Retirement Savings Goal Calculator

Planning for Retirement

Retirement planning is crucial for financial security in your golden years. This calculator uses the 4% rule - a common guideline that suggests you can safely withdraw 4% of your retirement savings annually without running out of money.

The 4% Rule Explained

To support a desired annual income, you need approximately 25 times that amount saved (100% ÷ 4% = 25x). For example, if you want $40,000 per year in retirement, you'd need $1,000,000 saved ($40,000 × 25).

How Much Should You Save?

• Age 30: 1x your annual salary
• Age 40: 3x your annual salary
• Age 50: 6x your annual salary
• Age 60: 8x your annual salary
• Age 67: 10x your annual salary

Maximizing Your Retirement Savings

• Start saving as early as possible to leverage compound growth
• Contribute enough to get full employer 401(k) match (free money!)
• Max out tax-advantaged accounts (401k, IRA, Roth IRA)
• Increase contributions with raises and bonuses
• Diversify investments across stocks, bonds, and other assets
• Consider working a few extra years if behind on savings

Don't Forget About

• Social Security benefits (typically covers 30-40% of pre-retirement income)
• Healthcare costs (Medicare, supplemental insurance, out-of-pocket)
• Inflation (reduces purchasing power over time)
• Taxes on retirement withdrawals
• Longevity risk (living longer than expected)

Note: This calculator provides estimates for planning purposes. Consult with a financial advisor for personalized retirement planning based on your specific situation.