# Retirement Calculator

URL: https://speedycalculator.com/calculators/finance/retirement/
Last updated: 2026-10-25

> The retirement calculator checks whether you're on track for retirement: it projects your savings at retirement, the income they can provide until your life expectancy, adds Social Security or a pension, and compares the total with the income you want – showing any shortfall and the extra saving needed.

## Inputs

- Current age
- Retirement age
- Life expectancy
- Current retirement savings
- Monthly saving
- Return before retirement (%)
- Return during retirement (%)
- Inflation (%)
- Desired yearly income in retirement (today's money)
- Social Security / pension per year (today's money)

## Results

- Years to retirement
- Years in retirement
- Savings at retirement
- Yearly income needed at retirement (future money)
- First-year income from savings (rising with inflation)
- Social Security / pension (future money)
- Yearly surplus (+) or shortfall (−)
- Share of desired income covered
- Extra monthly saving needed

## Formula

```
Savings at retirement = S(1 + r)^n + monthly saving × ((1 + i)^N − 1) ÷ i
Income needed at retirement = desired income × (1 + inflation)^n
Income from savings = growing withdrawal over the retirement years (rising with inflation)
Shortfall = needed − (savings income + pension)
```

## Explanation

A common target is 70–80% of pre-retirement income. Social Security replaces about 40% for an average earner. Starting early, increasing savings with each raise and delaying retirement a couple of years all make a big difference.

### How to use the Retirement Calculator

- **Current age**
- **Retirement age**
- **Life expectancy**
- **Current retirement savings**
- **Monthly saving**
- **Return before retirement**
- **Return during retirement**
- **Inflation**
- **Desired yearly income in retirement (today's money)**
- **Social Security / pension per year (today's money)**

Results update as you type, and every field accepts the units shown in its menu.

### How it works

Enter your age, retirement age, life expectancy, current savings, monthly saving, returns before and after retirement, inflation, desired yearly income (in today's money) and expected Social Security or pension.

### Tips

- Start early – time does more of the work than the amount you save.
- Take the full employer match if your plan offers one.
- Plan with a cautious return (4–6% after inflation) and check again every year.
- Know the contribution limits and required minimum distribution rules for your accounts.

### Common mistakes to avoid

- Ignoring inflation when setting a retirement target.
- Underestimating how long retirement can last.
- Withdrawing early and paying penalties and taxes.

### Inputs explained

FieldWhat to enterCurrent ageA numberRetirement ageA numberLife expectancyA numberCurrent retirement savingsAmount in your currencyMonthly savingAmount in your currencyReturn before retirementIn %Return during retirementIn %InflationIn %Desired yearly income in retirement (today's money)Amount in your currencySocial Security / pension per year (today's money)Amount in your currency

### What each result means

- **Years to retirement** = max([Retirement age] - [Current age], 0)
- **Years in retirement** = max([Life expectancy] - [Retirement age], 1)
- **Savings at retirement** = [Current retirement savings]×(1 + [Return before retirement]÷100)^[Years to retirement] + fvc([Return before retirement]÷1200, [Years to retirement]×12, 0, [Monthly saving])
- **Yearly income needed at retirement (future money)** = [Desired yearly income in retirement (today's money)]×(1 + [Inflation]÷100)^[Years to retirement]
- **First-year income from savings (rising with inflation)** = [Savings at retirement]÷gpv([Return during retirement]÷100, [Years in retirement], 1, [Inflation]÷100, 1)
- **Social Security / pension (future money)** = [Social Security ÷ pension per year (today's money)]×(1 + [Inflation]÷100)^[Years to retirement]
- **Yearly surplus (+) or shortfall (−)** = [First-year income from savings (rising with inflation)] + [Social Security ÷ pension (future money)] - [Yearly income needed at retirement (future money)]
- **Share of desired income covered** = ([First-year income from savings (rising with inflation)] + [Social Security ÷ pension (future money)])÷[Yearly income needed at retirement (future money)]×100

### Example values

How the main result changes when **Current age** changes and everything else stays at the example values above:

Current ageSavings at retirement207,271,914.06303,563,378.63401,702,770.4550769,184.0160300,692.7680120,000

## Worked example

Inputs — Current age: 40; Retirement age: 67; Life expectancy: 90; Current retirement savings: $120,000; Monthly saving: $1,000; Return before retirement: 7 %; Return during retirement: 5 %; Inflation: 2.5 %; Desired yearly income in retirement (today's money): $60,000; Social Security / pension per year (today's money): $24,000.

Results — Years to retirement = 27; Years in retirement = 23; **Savings at retirement = $1,702,770.45**; Yearly income needed at retirement (future money) = $116,868.00; First-year income from savings (rising with inflation) = $95,282.69; Social Security / pension (future money) = $46,747.20; Yearly surplus (+) or shortfall (−) = $25,161.89; Share of desired income covered = 121.53 %; Extra monthly saving needed = $0.00.

## FAQ

**How much do I need to retire?**
Often 25 times the yearly income you'll need from savings.

**How much should I save for retirement?**
15% of income including any employer match is a common guideline.

**What is a safe withdrawal rate?**
Around 4% a year, adjusted for inflation, for a 30-year retirement.

**What formula does the Retirement Calculator use?**
Savings at retirement = S(1 + r)^n + monthly saving × ((1 + i)^N − 1) ÷ i.


## Sources

- [U.S. Social Security Administration – Retirement benefits](https://www.ssa.gov/benefits/retirement/)