Retirement calculator 2026: Estimate your savings, income, and financial security needs
Whether you’re 20 years or two years from retirement age, you need to plan how much to save for retirement. By calculating how much your retirement savings will grow, the inflation rate, your life expectancy, and your annual retirement expenses, you can adjust your plan for your savings and investments.
Whether you have a tax-advantaged retirement account like a 401(k) plan, deposits like retirement money market accounts, a traditional IRA, a diversified investment portfolio, pension benefits, passive income streams, mutual funds, insurance company annuities, or other retirement accounts, you can determine the total income and average retirement savings you will need to build per year before you reach retirement age so you get to your desired level of retirement income.
Plan
Income
70% of projected income at retirement ($2,561 in today's dollars)
Savings
10% of monthly income
Life Span
Growth Rate
Retirement Rate
Retirement savings at age 67
Is your retirement savings on track? —
Current retirement plan
- Total retirement savings$0
- Shortfall$0
- Monthly contribution$0
- Investment growth$0
- Age savings runs out—
Target retirement plan
- Total retirement savings$0
- Shortfall$0
- Monthly contribution$0
- Investment growth$0
- Age savings runs out—
Estimated savings vs. Savings needed over your lifetime
Calculator instructions
This calculator has three sections designed to give you an accurate view of where you are now and where you need to be by the time you retire.
- Step 1: Enter your details. Input your current age and target retirement age to define your savings timeline.
- Step 2: Define your income and retirement budget. Enter your annual pre-tax income, set your target monthly budget in retirement (as a dollar amount or percentage of current income), and include any expected other retirement income (like Social Security or pensions).
- Step 3: Add your current savings and contributions: Enter your current retirement savings across all accounts, along with your planned monthly contributions (including any employer matching dollars).
- Step 4: Click “calculate” and review results: Review your projected estimated savings, your savings needed, and your goal coverage percentage. Click the advanced tab at the top of the calculator to adjust default return, inflation, or life expectancy assumptions.
How to read your calculator results
Goal coverage: Shows what percentage of your target retirement nest egg your current savings plan will cover. A score of 100% means you are fully on track.
Shortfall: The gap between your projected total savings and what you will actually need to fund your monthly retirement budget through age 95.
Age savings runs out: Shows the estimated age at which your savings balance reaches $0 based on your projected withdrawal rate.
Find banks with the best savings account rates
Savings interest rates are higher than they’ve been in over 10 years, but if you’re using a traditional, big-name bank to stash your savings, you’re probably missing out on these great offers.
Here are our top picks for consumers who want to earn a competitive APY on their savings.
Evaluate your retirement lifestyle expectations
How much retirement savings do you need?
To estimate your retirement needs accurately, gather the following details:
- Current retirement savings (across 401(k)s, IRAs, and taxable accounts)
- Monthly contributions (your personal savings plus employer match)
- Timeline inputs (current age and retirement age)
- Expected rate of return & inflation rate (customizable in the “Advanced” tab)
Pro tip: If your results show a shortfall, try experimenting with the parameters above. Increasing your monthly contributions by even 1% or delaying retirement by 1–2 years can significantly boost your goal coverage percentage.
When you click “recalculate,” the calculator assumes the amount your current retirement savings accounts will grow, given the parameters you selected. It will also tell you the inflation-adjusted amount you will have in the future to see if you’re saving enough as you’re planning for retirement.
If your results show that you won’t have enough savings during retirement, you may want to use the calculator to explore different assumptions so you can see how various decisions could affect future performance.
Perhaps you could reconsider your budget and find room to save more per month, or explore delaying retirement by a year or two. Experimenting with these parameters in the calculator will show you how small adjustments can significantly close your savings gap.
Explore how to structure a retirement budget
How can you save for retirement?
Saving more for retirement is a wise financial goal, and there are several strategies you can employ to increase your retirement income.
Start early
The power of compound interest can significantly affect your retirement fund growth. The younger your current age when you start saving, the more time your money has to grow. Even small annual contributions can add up over time.
Set clear goals
Determine how much monthly income you’ll need in retirement by taking a look at your pre-retirement income. You can use a retirement lifestyle calculator to see how much you’ll need to save to keep up with your lifestyle once you retire.
Contribute to retirement accounts
When entering your monthly contributions into the calculator, be sure to include both your personal payroll deductions and any 401(k) employer matching funds.
Take advantage of catch-up contributions
If you’re 50 or older, you can make additional catch-up contributions to retirement accounts. For example, in 2026, you can make an extra $8,000 catch-up contribution to a 401(k) if you’re age 50 or older, or up to $11,250 if you are ages 60–63.
Invest wisely
Choose appropriate investments based on past performance, risk tolerance, and time horizon. Diversify your portfolio with mutual funds to spread risk. Consider low-cost index funds and exchange-traded funds (ETFs), as they often have lower fees.
Consult with a financial advisor or retirement planner to help create a personalized retirement savings plan and investment strategy.
Maximize Social Security benefits and delay retirement age
Even when you reach full retirement age, working a few years longer can allow you to continue saving and let your retirement savings grow while reducing the number of years you’ll need to rely on them.
Delaying receiving your full Social Security benefits can increase your monthly payments. Most retirees try not to rely solely on these benefits. Consider the best strategy for claiming Social Security benefits based on your individual circumstances.
If you have an estimated Social Security or pension benefit payout, enter that monthly amount into the other retirement income field in the calculator to lower your overall required savings target.
Create additional income streams
Explore opportunities to generate other retirement income, such as part-time work, freelancing, or turning a hobby into a side business for retirement income. This can help supplement your retirement income.
Learn how life expectancy affects your plan
Plan your retirement with confidence
Estimating your retirement savings is the beginning of building a secure financial future. Whether you’re ahead of schedule on retirement goals or need to catch up, investing your savings wisely is crucial to ensure they grow over time. Our retirement calculator has given you a clear snapshot.
To make other investments to maximize your savings, explore our guide “Where to invest your money” for the best options to make your money work for you.
Additionally, if you want to take more control of your investments, check out our guide on the best online brokers to manage your portfolio effectively.
Planning for retirement
Frequently asked questions
Retiring at 62 with $400,000 in your 401(k) depends on your expenses, Social Security benefits, and other income sources. It may be enough for a modest lifestyle if you withdraw 4% annually ($16,000 per year) and have Social Security. However, healthcare costs, inflation, and longevity risks should be considered. You might need additional savings or part-time work to supplement your income. A financial planner can help assess your specific situation.
The 7% rule for retirement suggests withdrawing no more than 7% of your savings annually to ensure your money lasts. However, many experts consider this rate too high due to inflation, market fluctuations, and longevity risks. A more common approach is the 4% rule, which provides a safer withdrawal rate. The 7% rule may work if you have other income sources or a shorter retirement.
If your estimate shows a shortfall in retirement savings, consider increasing your contributions, diversifying your investments, or delaying your retirement age. Consider increasing your contributions, exploring employer-matching opportunities, or delaying retirement and Social Security benefit payments. Use our calculator to see how these changes can boost your retirement outlook.
The $1,000-a-month rule says you need about $240,000–$300,000 in savings to generate $1,000 per month in retirement, based on the 4% withdrawal rule. Multiply that by however much you want per month. It’s a quick way to estimate retirement needs. Experts recommend saving 10% to 15% of your pre-tax income for retirement.
Retiring at 60 with $500,000 depends on your expenses, lifestyle, and other income sources like Social Security or pensions. Using the 4% rule, you’d withdraw $20,000 annually, which may not be enough for all expenses, especially healthcare before Medicare at 65. It could work if you minimize costs, have additional income, or invest wisely. A financial planner can help assess your situation.