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.

It's an important question that workers grapple with all the time -- how much do I need to save for retirement?

This retirement savings 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.

See Also: 11 Money Moves to Make in the Decade Before You Retire

1. How Much Income Will You Need In Retirement?

Current gross income:
$ $
Years until you begin retirement:
Assumes both spouses retire at the same time
Percentage of current income you want to replace:
80% is a good ballpark estimate—more if you expect to pay for your own health insurance in retirement

2. How Much Retirement Income Will You Receive from Social Security and Pensions?

Monthly Social Security income:
Consult the annual statement available from the Social Security Administration or calculate your benefit at in today's dollars.
$ $
Monthly retirement pension income:
Ask your benefits department for an estimate in today's dollars.
$ $
Will your pension include annual cost of living adjustments (COLA)?
Most government pensions do; most private pensions do not.
Yes No Yes No

3. How Much Retirement Savings Have You Already Accumulated?

Current value of 401(k)s, IRAs and other retirement accounts: $ $
Estimated average return on investments between now and retirement: 6% 8% 10%
(6% = Conservative; 10% = Aggressive)

4. How Much Will You Draw From Home Equity?

If you plan to sell your home in retirement and move elsewhere, answer the following questions. If not, skip to Step 5.

Current market value of your home: $
Remaining mortgage at retirement: $
Cash you expect to use from home sale to buy a new house: $

5. How Big of a Nest Egg Do You Need?

Years you expect to live in retirement:
Assume you will live until at least 90.
How much of your portfolio will be invested in stocks during your retirement? 35% 50% 65%
(35% = Conservative; 65% = Aggressive)
Any additional assets expected at retirement:
Include any other significant assets you expect to have at retirement such as an inheritance or the sale of a business.

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