Retirement Planning Calculator

Last reviewed on April 28, 2026.

Plan your path to retirement with confidence. This comprehensive calculator helps you determine how much you need to save, when you can retire, and what your retirement income will look like. Includes Social Security, inflation, and tax considerations.

Current Situation

Average: 79 for men, 83 for women in US

Current Retirement Savings

Retirement Goals

80% Most retirees need 70-90% of pre-retirement income
Historical average: 3.1% (1960-2024)
S&P 500 historical: 10% (before inflation)

Social Security Benefits

Average benefit in 2026: $1,907/month

Retirement Planning Tips

  • Start saving early to maximize compound interest
  • Take full advantage of employer 401(k) matching
  • Consider Roth vs Traditional retirement accounts
  • Diversify investments across asset classes
  • Plan for healthcare costs in retirement
  • Review and adjust your plan annually
  • Consider working a few extra years for significant impact

Asset Allocation

70%
25%
5%

Age-based rule: 100 - age = stock %

Tax Planning

Healthcare Planning

Average couple: $15,000/year in retirement
Annual premium

Risk Analysis

Financial Independence, Retire Early (FIRE) Calculator

FIRE Goals

Current Finances

Auto-calculated from income/expenses

FIRE Strategy

4% rule is traditional, 3.5% is conservative

FIRE Movement Resources

  • Lean FIRE: Retire with minimal expenses ($40k/year or less)
  • Regular FIRE: Comfortable retirement ($40-100k/year)
  • Fat FIRE: Luxurious retirement ($100k+/year)
  • Barista FIRE: Part-time work for benefits
  • Coast FIRE: Save enough early, then coast

The 4% Rule: Withdraw 4% of portfolio annually, adjusted for inflation

Rule of 25: Need 25x annual expenses to retire

Retirement Planning Guide

The Power of Starting Early

Starting to save for retirement in your 20s versus your 30s can mean hundreds of thousands of dollars difference due to compound interest. A 25-year-old saving $500/month could have $1.9 million by 65, while a 35-year-old would have only $830,000.

Understanding the 4% Rule

The 4% withdrawal rule suggests you can safely withdraw 4% of your retirement portfolio in the first year, then adjust for inflation annually, with a high probability of not running out of money over 30 years. For a $1 million portfolio, that's $40,000 in year one.

Social Security Strategy

Delaying Social Security from 62 to 70 increases benefits by 77%. For someone with a $2,000/month benefit at full retirement age (67), waiting until 70 would increase it to $2,480/month for life.

Healthcare in Retirement

Healthcare is often the largest expense in retirement. A 65-year-old couple retiring in 2026 needs approximately $350,000 saved for healthcare costs throughout retirement, not including long-term care.

Retirement Account Types

Common Retirement Planning Mistakes

  1. Underestimating longevity: Plan for 90-95, not average life expectancy
  2. Ignoring inflation: $100k today = $180k in 20 years at 3% inflation
  3. Not diversifying: Don't put all eggs in one basket (company stock)
  4. Withdrawing too early: 401(k) withdrawals before 59½ incur 10% penalty
  5. Forgetting healthcare: Gap between retirement and Medicare at 65
  6. No estate plan: Ensure beneficiaries are updated

Frequently Asked Questions

How much do I need to retire?

A common rule of thumb is 25 times your annual expenses (the 4% rule inverse). If you need $60,000/year in retirement, aim for $1.5 million. However, this varies based on lifestyle, location, health, and other income sources like Social Security.

Should I prioritize 401(k) or paying off debt?

Always contribute enough to get full employer matching (free money!). Then, pay off high-interest debt (credit cards). For low-interest debt (mortgage), consider doing both simultaneously since investment returns may exceed debt interest rates.

Roth or Traditional retirement accounts?

Choose Roth if you expect to be in a higher tax bracket in retirement or are young with decades of tax-free growth ahead. Choose Traditional if you're in a high tax bracket now and expect lower taxes in retirement. Many people benefit from having both.

What if I'm starting late?

It's never too late! Maximize catch-up contributions (extra $7,500 in 401(k) at 50+), consider working a few extra years, reduce expenses, downsize housing, or plan for part-time work in early retirement. Even small changes make a big difference.