Retirement Savings Calculator: How Much Money Do I Need to Retire?
Tool 2021

Retirement Savings Calculator: How Much Do I Need to Retire?

This calculator can help you determine how much money you need to save for retirement.

Here is an estimate of how much you need to save initially each month to match your retirement nest-egg goal. You will need to increase your savings in future years to keep pace with inflation. The results below assume 3% annual inflation and 2% annual home appreciation.

Annual Retirement Income In Future Dollars:


Annual Social Security and Pension Benefits:


Nest-Egg Goal:


Projected Future Value of Current Savings:


How Much You Should Be Saving Each Month:
This amount includes how much you are already saving plus any employer match


Source: Henry "Bud" Hebeler of

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, think through all of your options, such as contributing to a 401(k), 403(b), a traditional IRA or a Roth IRA. Different accounts may have different fees that can eat into returns in addition to different tax implications. And you should consider whether you will be required to take minimum distributions once you hit age 72. Roth IRAs don’t have RMDs but traditional IRAs and other retirement accounts do.

See Also: Your Guide to Roth Conversions