Retirement Calculator: How Much Do You Need to Retire?
Our Retirement Calculator helps you estimate the future value of your retirement savings and how much you need to save each month to reach your retirement goal.
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This retirement calculator can help you estimate what your retirement savings will be worth in the future. It will also help you determine how much more you need to save each month to meet your retirement goal. Here are some other ways it can help.
Test scenarios: Use the calculator to estimate how much you’ll need to save if you: pay off your mortgage, downsize to a cheaper home or location, or refinance your mortgage. Remember that if you decide to downsize, there could be tax consequences if you realize gains on the sale of your home.
The retirement calculator can also help you decide if paying off your mortgage is something you should focus on while you save for retirement or if it’s better to funnel more money into your retirement nest egg.
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It can also help you consider if you should contribute more to your tax-advantaged retirement savings account, push out your retirement date to amass more money or retire earlier. It can be a great way to see if you are on track with your retirement savings goals.
In addition to all that, it is a key tool for creating a retirement-planning checklist.
Protect your privacy: The calculator does not require you to enter an email address, will not contact you, and will not record or track your answers.
In a hurry? U.S. adults estimate that the magic number for retirement savings is $1.46 million, according to a 2026 study by Northwestern Mutual. Of course, that number lacks specificity. You may also have heard about the 80% rule, which says you should aim to save enough so that you can replace 80% of your pre-retirement income each year. That's a decent back-of-the-envelope approach, but also falls far short in terms of specificity.
One quick strategy developed by Fidelity is to target your savings based on your age and salary, as shown in the table below. (Note that Fidelity’s formula assumes a person started saving 15% annually starting at age 25.)
Age | You should have saved at least |
30s | Salary x 1 |
40s | Salary x 3 |
50s | Salary x 6 |
60s+ | Salary x 8 (and 10x by age 67) |
Source: Fidelity Investments
This strategy is a good starting point for estimating how much you need. But don't stop there; to get a clearer sense of whether you're on track for retirement, try out our calculator.
Dive into the details
Like any financial calculator, the output is only as good as the input. So, for a more accurate estimate, gather a few key numbers. But don't be cowed by this list; you can always start with a few inputs to get a sense and return later with more information.
Some of the information to gather includes the following:
Social Security benefits: Find your latest Social Security statement of estimated benefits online, or look for the paper copy mailed each year. If you don't have a Login.gov account, you can create one here.
Private or government pension: You might also need to look up pension statements (if you have one).
Employer-sponsored retirement accounts: Gather up statements from each of your 401(k) plans (whether you have just one or several).
Individual Retirement Accounts (IRAs): Find the balance of any IRAs you may own.
Brokerage accounts: If you have non-retirement investments, you'll need to consider them as well.
Roth accounts: Roth IRAs and Roth 401(k)s also go into the mix. While this calculator doesn't factor in the benefits of their after-tax status, that should be a consideration for future taxes.
Health Savings Accounts (HSAs): You may include the balance in your HSA toward retirement savings, since these funds may be used at any time.
Pro-Tip for Couples: If you and your spouse plan to retire several years apart, run the calculator twice — once for each individual salary and timeline — rather than combining your income into a single, less accurate estimate.
Setting your retirement date: If your retirement timeline falls between our 5-year blocks (for example, you want to retire in 7 years), choose the shorter timeline (5 years). This will give you a more aggressive, safer monthly savings target.
Retirement calculator
We strongly recommend that you seek the advice of a financial services professional with whom you have a fiduciary relationship before making any investment or significant financial decision.
Don't forget about taxes
Be aware that the calculator does not take taxes on your retirement income into account so your spendable income will be less.
The actual results will also depend on how much you contribute to your retirement accounts, how long you live and the returns on your investments.
To better save for retirement, consider all your options, such as contributing to a 401(k), IRA or 403(b).
The accounts may have different fees that can eat into returns, as well as varying tax implications. You should also consider whether there are required minimum distributions (RMDs) at age 75 (for anyone born in 1960 or later), which could create a taxable event. Roth IRAs don’t have RMDs, but traditional IRAs and other retirement accounts do.
Remember healthcare, the potential wild card
Every retirement plan will need to account for the rising cost of healthcare. In particular, you should plan when you'll sign up for Medicare and how you'll cover a health insurance gap before Medicare kicks in. If you're married, you and your spouse will need to align your healthcare strategy. Finally, you should also consider how to pay for long-term care and whether you want to purchase long-term care insurance.
If you plan to retire before age 65 and will need to purchase private health insurance, aim to select a 90% or 100% income replacement level in the calculator to absorb those premium costs until Medicare kicks in.
It's not etched in stone
The calculator is designed to give you an idea of how much you will need in retirement, not an exact figure. It's a useful tool to put you on track or keep you there.
You can play around with the numbers, use them as motivation to increase your spending, or for validation that you are on the right path.
The last thing you should do is be discouraged by the number it churns out. Saving for retirement is a long-term journey that has bumps along the way. It may not be working out as you originally expected, but remember, there are many ways to reach your retirement savings goals.
Related content
- The Average 401(k) Balance by Age
- Want To Retire at 55, 60, 62, 65, 67 or 70? Ask Yourself These Questions First
- The Average IRA Balance by Age
- Retirement Savings on Track? How Much You Should Have by 50 and 55
This calculator is for informational and educational purposes only and is not investment advice.
