GlenCalc

Retirement calculator

Enter your age, savings and the yearly income you want in retirement (in today’s dollars). You see what your savings grow to, what you need, and how much more to save each month if there is a gap.

Include any employer match.

Your answer

Savings at retirement$1,239,089.67
Nest egg needed$1,603,943.10
Extra to save each monthTo close a gap of $364,853.43$374.40
Yearly income to fund in the first yearAfter other income, in future dollars$75,512.43

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How we worked it out

Updated as you change the numbers.

  1. Savings grow for 30 years at 6% to $1,239,089.67.
  2. The income to fund, $36,000.00 in today’s dollars, is $75,512.43 after 30 years of inflation.
  3. Funding that, rising with inflation, for 27 years at 4.5% takes $1,603,943.10.

Method and assumptions

Savings grow monthly at the pre-retirement return. The nest egg needed is the present value, at retirement, of an income that rises with inflation each year until your plan-until age, withdrawn at the start of each year and earning the in-retirement return meanwhile. Taxes are not modeled: enter income needs before tax, or use after-tax returns. Real returns vary, so treat this as a planning estimate.

Questions

What is the 4% rule?

A rule of thumb that withdrawing 4% of savings in the first year, then adjusting for inflation, has historically lasted about 30 years. $60,000 a year would need about $1.5 million.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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