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How to use the Retirement Calculator
- 1Enter your current age, retirement age and current savings.
- 2Enter your salary, contribution percentage and employer match.
- 3Set an expected annual return and salary growth rate.
- 4Review your projected balance and estimated monthly retirement income.
How the projection works
Each year your contributions (a percentage of your salary) and your employer's match are added, and the whole balance grows at your expected rate of return. Your salary grows each year at the rate you choose, so contributions grow too.
The estimated monthly income uses the 4% rule: withdrawing about 4% of your balance in the first year of retirement has historically lasted 30 years in most market conditions.
Always get the full match
An employer match is an instant 50–100% return on your money. If your employer matches up to 6% of your salary, contributing at least 6% is one of the best financial decisions you can make.
Retirement savings benchmarks by age
These widely used guidelines (from Fidelity) suggest how much of your salary to have saved at each age to retire comfortably at 67. Treat them as a rough check, not a rule.
| Age | Saved (× your salary) |
|---|---|
| 30 | 1× |
| 40 | 3× |
| 50 | 6× |
| 60 | 8× |
| 67 | 10× |
Ways to catch up
- Increase your contribution by 1% a year, ideally with every raise.
- Always contribute enough to get the full employer match.
- From age 50, use catch-up contributions allowed in 401(k) plans and IRAs.
- Keep investment fees low: a 1% annual fee can cost a quarter of your final balance over a career.
Frequently asked questions
How much should I have saved for retirement?
A common benchmark is 1× your salary by 30, 3× by 40, 6× by 50 and 10× by 67. Everyone's situation is different, so use the calculator to test your own plan.
What return should I assume?
Many planners use 5–7% per year for a diversified stock-and-bond portfolio before inflation. Use a lower number to be conservative.
Are taxes and inflation included?
No. Results are in future dollars before taxes. To think in today's dollars, subtract expected inflation (about 2–3%) from your return.