Retirement Savings Calculator
Compare your current savings plan with a retirement balance you choose, including the remaining gap and required monthly contribution.
Projected retirement savings
No tax, pension-system, employer-match or withdrawal assumptions. Target is user chosen, not advice. All amounts are nominal; use Inflation to consider purchasing power. No contribution years remain when the horizon is zero.
Contributions and projected growth by year
Constant hypothetical returns with month-end contributions. The table separates deposited capital from modelled growth; negative growth means the projected balance is below contributions.
| Year | Contributed capital | Projected balance | Growth or loss |
|---|---|---|---|
| 0 | $50,000.00 | $50,000.00 | $0.00 |
| 1 | $56,000.00 | $58,636.29 | $2,636.29 |
| 2 | $62,000.00 | $67,704.39 | $5,704.39 |
| 3 | $68,000.00 | $77,225.90 | $9,225.90 |
| 4 | $74,000.00 | $87,223.48 | $13,223.48 |
| 5 | $80,000.00 | $97,720.95 | $17,720.95 |
| 6 | $86,000.00 | $108,743.28 | $22,743.28 |
| 7 | $92,000.00 | $120,316.74 | $28,316.74 |
| 8 | $98,000.00 | $132,468.86 | $34,468.86 |
| 9 | $104,000.00 | $145,228.59 | $41,228.59 |
| 10 | $110,000.00 | $158,626.31 | $48,626.31 |
| 11 | $116,000.00 | $172,693.92 | $56,693.92 |
| 12 | $122,000.00 | $187,464.90 | $65,464.90 |
| 13 | $128,000.00 | $202,974.43 | $74,974.43 |
| 14 | $134,000.00 | $219,259.45 | $85,259.45 |
| 15 | $140,000.00 | $236,358.71 | $96,358.71 |
| 16 | $146,000.00 | $254,312.93 | $108,312.93 |
| 17 | $152,000.00 | $273,164.87 | $121,164.87 |
| 18 | $158,000.00 | $292,959.40 | $134,959.40 |
| 19 | $164,000.00 | $313,743.66 | $149,743.66 |
| 20 | $170,000.00 | $335,567.13 | $165,567.13 |
Formula checked · NumberSwift · Review process
For informational purposes only. Results are estimates and do not constitute financial advice.
How this calculator works
Current savings grow for the full selected horizon and new contributions arrive at each month end. The entered effective annual return becomes an equivalent monthly rate. The result separates contributed capital from estimated investment growth, then compares the projection with your chosen balance target. Solving the same cash-flow model backwards gives the constant monthly contribution required for that target. The tool does not decide how much retirement income you need.
Formula
r = (1 + annual return/100)^(1/12) − 1; n = years × 12. Balance = initial(1+r)^n + monthly((1+r)^n − 1)/r. Required monthly = max(0, (target − initial(1+r)^n) / annuity factor). At 0% the factor is n.
Assumptions & limitations
No tax, pension-system, employer-match or withdrawal assumptions. Target is user chosen, not advice. All amounts are nominal; use Inflation to consider purchasing power. No contribution years remain when the horizon is zero.
Sources & reference material
- OpenStax: annuities ↗
Background for equal-period cash flows; not a forecast of returns or a lender APR disclosure.
Worked example
Current savings of 10,000 plus 500 monthly for 2 years at 0% produce 22,000. For a chosen 30,000 target, the gap is 8,000 and the required constant monthly contribution is (30,000 − 10,000) ÷ 24 ≈ 833.33.
Our approach to calculations ↗Common questions
Does this tell me whether I can afford retirement?
No. It projects a balance and compares a target you supply. Living costs, other income, taxes, longevity and withdrawal risks are outside the model.
Should I include employer contributions?
You can include amounts expected to enter the account in your monthly contribution, provided you keep the assumption explicit and consistent.
Are the results adjusted for inflation?
No. They are nominal. Use Inflation to compare their purchasing power under a selected rate.
What if retirement is this year?
Choose zero years. The projection is your current balance; a higher target cannot be reached through contributions when no months remain.