MoneyGeek's retirement calculator projects your retirement savings. It shows whether you're on track to meet your goals. Enter your age, income, current savings and monthly contributions to see your estimated retirement balance.
Retirement Calculator
Are you saving enough for your golden years? Use our retirement calculator to stay on track and reach your financial goals.
Retirement savings at age 67
What you'll have
$878,929
What you'll need
$1,691,488
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AGE
What you'll have
What you'll need
Retirement Calculator
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Factors to Consider in Retirement Planning
Healthcare Costs
Health insurance represents one of the largest retirement expenses. If you retire before 65, you'll need health insurance for retirees under 65 until Medicare eligibility begins. Once eligible, Medicare Advantage or Medicare Supplement plans fill coverage gaps. Budget at least $5,000 to $7,000 annually per person for premiums, deductibles and out-of-pocket costs.
Social Security Benefits
Social Security provides foundational 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%. Factor in your estimated Social Security 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. Your retirement budget needs to account for rising costs throughout your retirement years.
Life Expectancy and Protection
Plan for 25 to 30 years in retirement based on your health and family history. Life insurance for seniors protects surviving spouses financially, ensuring they can maintain their lifestyle if you die first. Even in retirement, life insurance serves as income replacement and an estate planning tool for families.
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 tailor a retirement plan to your needs.
- 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 sustain your standard of living after retiring.
- 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 investment strategy moves toward preserving savings rather than aggressive growth.
- 11Adjust for inflation
Inflation erodes your money's buying power over time.
- 12Factor in Annual Income Increases
Salary raises or bonuses can greatly increase your retirement savings.
How to Read the Results
The retirement calculator shows your financial readiness 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 Income
Allocating 10% to 15% of your annual income is a straightforward way to grow your retirement wealth. For example, earning $60,000 annually and saving $6,000 to $9,000 each year builds a solid nest egg over time.
Consistent contributions are important, especially when paired with employer matches or automated savings. This rule offers a manageable starting point that keeps your retirement goals on track.
Rule 2: Aim for 70% to 80% of Pre-retirement Income
To maintain your lifestyle after retirement, plan to replace 70% to 80% of your pre-retirement income. This target accounts for lower work-related costs while ensuring you can cover essentials like housing, health care and leisure.
Earning $80,000 annually, for instance, means planning for $56,000 to $64,000 in yearly retirement income. Align your savings and income sources, such as Social Security or pensions, with this benchmark to create a sustainable retirement plan.
Rule 3: Start early, benefit from compound interest
Saving 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 reduces that amount to around $250,000.
If you start later, higher contributions or growth-focused investments can help, but starting early gives the best results.
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 and assumptions of 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 align with retirement goals.
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. Though this may seem daunting, small changes like raising contributions by $100 to $200, adjusting investment strategies or delaying retirement can reduce the gap and improve your financial security.
Common Concerns in Retirement
Retirement brings real challenges. You'll need to manage expenses, plan for a longer life and handle financial uncertainty. Proper planning makes these manageable.
Affordability
To avoid running short on funds, calculate your long-term needs and account for inflation. Diversify income streams like Social Security, pensions or investments. Regularly review your budget and adjust spending habits or contributions to sustain your savings over time.
Life expectancy
Planning for a 20 to 30-year retirement requires strategies like conservative withdrawal rates and investments that balance growth and stability. Use tools like this retirement calculator to estimate how long your savings will last and adapt to a longer life span. Consider both your life expectancy and your spouse's when planning.
Economic uncertainties
Diversify your investments across asset classes like stocks, bonds and real estate to reduce risks during market fluctuations. Smart spending and budget flexibility help. Supplementing income through part-time work can also provide stability in unpredictable economic conditions.
Healthcare Coverage and Costs
Health care expenses represent one of retirement's most unpredictable and costly challenges. Medicare doesn't cover everything—you'll need supplemental insurance, prescription drug coverage and potentially long-term care planning. A couple retiring at 65 might spend $315,000 or more on health care throughout retirement. Start researching Medicare options and health insurance for retirees under 65 before your retirement date, and budget generously for medical expenses that accelerate with age.
Retirement Calculator FAQ
Planning for retirement involves understanding how much to save, when to retire and what you’ll need.
Can I retire at 60 with $500K?
Retiring at 60 with $500,000 depends on your lifestyle, expenses and additional income sources like Social Security. A modest lifestyle might be possible, but you'll need to carefully manage withdrawals to avoid running out of money too soon.
How long will $1 million last in retirement?
Depending on your annual spending and investment returns, a $1 million nest egg could last 20 to 30 years. For example, withdrawing $40,000 annually with a 4% return on investments could sustain your savings for about 25 years
Is $600K enough to retire at 70?
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.
What are the three rules for retirement?
Save 10% to 15% of your income, replace 70% to 80% of your pre-retirement earnings and start saving early. Follow these three rules to build financial security.
What is the simple formula for calculating retirement savings?
Estimate your annual retirement expenses and multiply by 25. Need $40,000 yearly? Aim for $1 million in savings.
What is the $1000 a month rule for retirement?
The $1000 a month rule suggests you need $240,000 in savings to generate $1,000 in monthly retirement income, assuming a 5% annual return. This translates to needing $240,000 for every $1,000 of monthly income you want. Using this rule, someone needing $3,000 monthly would require $720,000 in retirement savings.
Can I Retire at 62 with $400,000 in My 401(k)?
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 costs before Medicare eligibility at 65 will be substantial. A financial advisor can help you determine if this amount works for your specific situation.
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About Nathan Paulus
Nathan Paulus is Head of Content and SEO at MoneyGeek, where he leads content strategy, produces original data research, and oversees the site's coverage across insurance, consumer costs, transportation safety, housing, public policy, and personal finance. He also performs expert reviews of published studies, assessing methodology, source quality, and factual accuracy before content reaches readers.
Research and Analysis
In nearly six years at MoneyGeek, Paulus has published more than 100 original studies and explanatory guides. His data work ranges from insurance rate analyses to broader consumer and public policy research. On the insurance side, his studies include 50-state comparisons of health care outcomes, costs, and access; an analysis of how uninsured rates track with state Medicaid expansion decisions and electoral patterns; full-coverage auto rate analyses across major insurers in all 50 states; and an examination of how premium trends relate to industry underwriting losses using combined ratio data from Fitch Ratings, AM Best, and Bureau of Labor Statistics CPI figures. Beyond insurance, his research covers 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, and referenced by leading universities including Harvard, MIT, Stanford, and Yale.
Career
Growing up, Paulus developed an early interest in personal finance through his grandmother, who emphasized saving over earning as the foundation of financial stability. That perspective shapes how he approaches making financial data accessible to general audiences.
Paulus joined MoneyGeek in July 2020 as Director of Content Marketing, leading the content team and directing data journalism production across insurance and personal finance verticals. He was promoted to Head of Marketing and Communications in December 2023, taking on broader responsibility for digital PR and communications strategy. He has held his current role as Head of Content and SEO since January 2025. Before MoneyGeek, he served as Director of Content Marketing and SEO at Ventrix Advertising, where he was part of a small team that built two content sites from the ground up, contributed to link-building programs that secured more than 1,500 unique referring domains within a year, and helped manage a marketing team of more than 20 people. Earlier, he spent two and a half years at ABUV Media progressing from Marketing Research Analyst to Senior Marketing Tactics Analyst, building his foundation in audience research, content strategy, and SEO.
Sources
- Social Security Administration. "Benefits Planner: Retirement." Accessed November 5, 2025.
- U.S. Bureau of Labor Statistics. "Consumer Price Index Summary." Accessed November 5, 2025.