Free tool · Retirement
Will your savings cover the retirement you want?
Enter what you have, what you save and the income you want. See what your savings could pay, what you would need, and what it takes to close any gap, all in today’s dollars.
Shortfall at 65, in today's dollars
$402,704
At 65 you are projected to have $633,847, and you would need about $1,036,550 to draw $48,800 a year until 92. Saving about $969 more a month from now would close the gap.
- Projected at 65
- $634K
- Needed at 65
- $1M
- From savings, per year
- $49K
- Savings last until
- age 79
The math, in the open
How this is calculated
No black box. Every formula the tool uses is written out here, so you can check it yourself.
Everything is worked in today’s dollars. Each return you enter is converted to a real, after-inflation rate.
- Projected savings grow your current savings and monthly saving at the before-retirement rate until your retirement age. Your monthly saving is assumed to rise with inflation.
- Income from savings is the income you want, less twelve months of Social Security and other income.
- Needed at retirement is the amount that pays that income at the start of every year until your planning age, while the rest earns the in-retirement rate.
- Extra monthly saving is the level amount that, started now, would grow to cover any gap.
The calculator does not model taxes, which depend on the kind of account each dollar sits in. Money in a traditional 401(k) or IRA is taxed when withdrawn, so the same balance buys less income than money in a Roth account. Spreading savings across account types is one of the things a strategy session looks at.
How much do I need to retire?
Start from the income you want each year, subtract what Social Security and any pension will pay, and work out how much savings it takes to cover the rest for as long as you might live. That last number is what this calculator estimates.
Why is everything in today’s dollars?
A million dollars in 25 years will not buy what it buys today. Working in today’s dollars removes inflation from the picture, so the numbers mean what they seem to mean.
Where do I find my Social Security estimate?
Sign in at ssa.gov/myaccount to see your estimated benefit at different claiming ages. The amount changes with the age you claim, so use the estimate for the age you plan to retire.
What return should I assume?
Use a figure you would be comfortable relying on, not the best you hope for. Lower assumptions build in a margin of safety. The defaults here are examples, not predictions.
Keep going
More free tools
Life Insurance Needs Calculator
How much life insurance does my family need?
Run the numbers Free tool · GrowthIUL Cap & Floor Explorer
What would a cap and a floor have done in real market years?
Run the numbers Free tool · GrowthCompound Growth & Rule of 72
How fast does money grow, and when does it double?
Run the numbers
Free strategy session
Talk the numbers through with Collins
A free, 30-minute strategy session by video, or in person wherever you are. You leave with a clear picture of your options, and there is no pressure to buy anything.
