Retirement Calculator Tool

A retirement calculator can help you determine how much you need to save to reach your retirement goals based on your current age, retirement age, savings, and expected lifestyle. Here’s a simple formula-based way to calculate it, or I can help you set up specific inputs to run a calculation if you'd like.

Retirement Calculator

Current Age: Retirement Age: Current Savings ($): Monthly Contribution ($): Expected Annual Return on Investment (%):

1. Basic Information to Start

• Current Age: Your age now
• Retirement Age: The age you wish to retire
• Current Savings: The amount you have saved so far
• Monthly Contribution: How much you’ll save each month until retirement
• Expected Annual Return on Investment (ROI): Average rate at which you expect your savings to grow
• Retirement Period: How many years you expect to need income in retirement
• Expected Expenses in Retirement: Estimated annual expenses during retirement

2. Basic Retirement Calculation Formula

We can use a future value of an annuity formula to estimate how much you'll have at retirement and whether that will support your retirement period. Here’s a simplified approach:

$$\text{Future Value of Savings}=\text{Current Savings}\times (1+\text{ROI}{)}^{\text{Years to Retirement}}+\text{Monthly Contribution}\times (\frac{(1+\text{ROI}{}^{}}{}$$