Work backwards from your retirement goal to find your required monthly savings
Common rule: 25x your annual expenses
Years to retirement: {{ yearsToRetirement }} years ({{ yearsToRetirement * 12 }} months)
To reach your goal, you need to save:
{{ formatNumber(requiredMonthlySavings) }}/month
or {{ formatNumber(requiredMonthlySavings * 12) }}/year
Total Contributions
{{ formatNumber(totalContributions) }}
What you'll put in
Investment Growth
{{ formatNumber(totalGrowth) }}
What your money earns
Shortfall/Surplus
{{ shortfall >= 0 ? '+' : '' }}{{ formatNumber(shortfall) }}
vs your goal
Your current savings of {{ formatNumber(currentSavings) }} will grow to {{ formatNumber(projectedFromCurrent) }} by age {{ retirementAge }}, which exceeds your goal of {{ formatNumber(retirementGoal) }}.
| Return Rate | Monthly Savings | Yearly Savings | Total Contributions |
|---|---|---|---|
| {{ scenario.rate }}% | {{ formatNumber(scenario.monthly) }} | {{ formatNumber(scenario.monthly * 12) }} | {{ formatNumber(scenario.monthly * 12 * yearsToRetirement) }} |
* Highlighted row shows your selected return rate
| Year | Age | Starting Balance | Contributions | Growth | Ending Balance |
|---|---|---|---|---|---|
| {{ row.year }} | {{ row.age }} | {{ formatNumber(row.startBalance) }} | {{ formatNumber(row.contributions) }} | {{ formatNumber(row.growth) }} | {{ formatNumber(row.endBalance) }} |
A common rule of thumb is to save 25 times your annual expenses (based on the 4% safe withdrawal rate). Here are some examples:
| Annual Expenses | Retirement Goal (25x) | Monthly Withdrawal |
|---|---|---|
| $40,000 | $1,000,000 | $3,333 |
| $60,000 | $1,500,000 | $5,000 |
| $80,000 | $2,000,000 | $6,667 |
| $100,000 | $2,500,000 | $8,333 |