Ultimate Retirement Calculator

Ultimate Retirement Calculator factors in pensions, annuities, taxes, inflation and social security to determine the savings you need to become financially independent.

Already in retirement? Our Investment Withdrawal Calculator might be more suited for you.

On the verge of retirement? You might like our FIRE Retirement Calculator.

Tell us a little about yourself and we'll get you on the right track.

First, what kind of lifestyle would you like to have in retirement?

In today's after-tax dollars, how much do you spend per year? Don't include money you save. In other words, this is what you need to spend in order to live comfortably. For a margin of safety, this value should be at least double your essential expenses. Can you realistically live on $2,292 (in today's dollars) per month for an extended period if you needed to?

Current age:

years old

How old are you?

Retirement age:

years old

What age would you like to stop working and begin living off of your savings?

Current savings:

The amount of money already saved for retirement as of today.

Market assumptions

Return on investments:

The annual returns you anticipate to receive in the market over the long term.

Inflation:

The annual rate of inflation you anticipate over the long term.

Effective income tax in retirement:

The proportion of retirement income that will be used to pay for federal, state and local income taxes. This can vary a lot depending on the source of your retirement funds. You may want to consult a tax professional to determine your individual tax liability.

Social security/pension assumptions

Social security:

Annual income from social security or other inflation-indexed income source. Expressed in terms of the first payment received at the time it will be taken.

You can visit SSA.gov for an estimate of your future social security benefit. Be sure to use the 'inflated (future) dollars' option and account for the possibility of a potential 25% reduction in benefits.

Age social security begins:

years old

What age do you plan to receive social security?

Pension/fixed annuity:

Annual income from a pension, annuity or fixed income that remains constant (in other words, NOT indexed for inflation).

Age pension/annuity begins:

years old

What age do you plan to receive your pension or fixed annuity? If pension begins between retirement and current age, it's assumed the pension will be fully invested to be used later on during retirement. If you want to disable this behavior, set the pension equal to the retirement age.

End-of-life assumptions

Death age:

years old

This is when your savings will be fully spent unless you decide to leave an estate behind. If you're young and healthy, you should plan conservatively and plan to live 90 to 100 years.

Size of estate:

The size of the estate you'd like to leave behind. If your intent is to leave a gift to charity, consider a charitable gift annuity instead. The benefits are three-fold: preferable tax treatment, hedge your longevity risk and fulfill your calling to give back to the world all at once.

You should start saving...

$ per year

This equates to $ per month. Each year you'll need to increase this contribution at the rate of inflation (2.4%) until you retire at 60 years old.

When you retire, you should have a lump sum of...

$

This is the lump sum you'll need in addition to your supplemental income (social security, etc.). Assumes you start saving $ per year increasing at the rate of inflation until you retire. At the time of retirement, this will provide a pre-tax income of $, which may increase at the rate of inflation throughout retirement. We arrived at $ as your desired pre-tax retirement income because you indicated you wanted a post-tax income of $55,000 adjusted at a 2.4% rate of inflation for when you retire at 60 years old.

Here's your retirement savings over time

Here's a look at your sources of income in retirement

This is a projection into the future. Actual outcomes may vary. This is due to various factors including market performance and your individual investment decisions. Be sure to routinely review your financial situation and make adjustments accordingly. This may mean lowering your lifestyle expenditure. Be sure to use conservative assumptions and consult a financial professional.

You should start saving...

$ per year

This equates to $ per month. Each year you'll need to increase this contribution at the rate of inflation (2.4%) until you retire at 60 years old.

Disclaimer: The information on this blog is of a general nature and is not intended to be construed as individual financial advice. Do not rely on information here to make any financial decision. Instead, contact a financial professional. Your continued use of this website confirms your agreement that you shall indemnify, hold harmless and defend Nesteggly and its owners from any damages or harm arising from the use of this website.