Retirement Savings Calculator
Estimate how much you need to save for a comfortable retirement, factoring in inflation and Social Security income.
Retirement Planning Tips & FAQs
- Start saving as early as possible. The power of compounding makes even small contributions grow larger over decades.
- Account for inflation: $1 in 30 years will likely buy less than today due to rising costs.
- Social Security is meant to supplement, not replace, your savings — check your latest estimate annually at SSA.gov.
- After adjusting for inflation, a safe withdrawal rate is often considered to be 4% of portfolio per year (known as the 4% Rule), though your personal situation may differ.
- Review your investment portfolio regularly as your risk tolerance and time horizon change.
Frequently Asked Questions
How much do I need to retire?
A good rule of thumb is to have at least 10-12x your final annual income in retirement savings. Adjust up for inflation and your unique needs.
How should I estimate my retirement income?
Estimate annual expenses, subtract secured income (like Social Security or pensions), and plan to draw down the difference from savings.
What if I plan to work part-time during retirement?
Include the expected net after-tax income from work as part of your retirement income to potentially reduce the required nest egg.
Should I plan for healthcare costs?
Absolutely. Medical costs tend to rise with age and can be significant; consider insurance, HSA accounts, and personal savings for these expenses.