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Retirement Calculator
Enter all of the fields below,
then press the View Schedule button.
How many years until you retire?
Number of Years in Retirement
Average Annual Interest Rate You Can Earn
(After Retirement)
  Compounded: 		 %
Average Annual Inflation Rate %
How much do you need to live on annually? (in today's $)
Withdrawn at the beginning of the year
Withdrawn at the end of the year		 $
Do you want to have any money left?
  If yes...how much?     Adjust for inflation 		$
Copyright© 1997- MyCalculators.com

 
    Note: 
    • Subtract any other income (in today's $ - Social Security, annuity, pension etc..) from the amount you will need to live on.
    • The amount you need to live on should include taxes.
    • Due to rounding, the calculations are approximates and intended to be used only as a guide.

EXAMPLE CALCULATIONS:

  1. I've had a lot of people ask me how to use this calculator if you want to retire before receiving any Social Security or pension benefits. Here's how to do it - it's a 2-step process:
    The assumptions:
  • You're 40 years old and would like to retire at 55.  You don't have a pension plan, but will start receiving about $700 per month (in today's $) from Social Security at 65 years old.  You need $50,000 per year (in today's $) to live on until you're 95 years old.  You don't need to have money left when you die.  You think you can earn 10% per year and assume inflation will average 3.5% per year.

    Step 1  Do the calculation for the time you'll receive Social Security (age 65 to 95 years) first.
    • 25 = Years until you retire (or until you begin receiving SS). (age 40 to age 65)
    • 30 = Years of retirement (or time receiving SS). (age 65 to age 95)
    • 10 = Interest Rate
    • 3.5 = Inflation Rate
    • 41,600 = annual amount needed to live on. ($700 x 12 = $8,400    $50,000 - $8,400 = $41,600)
    • 0 = amount left
    Press View Schedule    You will need $ 1,396,108.92 to get you from age 65 to 95.

    Step 2  Now do the calculation from age 55 to 65 years.
    • 15 = Years until you retire. (age 40 to age 55)
    • 10 = Years of retirement (not receiving SS). (age 55 to age 65)
    • 10 = Interest Rate
    • 3.5 = Inflation Rate
    • 50,000 = annual amount needed to live on.
    • 1,396,108.92 = amount left (The amount from above needed at age 65, to carry you from 65 to 95yrs.) Do not check the box to adjust for inflation!
    Press View Schedule    You will need to save $ 1,184,904.38 by the time you retire at age 55, in order to have enough money to last to the age of 95. (Assuming all the above assumptions are met, of course.)

Be sure to review your plan periodically or as requirements change!

*After you view the schedule and find out how much you'll need to save for retirement, use my Savings Calculator to see how to get it.

    On the Savings Calculator
    you will enter:
    1. The $ amount needed at retirement in the Future Value box (you can copy (not the $ sign) from the schedule and paste to the Savings Calculator) -
    2. How much you've already saved in the Present Value box -
    3. The number of years until you retire in the Number of Years box -
    4. ...and the annual rate that you think you can earn in the Rate box -
    5. Press the Contribution button and it will tell you how much you need to invest each period (monthly, quarterly or annually depending on which is selected). You can change the period by selecting another period and pressing the Contribution button again.
      • No need to adjust that value for inflation, this Retirement Calculator has already done that for you.

    FAQs:



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Copyright© 1997- MyCalculators.com