Plan Your Retirement
Enter your financial information to calculate retirement savings needed.
Retirement Analysis
Retirement Timeline
Savings Projection
Action Plan
Increase Contributions
Contribute $ more per year to reach your goal
Delay Retirement
Work until age 67 to reduce savings needed
Increase Returns
Achieve % annual return to meet target
Adjust Lifestyle
Reduce retirement income to % of final salary
Complete Guide to Retirement Planning
Retirement planning is one of the most important financial tasks you'll undertake. Starting early and planning carefully can mean the difference between a comfortable retirement and financial stress. This guide explains the key concepts and calculations.
How Much Do You Need to Retire?
The amount needed for retirement depends on several factors:
Retirement Savings Needed = Annual Retirement Expenses × Retirement Years
Adjusted for inflation and investment returns
The 4% Rule Explained
The 4% rule is a common retirement withdrawal strategy:
Annual Safe Withdrawal = Total Savings × 4%
Required Savings = Annual Expenses ÷ 4%
Example: Need $40,000/year? You need $1,000,000 saved ($40,000 ÷ 0.04)
This rule aims to provide income for 30+ years with a high probability of success, assuming a balanced portfolio.
Retirement Savings Milestones
| Age | Savings Goal | Multiple of Salary | Notes |
|---|---|---|---|
| 30 | $50,000 | 1x | Start building the habit |
| 40 | $240,000 | 3x | Accelerate savings |
| 50 | $500,000 | 6x | Peak earning years |
| 60 | $800,000 | 8x | Final push before retirement |
| 67 | $1,200,000 | 10x | Full retirement age |
Types of Retirement Accounts
💼 401(k)
Employer-sponsored: Pre-tax contributions, often with employer match
2024 Limit: $23,000 ($30,500 if 50+)
📝 IRA
Individual Retirement Account: Tax advantages for individual savers
2024 Limit: $7,000 ($8,000 if 50+)
🏛️ Roth IRA
Post-tax contributions: Tax-free withdrawals in retirement
2024 Limit: $7,000 ($8,000 if 50+)
💰 Pension
Defined benefit: Guaranteed income based on salary and years of service
Becoming rare: Mostly in government and union jobs