Retirement Calculator: How Much Do I Need to Retire?
Our Retirement Calculator estimates the future value of your retirement savings and determines how much more you need to save each month.
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 must save each month to meet your retirement goal. It is also a key tool for developing a retirement planning checklist.
The calculator does not require you to enter an email, will not contact you and will not record or track your answers.
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.
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Social Security benefits: find your latest Social Security statement of estimated benefits online, or look for the paper copy mailed each year. Note that the Social Security Administration is changing the way you log into its system.
Private or government pension: you also might need to look up statements from a pension (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.
Retirement calculator
Source: Henry "Bud" Hebeler of AnalyzeNow.com (later New Retirement and Boldin).
We strongly recommend that you seek the advice of a financial services professional with a fiduciary relationship before making any investment or significant financial decision.
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 of your options, such as contributing to a 401(k) or IRA, or a 403(b) in 2024 and 2025. 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 73. Roth IRAs don’t have RMDs, but traditional IRAs and other retirement accounts do.
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Ellen writes and edits retirement stories. She joined Kiplinger in 2021 as an investment and personal finance writer, focusing on retirement, credit cards and related topics. She worked in the mutual fund industry for 15 years as a manager and sustainability analyst at Calvert Investments. She earned a master’s from U.C. Berkeley in international relations and Latin America and a B.A. from Haverford College.
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