Retirement Savings Calculator
Project your retirement nest egg based on your current age, savings, monthly contributions, and expected rate of return. See results in both nominal and inflation-adjusted dollars.
About This Calculator
The Retirement Savings Calculator projects how much your investments could grow between now and your retirement age using the compound interest formula. It factors in your current savings, monthly contributions, expected annual return, and inflation rate. Results are displayed in both nominal dollars (the raw future amount) and inflation-adjusted dollars (what that money would be worth in today's purchasing power). This is a useful starting point for retirement planning, though individual advice from a financial professional is always recommended.
How to Use
- Enter your values in the input fields above
- Click the calculate button to see results
- Review your results displayed below the inputs
- Use the reset button to clear all fields and start over
The Formula
How the calculation works under the hood
Future value of current savings
Your current savings compound monthly at rate r for n years.
Future value of monthly contributions
Each monthly contribution grows with compound interest.
Worked Example
Step-by-step walkthrough with real numbers
“A 30-year-old has $25,000 saved, contributes $500/month, expects 7% returns, and plans to retire at 65.”
- 1Years to retire = 35. Months = 420.
- 2Monthly rate = 0.07 / 12 = 0.005833.
- 3FV of $25,000 lump sum = 25000 x (1.005833)^420 = $286,312.
- 4FV of $500/month = 500 x [((1.005833)^420 - 1) / 0.005833] = $896,681.
- 5Total nominal = $286,312 + $896,681 = $1,182,993.
- 6Inflation-adjusted (3%): $1,182,993 / (1.03)^35 = $420,515 in today's dollars.
Projected savings: $1,182,993 nominal ($420,515 in today's dollars).
⚠️Common Mistakes
- ✕Using nominal returns without adjusting for inflation — $1M in 35 years buys far less than $1M today.
- ✕Forgetting to include employer 401(k) matching in the monthly contribution amount.
- ✕Assuming constant 7% returns — actual market returns fluctuate year to year.
💡Pro Tips
- ✓Even $100/month extra can add over $100,000 to your retirement total over 30+ years thanks to compounding.
- ✓Starting 5 years earlier has a bigger impact than increasing contributions by 50% — time is the most powerful variable.
- ✓Use this as a planning estimate and revisit annually as your income and savings change.
Frequently Asked Questions
What rate of return should I use?
A commonly cited long-term average for a diversified stock portfolio is 7% before inflation. Conservative estimates use 5-6%. The default is 7%.
What does "in today's dollars" mean?
It adjusts your future savings for inflation so you can understand the purchasing power in terms you recognize today. $1 million in 30 years buys less than $1 million today.
How much should I save each month?
Financial advisors often recommend saving 10-15% of your gross income for retirement. The right amount depends on your age, goals, and current savings.
Does this include employer matching?
Not directly. If your employer matches contributions, add the match to your monthly contribution amount for a more accurate projection.
When should I start saving for retirement?
The earlier the better. Thanks to compound interest, starting at 25 instead of 35 can nearly double your retirement savings even with the same monthly contribution.
Is this calculator free to use?
Yes! All calculators on Get Precision Calculator are completely free with no limitations or sign-up required.
Is my data saved or tracked?
No. All calculations are performed locally in your web browser. Get Precision Calculator does not store, collect, or track your calculation data.
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