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Retirement Planning Calculator
Use this tool to estimate your retirement savings needs and determine how to reach your retirement goals. The following inputs are required:
Age at Retirement
The age at which you plan to retire. This tool assumes no additional contributions to your retirement savings in the year you retire.
Household Income
Total household income, including your spouse's income if applicable.
Current Retirement Savings
The amount currently saved for retirement, including all sources such as 401(k)s, IRAs, and annuities.
Rate of Return Before Retirement
The annual rate of return expected from your retirement savings before taxes. This should be an after-tax rate if most of your savings are in taxable accounts. Historical data shows varied returns: for example, the S&P 500® had a 13.8% compounded return over the 10 years ending December 31, 2020, with a long-term average of approximately 10.8% since 1971. Note that actual returns can fluctuate widely and investments with higher returns usually involve greater risk.
Rate of Return During Retirement
The annual rate of return expected from your investments during retirement. This rate is often lower due to more conservative investment choices. Historical returns data is similar to pre-retirement rates, but actual returns can vary.
Percent of Income to Save
The percentage of your annual income you plan to save for retirement. This includes all retirement accounts and any contributions made. The calculator assumes contributions are made annually at the end of the year.
Expected Income Increase
The annual percentage increase you anticipate in your household income.
Years of Retirement Income
The number of years you expect to draw income during retirement.
Pre-Retirement Income Desired in Retirement
The percentage of your pre-retirement income you aim to maintain in retirement. This is based on the income you earned in the year before retirement. Adjust this percentage between 40% and 160%, reflecting an after-tax amount if applicable.
Expected Rate of Inflation
The average long-term inflation rate you expect. Historically, the U.S. Consumer Price Index (CPI) has averaged 2.9% annually from 1925 through 2020. The CPI for 2020 was 1.2%.
Married Checkbox
Select this option if you are married. Married couples may have different Social Security benefits compared to single individuals.
Include Social Security Checkbox
Check this if you want to include Social Security benefits in your retirement planning. Social Security benefits vary based on income, work duration, and retirement age. For married couples, benefits are adjusted based on the spouse's income as well. This calculator uses 2021 figures and assumes only one spouse works, but it may require adjustment if both spouses are employed or if one has a higher benefit.
By inputting these details, the calculator will help estimate your retirement needs and how to best achieve your goals.
