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Retirement Calculator
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Retirement Calculator
Are you on track to save enough for retirement? Use our calculator to check your progress, see how much retirement income you'll have and estimate how much more you should save.
Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
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How NerdWallet's retirement calculator works
How NerdWallet's retirement calculator worksEstimate how much you'll save by retirement ("What you'll have") by starting with your current age and how much you've saved so far. Add your annual pre-tax income, monthly contributions, and your estimated monthly budget in retirement to calculate how much more you'll save between now and your projected retirement date. Our calculator takes into account salary increases, compound interest, inflation, and rates of return to arrive at the final estimate ("What you'll need").
Estimate how much you'll save by retirement ("What you'll have") by starting with your current age and how much you've saved so far. Add your annual pre-tax income, monthly contributions, and your estimated monthly budget in retirement to calculate how much more you'll save between now and your projected retirement date. Our calculator takes into account salary increases, compound interest, inflation, and rates of return to arrive at the final estimate ("What you'll need").When calculating your target retirement savings, our default assumptions include:
When calculating your target retirement savings, our default assumptions include:Retirement age of 67 (when most people will receive full Social Security benefits).
Retirement age of 67 (when most people will receive full Social Security benefits).A 6% rate of return before retirement and a 5% rate of return during retirement (assuming a more conservative portfolio).
A 6% rate of return before retirement and a 5% rate of return during retirement (assuming a more conservative portfolio).A 3% average annual inflation rate.
A 3% average annual inflation rate.Salary increases of 2% per year.
Salary increases of 2% per year.Life expectancy of 95.
Life expectancy of 95.You can change any of these default numbers by selecting "Advanced Details."
You can change any of these default numbers by selecting "Advanced Details."Retirement details
Current age Annual pre-tax income Current retirement savings Current retirement savings This is the total of all your retirement savings, including your 401(k) and IRA balances plus other savings earmarked for retirement. Monthly contributions This is how much you should contribute monthly to have enough savings for your expected retirement budget. Changing your retirement age or retirement budget will change this number. Monthly budget in retirement ($2,561) If you're unsure, start with the recommended 70% of your projected income at retirement age (67). Other retirement income Other retirement income This is the monthly total of any other income you expect to receive in retirement, such as pension benefits or Social Security. Retirement age Retirement age If you were born in 1960 or later, 67 is when you can retire with full benefits. Of course, the longer you work, the more you can save. Life expectancy Life expectancy How long you expect to live, which is also how long you'll need your retirement savings to last. People are living longer and healthier lives, so it's wise to plan for a long retirement. Pre-retirement rate of return Pre-retirement rate of return What do you expect your investments to earn between now and retirement? Our default of a 6% average annual return is a conservative estimate based on historic returns. Post-retirement rate of return Post-retirement rate of return Your rate of return during retirement is typically lower than pre-retirement because most people invest at least a portion of their portfolio in lower-risk investments. Inflation rate Annual income increase Retirement savings at age 67$878,929
$1,691,488
What you'll have What you'll have What you'll need What you'll needCurrent retirement plan
Total retirement savings $878,929 $878,929 Monthly contribution $500 $500 Age retirement savings runs out 80 80Target retirement plan
Total retirement savings $1,691,488 $1,691,488 Monthly contribution Monthly contribution Suggested monthly contribution, based on your current plan $1,093 $1,093 Age retirement savings runs out 95 95Are you ready for retirement? A financial advisor can strengthen your plan. Get matched to an advisor in minutes.
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Lead Writer
4 years of experience Expertise Personal finance retirementJune Sham is a lead writer on NerdWallet’s investing and taxes team covering retirement and personal finance. She is a licensed insurance producer, and previously was an insurance writer for Bankrate specializing in home, auto and life insurance. She earned her Bachelor of Arts in creative writing at the University of California, Riverside.
June Sham is a lead writer on NerdWallet’s investing and taxes team covering retirement and personal finance. She is a licensed insurance producer, and previously was an insurance writer for Bankrate specializing in home, auto and life insurance. She earned her Bachelor of Arts in creative writing at the University of California, Riverside. Lead Writer + more + more
Managing Editor
24 years of experience Expertise Personal Finance Budgeting Taxes Retirement Underrepresented communitiesPamela de la Fuente is a managing editor of NerdWallet's personal finance content. She leads budgeting, money-making, consumer credit and and debt coverage.
Pamela de la Fuente is a managing editor of NerdWallet's personal finance content. She leads budgeting, money-making, consumer credit and and debt coverage.Ask her and her talented team about why credit scores matter, how to save money on your grocery bill, finding the right side hustle, how to protect your identity for free and more.
Ask her and her talented team about why credit scores matter, how to save money on your grocery bill, finding the right side hustle, how to protect your identity for free and more.Previously, she led taxes and retirement coverage at NerdWallet.
Previously, she led taxes and retirement coverage at NerdWallet.Pamela joined NerdWallet after working at companies including Hallmark Cards, Sprint Corp. and The Kansas City Star. She has been a writer and editor for more than 20 years.
Pamela joined NerdWallet after working at companies including Hallmark Cards, Sprint Corp. and The Kansas City Star. She has been a writer and editor for more than 20 years.Pamela is a thought leader in content diversity, equity, inclusion and belonging, and finds ways to make every piece of content conversational and accessible to all.
Pamela is a thought leader in content diversity, equity, inclusion and belonging, and finds ways to make every piece of content conversational and accessible to all.She is a graduate of the Maynard Institute's Maynard 200 program, and the National Association of Black Journalists Executive Leadership Academy. She is a two-time winner of the Kansas City Association of Black Journalists' President's Award. She was also founding co-chair of NerdWallet's Nerds of Color employee resource group.
She is a graduate of the Maynard Institute's Maynard 200 program, and the National Association of Black Journalists Executive Leadership Academy. She is a two-time winner of the Kansas City Association of Black Journalists' President's Award. She was also founding co-chair of NerdWallet's Nerds of Color employee resource group. Managing Editor + more + more
Editor & Content Strategist
6 years of experience Expertise Investing for beginners financial advice long-term investingAlana Benson is an editor who joined NerdWallet in 2019. Historically she has covered a wide variety of investing topics including stocks, socially responsible investing, cryptocurrency, mutual funds, HSAs and financial advice. She is also a frequent contributor to NerdWallet's "Smart Money" podcast. Alana has appeared on FOX Houston and the "PennyWise" podcast and has been quoted in MarketWatch and The Sun. Before joining NerdWallet, she wrote two books on identity theft and several young adult nonfiction titles. Her work has been featured in The New York Times, The Washington Post, The Associated Press, MSN, Yahoo Finance and MarketWatch.
Alana Benson is an editor who joined NerdWallet in 2019. Historically she has covered a wide variety of investing topics including stocks, socially responsible investing, cryptocurrency, mutual funds, HSAs and financial advice. She is also a frequent contributor to NerdWallet's "Smart Money" podcast. Alana has appeared on FOX Houston and the "PennyWise" podcast and has been quoted in MarketWatch and The Sun. Before joining NerdWallet, she wrote two books on identity theft and several young adult nonfiction titles. Her work has been featured in The New York Times, The Washington Post, The Associated Press, MSN, Yahoo Finance and MarketWatch. Published in Editor & Content Strategist + more + moreHow to fill out your retirement details
How to fill out your retirement detailsAnnual pre-tax income: This is the total income you earn before taxes are deducted. Include your salary, business earnings and any other regular sources of income.
Annual pre-tax income: Annual pre-tax income: Annual pre-tax income: This is the total income you earn before taxes are deducted. Include your salary, business earnings and any other regular sources of income.Current retirement savings: Enter the total current balances of all your retirement savings accounts, including 401(k) plans, individual retirement accounts (IRAs) and any other accounts earmarked for retirement.
Current retirement savings: Current retirement savings: Enter the total current balances of all your retirement savings accounts, including 401(k) plans , individual retirement accounts (IRAs) and any other accounts earmarked for retirement.Monthly contribution: Enter the amount you save for retirement each month, including contributions to your 401(k) (with your employer match), IRA and any other retirement accounts. Experts recommend saving 10% to 15% of your pretax income. You can input either a dollar amount or a percentage of your monthly income. The calculator will automatically convert and display the equivalent percentage or dollar amount below.
Monthly contribution: Monthly contribution: Enter the amount you save for retirement each month, including contributions to your 401(k) (with your employer match), IRA and any other retirement accounts. Experts recommend saving 10% to 15% of your pretax income. You can input either a dollar amount or a percentage of your monthly income. The calculator will automatically convert and display the equivalent percentage or dollar amount below.Monthly budget in retirement: Here, you’ll enter your estimated monthly retirement budget (how much money you think you'll need in retirement to live comfortably) before taxes. One way to estimate this is to look at your current spending and project how it might change in retirement.
Monthly budget in retirement: Monthly budget in retirement: Here, you’ll enter your estimated monthly retirement budget (how much money you think you'll need in retirement to live comfortably) before taxes. One way to estimate this is to look at your current spending and project how it might change in retirement.Pre-retirement income: You can enter your estimated "monthly budget in retirement" as either a fixed dollar amount or as a percentage of your pre-retirement income. The calculator automatically determines your pre-retirement income percentage based on several factors, including your annual pre-tax salary, annual raises, years to retirement, and the inflation rate — all of which are editable fields in the calculator above.
Pre-retirement income: Pre-retirement income: You can enter your estimated "monthly budget in retirement" as either a fixed dollar amount or as a percentage of your pre-retirement income. The calculator automatically determines your pre-retirement income percentage based on several factors, including your annual pre-tax salary, annual raises, years to retirement, and the inflation rate — all of which are editable fields in the calculator above.A common rule is to budget for at least 70% of your pre-retirement income during retirement. This assumes some of your expenses will disappear in retirement, and 70% will be enough to cover essentials. Remember, that’s a general guideline, and your needs may vary. Here's more on how much to save for retirement.
A common rule is to budget for at least 70% of your pre-retirement income during retirement. This assumes some of your expenses will disappear in retirement, and 70% will be enough to cover essentials. Remember, that’s a general guideline, and your needs may vary. Here's more on how much to save for retirement .Other retirement income: This is an optional field where you can enter any additional retirement income you expect to receive. This might include Social Security, pension benefits or other passive income you plan to earn in retirement. Annuities, inheritances and real estate income can also be included here.
Other retirement income: Other retirement income: This is an optional field where you can enter any additional retirement income you expect to receive. This might include Social Security, pension benefits or other passive income you plan to earn in retirement. Annuities, inheritances and real estate income can also be included here.Retirement age: Enter the age you plan to retire. Age 67 is considered full retirement age (when you get your full Social Security benefits) for people born in 1960 or later.
Retirement age: Retirement age: Enter the age you plan to retire. Age 67 is considered full retirement age (when you get your full Social Security benefits) for people born in 1960 or later.Life expectancy: This is how long you expect to live. You’ll want your retirement savings and income to last throughout your life, so it's a good idea to aim high here. We are using 95 as our default life expectancy, which is a conservative estimate that assumes a longer life span.
Life expectancy: Life expectancy: This is how long you expect to live. You’ll want your retirement savings and income to last throughout your life, so it's a good idea to aim high here. We are using 95 as our default life expectancy, which is a conservative estimate that assumes a longer life span.Pre-retirement rate of return: This is the rate of return you expect your investments to earn between now and retirement. Our default of a 6% average annual return is a conservative estimate based on historic stock market returns, which average 10%. However, there's no way to predict future rates of return with certainty, and different types of investment carry different risk. Additionally, we don't include sales charges and other fees associated with your investments in our estimated rates of return.
Pre-retirement rate of return: Pre-retirement rate of return: This is the rate of return you expect your investments to earn between now and retirement. Our default of a 6% average annual return is a conservative estimate based on historic stock market returns , which average 10%. However, there's no way to predict future rates of return with certainty, and different types of investment carry different risk. Additionally, we don't include sales charges and other fees associated with your investments in our estimated rates of return.Post-retirement rate of return: Your rate of return during retirement is typically lower than pre-retirement because most people shift at least some of their portfolio to lower-risk investments.
Post-retirement rate of return: Post-retirement rate of return: Your rate of return during retirement is typically lower than pre-retirement because most people shift at least some of their portfolio to lower-risk investments.Inflation rate: We have assumed an inflation rate of 3%. You can adjust this to see how inflation could affect your retirement savings.
Inflation rate: Inflation rate: We have assumed an inflation rate of 3%. You can adjust this to see how inflation could affect your retirement savings.Annual income increase: We assume a 2% annual salary increase when averaged out over the rest of your working years. You can change this if you expect your income to increase more or less than that.
Annual income increase: Annual income increase: We assume a 2% annual salary increase when averaged out over the rest of your working years. You can change this if you expect your income to increase more or less than that.NerdWallet Wealth Partners created a free calculator to estimate your financial independence number, see where you stand, and find out how much you might need to close the gap.
FIND OUT NOWNWWP is an SEC-registered investment adviser. Registration does not imply skill or training. The calculator is provided for informational and educational purposes only.
NWWP is an SEC-registered investment adviser. Registration does not imply skill or training. The calculator is provided for informational and educational purposes only. OTHER RETIREMENT CALCULATORS 401(k) Calculator Roth IRA Calculator Social Security Calculator INVESTING CALCULATORS Investment Return Calculator Inflation Calculator