Retirement Savings Calculator
Work backwards from your retirement goal: enter your target amount and timeline to find out exactly how much to save each month.
Instead of guessing, start with the number you need — say $1 million — and your timeline. The calculator solves for the monthly contribution required at your expected return, and shows how much of the target comes from your own savings versus investment growth.
How to use this calculator
- Enter your retirement savings target in dollars.
- Enter how many years until you retire.
- Enter the annual return you expect on investments.
- Click Calculate to see the required monthly and annual savings.
The formula
Monthly payment = target×r/((1+r)^n−1), with r the monthly rate and n the number of months
Worked example
To reach $1,000,000 in 30 years at 7%, you'd need to save $819.69 per month. Of the million, about $704,911 comes from investment growth and only $295,089 from your own contributions.
Frequently Asked Questions
How much do I need to retire?
A common starting point is 25 times your annual spending (the 4% rule) — so $60,000 a year of spending implies a $1.5 million target. Your real number depends on Social Security, pensions, healthcare costs, and how long you need the money to last. Use this calculator to turn whatever target you choose into a monthly savings plan.
Why does starting early matter so much?
Because compounding is exponential. Saving $820 a month from age 35 to 65 at 7% reaches $1 million, but starting at 45 you'd need about $1,650 a month for the same result. Every year you wait, the monthly price of your goal goes up — run the calculator with different timelines to see it.
Should I use a nominal or inflation-adjusted return?
This calculator uses the nominal return you enter. If you want your target in today's dollars, either enter a real (inflation-adjusted) return like 4–5% or inflate your target. A $1 million target in 30 years is worth roughly $550,000 in today's purchasing power at 2% inflation.
What if I already have savings?
This calculator solves for the full target from scratch. If you have a head start, subtract the future value of your current savings from the target first, then enter the remainder. Or use the 401(k) calculator, which includes your current balance.
Is the monthly amount realistic for my budget?
If the number is higher than you can save, you have three levers: save more later (hard), earn higher returns (risky), or extend the timeline. Many people combine a realistic monthly amount now with planned increases — even 1% more per year closes the gap faster than you'd expect.