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Saving for Retirement Calculator

Saving
Begin Balance = 0
Monthly Deposit =
Interest/Year =
Term = 240
Retirement Balance =
Retirement
Withdrawal Timing = 12
Interest/Year =
Term = 20
Withdrawal Amount =
Future Value =

Help

Integrates calculations for savings and withdrawal templates to determine how much needs to be saved for retirement and how much can be spent during retirement.

Saving

- Begin Balance: Initial amount saved.
- Monthly Deposit: Amount saved each month. Deposits are made at the end of every month.
- Interest/Year: Average, annual interest rate earned on investments expressed as a percentage.
- Years: Number of years until retirement.
- Retirement Balance: Balance at retirement.
Retirement
- Withdrawal Timing: How often the withdrawals occur. Options include Bi-Weekly (payments every two weeks; 26 payments per year); 2x/Month (payments on 15th and 30th); 24 payments per year); Monthly (12 per year); Quarterly (4 per year); 2x/Year (2 per year); Yearly (1 per year). Payments are always made at the end of the period.
- Interest/Year: Average, annual interest rate earned on the remaining funds, expressed as a percentage.
- Withdrawal Amount: Amount withdrawn at each withdrawal period as indicated by Withdrawal Timing. It is assumed that withdrawals occur at the beginning of each month.
- Years: Number of years of withdrawals.
- Future Value: Value of account after withdrawals.

Example

Over the course of a 35 year career, you save $500 per month and average a 10% return. Then you wish to retire. Assuming you start with $10,000, are retired for 40 years, can continue averaging 10% per year, and wish to retain $1,000,000 minimum, how much will you have saved at retirement and how much can you withdraw each month during retirement?
- Begin Balance: $10,000.00
- Monthly Deposit: $500.00
- Interest/Year: 10%
- Term: 35 years
Your retirement balance is $2,224,705.53.
- Withdrawal Timing: Monthly
- Interest/Year: 10%
- Term: 40 years
- Future Value: $1,000,000.00
You can withdraw $18,703.87 per month.

Keywords

Begin Balance
Monthly Deposit
Interest/Year
Term
Retirement Balance
Withdrawal Timing
Interest/Year
Term
Withdrawal Amount
Future Value
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