Retirement Savings Calculator
Enter your current savings, monthly contributions, and retirement goals to see if you're on track — and get a precise monthly savings number to close any gap.
Calculating...
Understanding Your Retirement Projections
Planning for retirement can be overwhelming, but breaking it down into required savings rates and milestones helps make it manageable. A common rule of thumb is saving 15% of your income annually (including any employer match). This standard helps ensure you have enough runway to build a substantial nest egg over a typical working career of 30-40 years.
To gauge if you are on track, many financial professionals use the Fidelity Multiplier Benchmarks. These suggest having 1x your salary saved by age 30, 3x by age 40, 6x by age 50, and 8x by age 60. Checking your progress against these milestones can give you a quick reality check.
When you enter retirement, you typically shift your investments to be more conservative to protect your capital. This is why our calculator defaults to a lower expected return (like 4%) during retirement. A higher risk portfolio in retirement exposes you to sequence-of-returns risk — if the market drops early in your retirement and you are withdrawing funds, your portfolio might deplete prematurely.
A widely referenced guideline for withdrawals is the 4% safe withdrawal rule, which posits you can take out 4% of your initial retirement balance annually (adjusted for inflation) for 30 years with a high probability of not running out of money.
Lastly, note that this calculator does not explicitly model Social Security benefits. You should enter your net monthly income needed from your portfolio, meaning the amount needed after accounting for Social Security or pensions.
📋 Worked Example: Is Marcus on Track at 37?
Marcus is 37 years old, has $52,000 saved, contributes $450/month to his 401(k), and wants to retire at 65 with $5,200/month in income. Here's what the calculator shows:
| Projection (7% annual return, 28 years) | Amount |
|---|---|
| Current $52,000 savings grown at 7%/yr | → $347,000 |
| $450/month contributions for 28 years at 7% | → $394,000 |
| Projected nest egg at age 65 | $741,000 |
| Monthly income at 4% safe withdrawal rate | $2,470/month |
| Marcus's income goal | $5,200/month |
| Monthly shortfall | −$2,730/month gap |
To close the gap, Marcus needs to increase contributions to about $1,150/month — or retire at 68 instead of 65 (3 extra years of compounding closes the gap without changing his monthly contribution).
💡 The cost of waiting: If Marcus waits just 5 years to increase his contributions, he'd need to save $1,620/month to reach the same goal. Every year of delay costs roughly $470/month in required savings. Start now, pay less later.
Frequently Asked Questions
How much should I have saved by my age?
A common rule of thumb from Fidelity is to have 1x your salary saved by age 30, 3x by 40, 6x by 50, and 8x by 60. This helps ensure you're pacing correctly for retirement.
What is the 4% rule?
The 4% rule is a guideline that suggests you can withdraw 4% of your initial retirement portfolio balance in the first year of retirement, and adjust for inflation each year after, without running out of money over a 30-year period.
Does this include Social Security?
Our calculator does not model Social Security benefits directly. The monthly income goal should be what you need your portfolio to generate in addition to any Social Security or pension benefits.
What if I'm starting late — is it too late?
It's never too late to start saving. If you're behind, focus on increasing your savings rate, potentially working a few years longer, or adjusting your expected retirement lifestyle. Catch-up contributions in accounts like 401(k)s and IRAs are also available for those 50 and older.