MoneyGeek's retirement calculator projects your savings growth and shows whether you'll have enough to retire. Enter your age, income, current savings and monthly contributions to see your estimated balance.
Retirement Calculator
Are you saving enough to retire comfortably? Use our retirement calculator to see where you stand.
Retirement savings at age 67
What you'll have
$878,929
What you'll need
$1,691,488
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- Summary view
- Table view
AGE
What you'll have
What you'll need
Retirement Calculator
Updated: July 29, 2026
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Factors to Consider in Retirement Planning
Health Care Costs
Health insurance is one of the largest retirement expenses. If you retire before 65, you'll need health insurance until Medicare eligibility begins. Once eligible, Medicare Advantage or Medicare Supplement plans fill coverage gaps. Budget at least $5,000 to $7,000 per person annually for premiums, deductibles and out-of-pocket costs.
Social Security Benefits
Social Security is a core source of retirement income. Full retirement age is 67 for those born in 1960 or later, though you can claim as early as 62 or delay until 70. Each year you delay past full retirement age increases your benefit by about 8%. Include your estimated Social Security benefit when calculating total retirement income.
Investment Returns and Inflation
Pre-retirement portfolios usually return 6% to 8% annually, while conservative retirement portfolios average 3% to 5%. The Consumer Price Index (CPI) shows U.S. inflation averaging around 2.7% annually, eroding purchasing power over time. Build rising costs into your retirement budget from the start.
Life Expectancy and Protection
Plan for 25 to 30 years in retirement based on your health and family history. Life insurance for seniors protects a surviving spouse financially so they can maintain their lifestyle if you die first. Even in retirement, life insurance can replace lost income and support estate planning.
How to Use MoneyGeek’s Retirement Calculator
To use the MoneyGeek Retirement Calculator, enter details about your finances and plans. Include your age, annual income, current retirement savings, monthly contributions, retirement age and life expectancy. Add information on pre- and post-retirement return rates, inflation and other income sources.
Our tool shows how your retirement savings might grow over the years and when your savings could run out. Try various scenarios, like contributing more or retiring later, to see how each choice affects your outcome.
- 1Enter your age
Your current age determines the time horizon for your savings to grow before retirement.
- 2Provide your annual pre-tax income
Enter what you earn before taxes each year.
- 3Add your current retirement savings
Enter the total in all your retirement accounts: 401(k), IRA and any other savings earmarked for retirement.
- 4Specify your monthly contribution
Contribute at least 10% of your monthly income toward retirement savings.
- 5Estimate your monthly budget in retirement
Plan for 70% to 80% of your pre-retirement income to maintain your standard of living in retirement.
- 6Include any other retirement income
Leave this blank or add income from Social Security, pensions or annuities.
- 7Set your retirement age
The age when you plan to retire impacts how long your investments can grow and how many years your savings need to last.
- 8Estimate your life expectancy
Use averages based on your gender, lifestyle and family history.
- 9Enter your pre-retirement rate of return
Enter how much your investments might grow each year before you retire.
- 10Input your post-retirement rate of return
After you retire, your portfolio shifts from growth to capital preservation.
- 11Adjust for inflation
Inflation erodes your money's buying power over time.
- 12Factor in annual income increases
Salary raises or bonuses can boost your retirement savings over time.
How to Read the Results
The retirement calculator displays results in two ways.
The graph tracks your savings growth over time, comparing "What You'll Have" with “What You'll Need.”
The summary breaks down your total projected savings, required monthly contributions and when your money might run out.
How Much Should You Save for Retirement?
Save 10% to 15% of your annual income, including employer contributions, for retirement. Aim to replace 70% to 80% of your pre-retirement income to maintain your lifestyle.
Starting early helps your savings grow through compounding, but late starters can still catch up by increasing contributions or focusing on growth investments. Follow these three rules for retirement saving:
Rule 1: Save 10% to 15% of your incomeSaving 10% to 15% of your income each year is one of the most reliable ways to build retirement wealth. Earning $60,000 annually and saving $6,000 to $9,000 a year adds up to real money over a 30-to-40-year career.
Consistent contributions count, especially when paired with employer matches or automated savings. If your employer offers a match, contribute enough to capture all of it.
Rule 2: Aim for 70% to 80% of pre-retirement incomeTo maintain your lifestyle in retirement, plan to replace 70% to 80% of your pre-retirement income. This target accounts for lower work-related costs while still covering essentials like housing, health care and leisure.
If you earn $80,000 annually, that means targeting $56,000 to $64,000 in yearly retirement income. Add up what Social Security, pensions and savings will generate and check whether the total hits that range.
Rule 3: Start early, benefit from compound interestSaving early gives your money more time to grow through compounding. A 25-year-old saving $200 monthly at a 7% return could accumulate over $500,000 by age 65. Waiting until 35 cuts that amount roughly in half, to around $250,000.
If you're starting later, you'll need to save more each month or take on more investment risk to close the gap.
SAMPLE COMPUTATION
Consider a 40-year-old earning $80,000 annually with $50,000 in current retirement savings. They contribute 10% of their income ($667 monthly) and plan to retire at 67, targeting a monthly retirement budget of $4,667. With $1,500 in monthly Social Security benefits, a 6% pre-retirement return, 4% post-retirement return, 3% inflation rate and 2% annual income increase, the calculator projects how their savings will grow and whether they're on track to retire comfortably.
By age 67, their savings would grow to $864,521, leaving a gap of $2,175,393 compared to the recommended $3,039,914. Retiring at 60 would leave them with only $504,767, far below the recommended $1,706,599, creating a shortfall of $1,201,832.
To retire at 67 with enough funds to last until age 90, the calculator suggests increasing monthly contributions to $3,586. Small changes add up. Raising contributions by $100 to $200, adjusting your investment strategy or delaying retirement can all narrow the shortfall.
Common Concerns in Retirement
Retirement brings real challenges. You'll need to manage expenses, plan for a longer life and handle financial uncertainty.
AffordabilityTo avoid running short, calculate your long-term needs and account for inflation. Diversify income streams across Social Security, pensions and investments. Review your budget at least annually and adjust contributions or spending as your situation changes.
Life expectancyA 20-to-30-year retirement calls for conservative withdrawal rates and a portfolio mix of growth and income investments. Use tools like this retirement calculator to see how long your savings will last based on your retirement timeline. Factor in both your life expectancy and your spouse's when you do.
Economic uncertaintiesDiversify investments across stocks, bonds and real estate to reduce exposure during market downturns. A flexible budget gives you room to cut back when markets drop. Part-time work can also fill income gaps when economic conditions shift.
Health care coverage and costsHealth care costs are among the hardest retirement expenses to predict. Medicare doesn't cover everything. You'll need supplemental insurance, prescription drug coverage and possibly long-term care planning. A couple retiring at 65 might spend $315,000 or more on health care over the course of retirement. Start researching Medicare options and health insurance for retirees under 65 before you retire, and set aside a larger buffer for medical costs, which tend to rise sharply in later years.
Retirement Calculator FAQ
Whether it works depends on your lifestyle, expenses and income from sources like Social Security. Retiring on a tight budget is possible, but you'll need to manage withdrawals carefully to avoid running out of money too soon.
Depending on your annual spending and investment returns, $1 million could last 20 to 30 years. For example, withdrawing $40,000 annually with a 4% investment return could stretch it to about 25 years.
Yes, if you've got low expenses or additional income from Social Security or pensions. Factor in health care costs and inflation when calculating your needs.
Save 10% to 15% of your income, replace 70% to 80% of your pre-retirement earnings and start as early as you can.
Estimate your annual retirement expenses and multiply by 25. Need $40,000 yearly? Aim for $1 million in savings.
The $1,000-a-month rule says you need $240,000 in savings to generate $1,000 in monthly income, assuming a 5% annual return. Someone needing $3,000 monthly would need $720,000 in savings.
Retiring at 62 with $400,000 in your 401(k) is possible but challenging. You'll need to manage withdrawals carefully and supplement with Social Security once eligible. Health insurance before Medicare eligibility at 65 will be a major cost. A financial advisor can help you determine whether this amount is enough for your situation.
Explore More MoneyGeek Calculators
About Nathan Paulus
Nathan Paulus is Head of Content and SEO at MoneyGeek, where he leads content strategy and produces original data research across insurance, consumer costs, transportation safety, housing, public policy and personal finance. He also reviews published studies for methodology, source quality and factual accuracy before they reach readers.
Research and Analysis
In nearly six years at MoneyGeek, Nathan has published more than 100 original studies and explanatory guides. His insurance research includes 50-state comparisons of health care outcomes, costs and access, plus an analysis of how uninsured rates track with state Medicaid expansion decisions and electoral patterns. He has analyzed full coverage auto rates across major insurers in all 50 states and tracked how premium trends relate to industry underwriting losses. The analysis draws on combined ratio data from Fitch Ratings and AM Best, plus Bureau of Labor Statistics CPI figures. Beyond insurance, his work spans vehicle pricing trends across the U.S. new car market, summer traffic fatality rates by state, homeowner underinsurance ratios using mortgage and policy data, and housing affordability across all 50 states.
His research has been cited by Bloomberg, the Los Angeles Times, Forbes, Fast Company, the San Francisco Chronicle, USA Today and NBC Los Angeles. Harvard, MIT, Stanford and Yale have referenced his work.
Career
Nathan traces his interest in personal finance back to his grandmother, who ran her household on a simple rule: spend less than you make and save the difference before anything else. That rule shows up in his work today. His writing skips jargon and complex strategy in favor of the basics that help someone living paycheck to paycheck.
He joined MoneyGeek in July 2020 as Director of Content Marketing, where he led the content team and oversaw data journalism production across insurance and personal finance verticals. A promotion to Head of Marketing and Communications followed in December 2023. The new role added digital PR and communications strategy to his scope. He has held his current position, Head of Content and SEO, since January 2025.
Before MoneyGeek, Nathan served as Director of Content Marketing and SEO at Ventrix Advertising, where he helped build two content sites from scratch, contributed to link-building programs that generated more than 1,500 unique referring domains within a year and co-managed a marketing team of more than 20 people. Two and a half years at ABUV Media preceded that role. He advanced from Marketing Research Analyst to Senior Marketing Tactics Analyst, where he developed skills in audience research, content strategy and SEO.
Sources
- Social Security Administration. "Benefits Planner: Retirement." Accessed July 29, 2026.
- U.S. Bureau of Labor Statistics. "Consumer Price Index Summary." Accessed July 29, 2026.