Retirement Savings Calculator

Before you enter your numbers

Use the balance already invested toward this goal, the years between your current and retirement ages, and a target expressed in future money. Contributions stay level in nominal terms. If your target is stated in today’s money, first inflate it to the retirement date or consistently use an inflation-adjusted return and real contributions.

• Current age
• Retirement age
• Current retirement savings
• Target retirement fund
• Expected annual return

Input reference

• Current age: Your age at the start of the projection. This determines how long contributions can compound before the selected retirement date; it does not set legal access to a pension or retirement account.
• Retirement age: The age used as the retirement date in this calculation. Treat it as a planning input and separately verify when you can actually claim each pension or access each account.
• Current retirement savings: The current balance committed to this goal. Use a recent statement and exclude money reserved for unrelated goals. This starting value is already invested, so do not also enter it as a recurring contribution.
• Retirement goal: The target fund value. Keep it on the same nominal or real basis as your other assumptions. The calculator does not independently establish whether the target supports your desired retirement spending.
• Expected annual return: An assumed nominal annual rate, divided by 12 in monthly projections. It is held constant. It is not a guaranteed yield, and the default should be replaced with an assumption suited to your scenario.

Formula and calculation method

For monthly rate i and n months, required saving is [goal − current balance × (1 + i)^n] × i / [(1 + i)^n − 1]. The annual input is divided by 12. At zero return, subtract current savings from the goal and divide by the number of months. A negative requirement is shown as zero.

Worked example

With 60,000 saved, a 300,000 target, 20 years remaining and zero return, the gap is 240,000 over 240 months. The contribution is 1,000 monthly or 12,000 annually. If 120,000 is already saved, the same calculation falls to 750 monthly.

How to interpret the result

The result panel reports the monthly and annual saving that may be needed to reach the target, together with the years remaining until retirement.

The answer is a combined funding requirement, not necessarily what you must personally contribute. Subtract only employer contributions you can reasonably expect to receive and retain. Compare the remaining amount with your take-home budget and applicable account limits; contributions above an account limit may require a different eligible account.

Worked example: turning a retirement goal into a monthly amount

Suppose you have 50,000 saved, want 1.2 million at retirement, have 30 years remaining and use a 6% annual return assumption. The calculator grows the existing balance first, then solves for the level monthly contribution required to close the remaining gap.

This is different from simply dividing the gap by the number of months. Contributions made early have more time to compound than contributions made near retirement, so the required monthly saving is calculated with the future-value-of-an-annuity formula.

When the monthly target does not fit your budget

Separate a mathematical target from an affordable commitment. Record the contribution you can maintain, then rerun a later retirement date or a smaller goal. If a change of 100 per month makes a material difference, build an annual review around that amount instead of assuming future salary rises will solve the gap automatically.

A contribution pause needs explicit treatment. Calculate the balance at the start of the pause, allow it to grow without new deposits, then use the remaining years to solve for a revised payment. This page does not schedule pauses automatically. A catch-up plan should also preserve cash needed for near-term commitments.

Turn the monthly saving result into a workable plan

Treat the required monthly amount as a planning target, not a command. Compare it with what your budget can support today, then test a second case with a later retirement age or a lower retirement-spending target. If the required amount is very high, the useful question is which assumption can realistically change—not whether you can force the budget to match the first result.

Keep employer contributions and public pension income separate from your own monthly saving. Review the projection at least when income, pension rules, retirement age or major expenses change. A savings target becomes more useful when it is updated with current balances rather than left unchanged for years.

Turn The Contribution Into A Full Plan

Once you know the monthly amount required, test whether that contribution produces enough retirement income with the retirement income calculator. If the contribution feels unrealistic, revisit the target, retirement age or spending assumptions instead of changing the return assumption simply to make the result fit.