﻿ Retirement Savings Calculator |- MyCalculators.com

# Retirement Savings Calculator

## Retirement Savings 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? (while retired)
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Withdrawn at the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Withdrawn at the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?
\$

To view the schedule, all input fields must contain a value.

1995- MyCalculators.com
 Note:Subtract any other income (in today's \$ - Social Security, annuity, pension etc..) you'll receive from the amount on which you'll need to live.The amount you need to live on should include taxes.

 EXAMPLE:I've had some 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 \$1000 per month (in today's \$) from Social Security at age 65. 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 5% per year and assume inflation will average 3.5% per year.Step 1First, do the calculation for the number of years you'll be receiving Social Security (age 65 to 95 years).25 =Years until you retire (begin receiving SS). (age 40 to age 65)30 =Years receiving SS. (age 65 to age 95)5 =Interest Rate3.5 =Inflation Rate38,000 or 38000 =annual amount needed to live on. (\$1000 x 12 =\$12,000 \$50,000 - \$12,000 =\$38,000)0 =amount leftPress View ScheduleYou will need \$ 2,203,771.99 to get you from age 65 to 95.Step 2Now 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)5 =Interest Rate3.5 =Inflation Rate50,000 or 50000 =annual amount needed to live on.2,203,771.99 or 2203771.99 =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 ScheduleYou will need to save \$ 2,138,749.78 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.)*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:The \$ amount needed at retirement in the Future Value boxNote: You can copy the amount (not the \$ sign) from the schedule and paste that into the Savings Calculator.How much you've already saved in the Present Value box.The number of years until you retire in the Number of Years box...and the annual rate that you think you can earn in the Rate boxPress the Contribution button and it will tell you how much you need to invest each period (weekly, monthly, quarterly, semi-annually or annually... depending on which is selected). You can change the period by selecting another period and pressing the Contribution button again.There's no need to adjust that value for inflation. This Retirement Calculator has already done that for you!Be sure to review your plan periodically or as requirements change!FAQ:Why does the withdrawal amount increase every year?Why do I have to include taxes in the amount needed to live on? Why didn't you include taxes in the calculation?What if I want the earnings to be net of taxes?How much do I need to live on?I don't understand compounding. Does it really make a difference?What can I expect the inflation rate to be?What can I expect to get from Social Security?

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1995- MyCalculators.com