![]() Get started today: If you’ve been waiting to begin saving for retirement, start now.Here are some tips to boost your retirement savings efforts: If your retirement savings progress isn’t quite where you’d like it to be, there are plenty of ways you can get back on track. How Can I Improve My Retirement Savings Progress? Retirement spending of ~80% of your current incomeĪdjust the settings within the calculator to accurately reflect your current retirement money situation.Our retirement savings calculator predicts your total retirement savings in today’s amount, then highlights how that amount might expand over the years you plan to spend in retirement, with inflation taken into consideration. Our Methodology: How Our Retirement Calculator Predicts Your Savings Inflation is a sustained increase in the general price level of goods and services in an economy over time. ![]() This is a conservative estimate based on historical financial data. Add anticipated investment rate of return: Our calculator assumes a 5% rate of return on investment.In this cell, enter life expectancy – and plan for a long retirement! Fill in life expectancy: Thanks to the advancement of new technologies and better healthcare, we’re living longer lives.If you plan on retiring younger, you may decide to contribute more to your retirement savings each month. If you plan on working longer, you’ll have more time to save. Add the age at which you hope to retire: The average age of retirement is 62.If you don’t know this amount or don’t want to count on this income put $0. Fill in other expected income : In this cell, add the monthly total of any other expected income, such as pension or Social Security benefits.So, if you make $4,000 per month now, your planned retirement spending would be: Enter your planned monthly retirement spending: This can vary based on your expectations for retirement, but some financial experts recommend living on 80% of your current income.If you don’t already contribute to your retirement fund on a regular basis, enter the amount you plan to contribute moving forward. Enter how much you save for retirement monthly: In this cell, indicate how much you regularly contribute to your retirement plan on a monthly basis.If you have not yet started saving for retirement, put zero (don’t worry, with our calculator you’ll soon be well on your way!). Enter your current savings : Input your current retirement savings.Enter your pre-tax income : Fill in this cell with your annual salary before taxes.Our retirement savings calculator is easy to use, and provides straightforward results to help you maximize your saving efforts.
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