner's Guide.
What the Numbers Mean
- Total savings
- Projected balance at retirement. Low compared with your income goal suggests saving more or working longer.
- Total contributions
- What you put in yourself.
- Interest earned
- Growth from compounding; large values reflect a long horizon.
- Years until retirement
- Your runway. Fewer years means contributions must work harder.
- Growth table
- Shows growth speeding up in later years.
Common Scenarios
Example 2
Starting at 45
The same $500 monthly from $20,000 reaches about $340,000 by 65.
Example 3
Bumping contributions
Raising $300 to $500 at age 35 adds roughly $240,000 by 65.
Frequently Asked Questions
How much should I be saving for retirement?
A common guideline suggests saving 15% of income annually for retirement, though the right amount depends on current age, desired retirement age, and lifestyle goals. This calculator personalizes that estimate based on actual inputs.
Does this calculator factor in Social Security benefits?
The calculator focuses on personal savings and investment growth, with Social Security benefits typically added as a separate income source during retirement planning.
What withdrawal rate keeps retirement savings lasting?
A 4% annual withdrawal rate is a commonly cited guideline for making retirement savings last 30 years, though market conditions and spending needs affect that figure.
How does retiring earlier change the required savings amount?
Retiring earlier shortens the time available to save and lengthens the time savings need to last, which raises the required monthly contribution significantly.
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