In order to retire comfortably, you need to have a savings plan in place. This retirement calculator is meant to help you determine approximately how much you should be saving to meet your retirement goals.

Your current age:

Your desired retirement age:

How many years do your retirement savings need to last?:

How much are you saving annually for your retirement?:

(a) How much do your currently have saved for retirement:

(b) What annual income would you like to have during retirement?
in today's dollars:

(c) Expected Social security income:
Low ($7,200) Annual income below $15,000 Medium ($12,000) Annual income $15,000 to $40,000 High ($16,800) Annual income above $40,000 Don't consider Social Security benefits

(d) Estimated rate of return (after tax) 
on your retirement savings:%

(e) Expected annual inflation rate
(65 year average = 3.2%):%

During the first year of retirement the following are assumed:

• Investment = savings - your first year expenses
• You do not change your investments at retirement

(a) How much do you currently have saved for retirement?
(b) What annual income would you like to have during retirement?
(c) Social security benefits are based on your salary prior to retirement. It's safest to plan on not receiving any social security as many financial experts say it is underfunded.
(d) What rate of return do you think you will get on your retirement savings? Use 3% for low risk investments like GIC's and up to 8-10% if you regularily invest in the markets.
(e) Inflation is the annual increase in the cost of living and it varies by year - what estimate would you like to use?

(a) Retirement savings with your current plan:

(b) Required retirement savings to meet your income goal:

(c) Difference:

(d) Additional annual savings required:

(a) The total predicted amount your retirement investments will be worth by the time you reach your desired retirement age.
(b) The amount of money you need to have saved up by the time you stop working in order to meet your retirement income goals.
(c) The difference between your expected savings at retirement based on your current savings plan, and the amount you need to have saved to meet your goals.
(d) The yearly amount you need to increase your savings by in order to meet your retirement goals.