Retirement Savings Calculator
Plan your retirement by calculating how much you need to save and how your savings will grow over time.
Your Information
35 years until retirement
$6,000 per year
Typical stock market returns: 7-10%
Retirement Projections
Total at Retirement$1,475,834.89
Total Contributions$260,000
Investment Earnings$1,215,834.89
Years to Retirement35 years
Planning for Retirement
Retirement planning is crucial for ensuring financial security in your later years. The earlier you start saving, the more time your money has to grow through compound interest.
How Much Do You Need?
A common rule of thumb is that you'll need 70-80% of your pre-retirement income annually during retirement. Many financial advisors recommend having 10-12 times your annual salary saved by retirement.
Retirement Savings Tips
- Start saving as early as possible to maximize compound interest
- Take full advantage of employer 401(k) matching contributions
- Consider both traditional and Roth retirement accounts
- Diversify your investments to manage risk
- Increase contributions as your income grows
- Review and adjust your plan annually
Types of Retirement Accounts
- 401(k): Employer-sponsored retirement plan with tax advantages
- IRA: Individual Retirement Account with various tax benefits
- Roth IRA: Contributions are taxed, but withdrawals in retirement are tax-free
- SEP IRA: Simplified Employee Pension for self-employed individuals