Retirement Calculator

Retirement planning is one of the most important financial decisions you'll make. Our retirement calculator helps you understand how much you need to save to maintain your desired lifestyle after you stop working.

Key Factors in Retirement Planning

• Current Age vs. Retirement Age: The longer you have to save, the less you need to save monthly
• Life Expectancy: Plan for a longer retirement to ensure you don't outlive your savings
• Desired Annual Income: Consider your lifestyle needs and inflation
• Investment Returns: Historical market returns average 7-10% annually
• Inflation: Plan for 2-3% annual inflation to maintain purchasing power

Retirement Savings Strategies

• Start Early: Even small amounts saved early can grow significantly over time
• Maximize Employer Contributions: Take advantage of 401(k) matching programs
• Diversify Investments: Spread risk across different asset classes
• Regular Reviews: Adjust your plan as your circumstances change
• Consider Multiple Income Sources: Social Security, pensions, and personal savings

Common Retirement Planning Mistakes

• Underestimating healthcare costs in retirement
• Not accounting for inflation in long-term planning
• Being too conservative with investment returns
• Forgetting about taxes on retirement withdrawals
• Not planning for unexpected expenses

Retirement Account Types

• 401(k): Employer-sponsored plan with potential matching contributions
• Traditional IRA: Tax-deductible contributions, taxed on withdrawal
• Roth IRA: After-tax contributions, tax-free withdrawals
• SEP IRA: For self-employed individuals and small business owners
• Annuities: Provide guaranteed income for life