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What will saving part of your paycheck mean in retirement?

This retirement calculator is based on Roth IRAs and their contribution limits

Know Your IRS Limits:
If you file as Single Married/Joint
Your MAGI* limit is {{maxSalarySingle | currency:"$":0}} {{maxSalaryMarried | currency:"$":0}}

*Modified adjusted gross income limit to be eligible for a Roth IRA
If you are Under 50 Over 50
You can contribute up to {{getMaxAllowedContributionBasedOnAge() | currency:"$":0}} {{getMaxAllowedContributionBasedOnAge() | currency:"$":0}}
For this calculator, the maximum value allowed is {{maxValueAllowed | currency}}
For this calculator, the maximum value allowed is {{maxValueAllowedHr | currency}}

This is the rate taken out of your paycheck.

Monthly:{{getMonthlyContribution() | currency}} | Annual: {{getAnnualContribution() | currency}}
The current age must be less than {{retirementAge}}.
For this calculator, the maximum retirement age is {{retirementAgeMax}}.

Retirement Outlook

Based on your salary and savings rate,

your balance could grow to {{projBalanceAtRetirement() | currency: "$" : 0}}

by the age of {{retirementAge}}

which could be {{pmt() | currency : "$" : 0}}/month for {{perYearafterRet()}} years.

For this calculator, the maximum value allowed is {{maxValueAllowed | currency}}/{{maxValueAllowedHr | currency}}
The current age must be less than {{retirementAge}}.
For this calculator, the maximum retirement age is {{retirementAgeMax}}.
 

The amounts in the chart are projected or hypothetical. Please see the "How this works" section to learn more.

View projected savings chart

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How this works

The savings rate and retirement age shown are either suggestions to get you started or are based on information you provided. They are not intended as savings advice. These settings may or may not be appropriate for you based on your specific situation and goals. To help you decide if you have enough saved for retirement, you should consider your assets, income, investments, and retirement savings.

We don't provide legal, financial, or tax advice — we leave that to the experts. The Simple Retirement Calculator provides an estimate of your retirement needs based on information that you provide and assumptions in the tool (listed below). But it's just an estimate ‐ you should not rely on it as an accurate predictor of the future, and it's not a guarantee.

The Simple Retirement Calculator automatically uses these assumptions unless you modify them:

  • If you do not provide a salary amount, this calculator will default your salary to $30,000.
  • If you do not provide a savings rate, this calculator will default your savings rate to 5%.
  • Unless you adjust your current age, the retirement age used in the calculation will default to age 30.
  • Unless you adjust the projected retirement age, the retirement age used in the calculation will default to age 67.
  • The assumed investment rate of return before you retire is set at 4%, compounded monthly.
  • The assumed investment rate of return during retirement is set at 4%, compounded monthly.
  • The inflation rate (or the projected rate the cost for goods and services will increase over time), is set to 3%.
  • All values shown are in future dollars. Since we are assuming your savings rate stays the same until you retire, we increased your salary by the assumed rate of inflation which would increase the amount you contribute.
  • The calculator assumes your life expectancy is 90 years old.
  • The calculator assumes you will retire no later than 80 years old.
  • The calculator assumes your projected retirement age is greater than your current age.
  • The projected percentage of your income that you will need at retirement is assumed to be 75% of your current income.
  • The calculator assumes you have $0 in existing retirement savings.
  • The calculator does not take into consideration any social security income you may receive.

Results are hypothetical and do not represent the current or future performance of any specific investment. All investing has risk, including the possible loss of money you invest. You can use these estimates to start a conversation with a qualified financial professional.