Simple Retirement Calculator
How to Use This Calculator
- 1
Enter your current age and planned retirement age
The difference between these ages sets how many years the calculator projects.
- 2
Enter your current savings, monthly contribution, and annual return
Use the amount already saved for retirement, the amount you plan to add each month, and an estimated annual investment return. The return is an assumption, not a guaranteed rate.
- 3
Review the projected balance and its sources
The results separate your new contributions from estimated investment growth. The projection assumes the same return and monthly contribution throughout the period.
Example Calculation
A 27-year-old has $15,000 saved, plans to retire at 67, contributes $1,000 per month, and assumes an 8% annual return.
Current Age (years)
27
Retirement Age (years)
67
Current Savings ($)
15,000
Monthly Contribution ($)
1,000
Annual Return (%)
8
Results
Total at Retirement
$3,878,379.65
Total Contributions
$480,000.00
Investment Growth
$3,383,379.65
Total Invested
$495,000.00
Growth vs Contributions
87.2%
Insights card shows the projected balance by year, split into contributions and investment growth.
Tips
The projection includes $480,000 in future contributions
Change Monthly Contribution to $750 to see how saving $250 less each month affects the projected balance. The calculator applies each monthly contribution before that month's assumed return.
An 8% return is an assumption, not a forecast
Change Annual Return to 6% or 5% and compare Total at Retirement. A small annual-rate change compounds across every month of the projection.
Starting later shortens the compounding period
Change Current Age from 27 to 37 while keeping the other inputs fixed. Compare the resulting balance and total contributions to see the effect of saving for 10 fewer years.
What this retirement calculator estimates
A retirement savings projection estimates the future value of current savings plus monthly contributions compounded at an assumed return. It does not model taxes, account fees, inflation, employer matching, Social Security, pensions, or withdrawals.
How the calculation works
The calculator compounds monthly. It adds each contribution to the balance before applying that month's return, so it treats contributions as arriving at the beginning of each month.
Bₙ = Bₙ₋₁ × (1 + r) + C × (1 + r)
Bₙ is the balance after month n, Bₙ₋₁ is the previous month's balance, r is the monthly return (annual return ÷ 12), and C is the monthly contribution.
For the example, the monthly rate is 8% ÷ 12 = 0.0066667, and the projection spans 40 × 12 = 480 months. The starting $15,000 grows to about $364,100.57. The monthly contributions grow to about $3,514,279.08. Together, they produce a projected balance of $3,878,379.65.
The total invested is $15,000 + (480 × $1,000) = $495,000. Subtracting that amount from the projected balance gives $3,383,379.65 in estimated investment growth.
How time and return affect the projection
Time gives investment returns more months to compound. The following comparison changes the retirement age while holding the other example inputs constant; each contribution is still made at the beginning of the month.
| Retirement age | Years of contributions | Total contributions | Approx. projected balance at 8% |
|---|---|---|---|
| 62 | 35 | $420,000 | $2,569,000 |
| 67 | 40 | $480,000 | $3,878,000 |
| 70 | 43 | $516,000 | $5,020,000 |
These are nominal projections, not inflation-adjusted spending estimates. A higher return increases the projected balance, but also assumes stronger investment performance. Compare conservative and optimistic return assumptions instead of treating one rate as certain.
Turn the balance into a retirement plan
A balance alone does not show whether your savings will cover retirement spending. Estimate expected expenses, include any pension or Social Security income, and account for taxes and investment costs. The retirement withdrawal calculator can help explore how withdrawals affect a portfolio; the retirement spending calculator helps estimate expenses.
Check whether the contribution fits your account type and tax situation before setting it as an automatic deposit. The 401(k) contribution calculator can help with workplace-plan contributions. For Social Security claiming estimates, use the SSA's retirement estimator.
When to use a different calculator
This calculator assumes steady monthly saving and a constant return. Use another calculator when you need to model:
- A retirement date based on a target balance → retirement date calculator
- Retiring earlier than a conventional retirement age → early retirement calculator
- How much a savings goal needs to grow without retirement-age inputs → simple savings calculator
- How much you can withdraw from savings → retirement withdrawal calculator
Frequently Asked Questions
What is a retirement savings projection?
A retirement savings projection estimates how much your current savings and future contributions could grow by a chosen retirement age. The result depends heavily on the assumed return and does not guarantee a future account balance.
How does this calculator estimate my retirement balance?
1. Convert the annual return to a monthly rate by dividing it by 12. 2. Add each monthly contribution to the balance and apply that month's return. 3. Repeat for every month until the retirement age. This calculator assumes contributions arrive at the beginning of each month.
Does the projected balance account for inflation?
No, the result is a future dollar amount and is not adjusted for inflation. To estimate purchasing power, compare it with an inflation-adjusted projection or reduce the assumed return to reflect inflation and investment costs.
How much can I contribute to a retirement account?
Contribution limits depend on the account type and tax year, and this calculator does not check them. Review the IRS retirement-plan contribution limits before using the monthly amount as a contribution target.
Does this calculator include Social Security or retirement withdrawals?
No, it projects savings growth only; it does not add Social Security, pensions, taxes, fees, or withdrawals. Estimate Social Security separately with the Social Security Administration's retirement estimator, then use a withdrawal calculator to explore how savings might support spending.