Estimate how saving and investment assumptions relate to retirement income needs.
Retirement Calculator
Form
Results
You need to save yearly
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Table of Contents
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What is Retirement ?
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How to Use This Calculator
- Enter or select Gender, Current age, Retirement age, Your life expectancy, Savings amount. Complete any remaining fields required by your chosen method.
- Check the unit beside each measurement. For a percentage or rate, use the scale and time period stated in the form.
- Choose Calculate, then compare the output with the formula and example below. If you change a value or option, calculate again to update the result.
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Formula Used
Future balance = growth of current savings + accumulated contributions
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Variables Explained
| Input | What it means |
|---|---|
| Gender | Select the equation or reference category that applies to the measurement being assessed. |
| Current age | Age in the time unit shown; most adult equations use completed years. |
| Retirement age | Age in the time unit shown; most adult equations use completed years. |
| Your life expectancy | The assumed planning age at the end of the retirement projection, not a prediction of lifespan. |
| Savings amount | Use the measured or stated value for this item, with the unit or category shown beside the field. |
| Amount already saved | Use the measured or stated value for this item, with the unit or category shown beside the field. |
| Investment rate | The stated rate or percentage, entered using the scale and time period shown in the form. |
| Government pension | Use the measured or stated value for this item, with the unit or category shown beside the field. |
| Cost of living | The cost amount included by this calculation; keep it on the same basis as the selling amount. |
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Worked Example
A current balance of 10,000 growing at 5% for 20 years becomes about 26,533 before further saving.
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Why Use This Calculator?
Compare the result with the underlying statement, budget or proposed transaction. It is most useful when every amount uses the same reporting period and the same accounting definition.
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Common Mistakes
- Use a consistent inflation basis for future spending, pension income and investment returns.
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Frequently Asked Questions
Should I use monthly or annual figures?
Use one consistent period for every amount and rate in the relationship. If a form specifies an annual rate or a monthly amount, follow that label rather than mixing time periods.
Does the result include fees and tax?
Only the costs and taxes represented by the inputs and formula are included. A real transaction can include other charges, so compare the estimate with the underlying agreement or statement.
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Sources & References
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