What is a Retirement Calculator?
A retirement calculator helps you figure out if you're saving enough for retirement—and if not, what adjustments to make. It projects how much your savings will grow and whether that'll cover your expenses in retirement.
The earlier you start planning, the better. Thanks to compound interest, money saved in your 20s grows much more than money saved in your 40s. This calculator shows you exactly what's at stake and what you can do about it.
Set Your Target
Know how much you actually need to retire comfortably
See Growth Projections
Visualize how your money grows over decades
Time Factor
Understand how starting age dramatically affects outcomes
Account for Inflation
See what your savings will actually be worth
Key retirement planning concepts:
- The 4% rule — Withdraw 4% of savings annually for ~30-year retirement
- 25x rule — Need 25x your annual expenses saved (e.g., $50k/year = $1.25M)
- Social Security — Supplements savings but shouldn't be your only plan
- Healthcare costs — Often underestimated; budget $300k+ for couple's retirement
Types of Retirement Accounts
Understanding different retirement accounts helps you maximize tax advantages and grow your wealth efficiently:
401(k) / 403(b)
2024 Limit: $23,000Employer-sponsored plans. Contributions are pre-tax (Traditional) or post-tax (Roth). Often includes employer match—that's free money, always contribute enough to get the full match.
Catch-up contribution (50+): Extra $7,500/year
Traditional IRA
2024 Limit: $7,000Individual account with tax-deductible contributions (if eligible). Pay taxes when you withdraw in retirement. Required minimum distributions (RMDs) start at age 73.
Best for: Those expecting lower tax bracket in retirement
Roth IRA
2024 Limit: $7,000Contribute after-tax money, but withdrawals in retirement are 100% tax-free. No RMDs. Income limits apply ($161k single, $240k married for full contribution).
Best for: Young earners, those expecting higher tax bracket later
SEP IRA / Solo 401(k)
2024 Limit: Up to $69,000For self-employed or small business owners. Higher contribution limits allow aggressive retirement savings. SEP is simpler; Solo 401(k) allows Roth option.
Priority Order for Saving
1. Get full employer 401(k) match (free money!) → 2. Max out HSA if eligible → 3. Max out Roth IRA → 4. Max out 401(k) → 5. Taxable brokerage account. This order maximizes tax advantages.