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What is a free retirement calculator?
A free retirement calculator helps you estimate how much money you need to save to maintain your desired lifestyle after you stop working. It projects your future savings based on your current balance, monthly contributions, and expected investment returns, and compares it against your retirement goal. If you are only looking to grow a single sum over time, you can try our savings calculator.
Understanding your retirement readiness today gives you the chance to adjust your strategy. If you have a shortfall, you can see exactly how much more you need to save each month to stay on track.
How to use this calculator
Basic Inputs. Enter your current age, your target retirement age, your current annual income, your existing retirement savings, and how much you contribute monthly.
Advanced Settings. Adjust your income replacement rate (typically 80%), expected annual return (e.g., 7%), and expected inflation rate. The calculator will automatically account for inflation when determining your target savings.
Understanding the Results. The tool provides two key numbers: your Projected Savings (what you will have) and your Target Savings Needed (what you need based on the 4% rule). The progress bar visually indicates whether you are on track or if there is a shortfall.
For example, if you are 30 years old, earn $80,000 a year, and plan to retire at 65, your target savings might be around $4.2 million due to inflation. If your projected savings fall short, the calculator will show the exact additional monthly contribution needed to bridge the gap.