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Retirement Calculator

December 31, 2022

Make Sure You Have Enough to Retire

Are you preparing to enjoy your golden years with a secure retirement plan? Our retirement calculator can help you gauge the trajectory of your retirement plan.

Retirement Calculator

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21% have less than $5K saved for retirement
Are you prepared for retirement? Our retirement calculator can help you see how you are doing.

How Our Retirement Calculator Works

Our retirement calculator predicts how much you need to retire based on your current salary and investment dollars and divides it by your post-retirement years. Our calculator makes the following assumptions:

  • 2% annual salary increase (pre-retirement)
  • Cost-of-living is 70% of your annual pre-retirement salary
  • 3% annual inflation (post-retirement)
  • An average life expectancy of age 92

This calculator does not take into account any spousal benefits, social security, or other expected income. If you are planning a significant portion of your retirement on social security benefits, we have detailed the social security formula to help you find out how much social security you will receive.

using a calculator to plan retirement

Retirement Calculator Definitions

Current Age

Your current age.

Retirement Age

This is the age you plan to retire. Depending on your birth year, your full retirement age will be from 65 to 67.  If you are looking to retire in conjunction with social security benefits, the Social Security Administration explains that age 62 is the earliest you can collect social security retirement benefits.

Current Salary

Your annual wages before taxes.

Current Balance

The total amount that you currently have saved toward your retirement. This should include any IRAs, or annuities.

Annual Contributions

This is the percentage of your annual salary that you contribute towards retirement. You should include any accumulative contributions to retirement accounts such as 401(k) or 403(b) and include employer matching.

Anticipated Growth

This is the annual, after-tax investment return you expect from your retirement savings.


You Will Need

Our easy retirement calculator uses the 70 percent rule of retirement which assumes that you will need about 70 percent of your average income during your working years for as long as you live post-retirement. This is factored with a life expectancy of age 92 based on recent projections and a 3% annual inflation based on the past 40 years of the U.S. Consumer Price Index (CPI).

You Will Have

This considers the figures you offered for salary, contributions, and growth from your current age until retirement age.