Retirement Calculator
An extra $88 a month is the difference between $874,826.18 and $1,000,000. That is how sensitive retirement saving is to the monthly amount, and why a rough guess is not enough. This calculator turns your age, savings, contribution, and expected return into a projection you can actually check against a target.
Retirement saving is a long game, and small changes compound into large differences over decades. Starting five years earlier, or adding $100 a month, changes the ending more than most people expect.
Enter your numbers
Result
Put in your numbers below. The projection and the required monthly contribution come back together.
When not to trust this number
Every retirement projection leans on guesses, and this one is no different. The return you enter is a constant average. Real returns vary year to year, including down years, so treat the result as an average-path estimate, not a forecast.
Contributions are assumed steady, the same each month. Raises, job changes, and career breaks change the real path. Early withdrawals cut the balance and the growth on it, and may trigger taxes or penalties. Account fees and taxes on withdrawals are not included. Results are in future (nominal) dollars unless you adjust for inflation, so a balance of $1 million in 35 years will not buy what $1 million buys today. And Social Security or a pension are not in here: those are income sources in retirement, not savings, so plan them separately.
The inputs that matter
The years until retirement set the time horizon, the years your money has to grow. Current retirement savings means all retirement accounts combined, or 0 if you are starting from scratch. The monthly contribution should include your own contribution and, if your employer matches, the matched amount too. The expected yearly return is an average, not a promise. The calculator shows your projected balance and how much of it is contributions versus growth.
The projection formula
The projection uses compound growth on your current savings plus compound growth on your monthly contributions:
Future value = P × (1 + r/n)nt + PMT × [((1 + r/n)nt − 1) ÷ (r/n)]
P is current retirement savings. PMT is the monthly contribution, yours plus any employer match. r is the expected yearly return as a decimal. n is 12, monthly compounding. t is years until retirement.
To work backwards from a target balance, the calculator rearranges the same math:
Monthly contribution needed = (Target − P × (1 + r/n)nt) × (r/n) ÷ ((1 + r/n)nt − 1)
The return you enter is the biggest unknown. A common planning habit is to test two or three returns, for example 4%, 6%, and 8%, and treat the middle one as the working estimate. Inflation matters too: a balance of $1 million in 35 years will not buy what $1 million buys today, so the calculator shows the result in future dollars unless you adjust for inflation.
Thirty-five years, one saver
Age 30, retiring at 65, so 35 years. Current savings $20,000, monthly contribution $500, expected return 6% per year, monthly compounding. The monthly rate is r/n = 0.06 ÷ 12 = 0.005. Total months: nt = 12 × 35 = 420. Growth factor: (1 + 0.005)420 = 8.123551. Current savings grow to $20,000 × 8.123551 = $162,471.03. Contributions grow to $500 × ((8.123551 − 1) ÷ 0.005) = $500 × 1,424.710 = $712,355.15. Projected balance at 65: $162,471.03 + $712,355.15 = $874,826.18. Total contributions: $20,000 + ($500 × 420) = $230,000. Growth: $874,826.18 − $230,000 = $644,826.18. All figures rounded to the nearest cent.
To reach $1,000,000 instead: with the same starting balance, return, and time, the required monthly contribution is $587.86, about $88 a month more than the $500 in this example.
Three different lives
Starting at 40, retiring at 67, $50,000 saved, $800 a month, 5% return: projected balance $738,882.46.
Starting at 25 from $0, $300 a month, 7% return, retiring at 65: projected balance $787,444.02. Forty years of steady contributions beats a large late start.
Employer match: if you contribute $400 a month and your employer matches $200, enter $600. A match is an immediate 100% return on the matched part, so if your employer offers one, contributing enough to get the full match is usually the first priority.
Questions
How much should I save for retirement?
There is no single number, it depends on your spending, your retirement age, and what other income you expect. A common starting point is to save 15% of your income, including any employer match, and to check the projection once a year. This calculator shows whether your current rate reaches your target.
How much do I need to retire?
A widely used rule of thumb is 25 times your expected yearly spending in retirement, which comes from the 4% withdrawal guideline. It is a rough starting point, not a rule. Your real number depends on your spending, health costs, and how long retirement lasts. Use it to set a target in this calculator, then adjust.
What return should I use in a retirement calculator?
Use a conservative average and test a range. Many planners use 5–7% a year for a stock-heavy portfolio before inflation, and lower for conservative portfolios. The honest answer is that nobody knows the future return, so run the calculation at two or three rates and plan around the middle one.
Is it too late to start saving for retirement?
Starting late is better than not starting. You have less time for compounding, so the monthly amount needed is higher, but every year of saving still helps. Run your real numbers: the calculator shows exactly what your contribution needs to be from here, which is more useful than a general rule.
What if my employer matches my contributions?
Enter your contribution plus the matched amount. If you put in $400 a month and your employer matches $200, enter $600. A match is an immediate 100% return on the matched part, so contributing enough to get the full match is usually the first priority.
Keep going
The Compound Interest Calculator runs the same growth math for any savings goal. The Savings Goal Calculator finds the monthly deposit needed for a specific target and date. The Simple Interest Calculator shows interest without compounding, for comparison. The Percentage Calculator handles contribution rates and return differences. The Mortgage Calculator shows how housing costs fit beside retirement saving. Compound Interest Formula explains the math behind the projection. Or browse All Finance Calculators and All Calculators.
General information and planning only. Not financial, investment, tax, or legal advice, and not a retirement plan. This calculator does not predict future returns, and retirement planning involves taxes, account rules, inflation, and market risk it does not model. Check with a qualified professional before making decisions.
Where the numbers come from
- U.S. Federal Reserve, general information on saving, interest, and retirement.
- Consumer Financial Protection Bureau (CFPB), retirement saving and planning guidance.