Retirement Savings Calculator

Project your retirement savings from current balance, monthly contributions and expected return, in future and today’s money.

$
$per month
Include any employer match.
Your rate is remembered on this device.
%
Compounded monthly. Long-run returns are not guaranteed.
years
%
Used to express the result in today’s money.
Projected balance at retirement
$652,821.90
In today’s money (inflation-adjusted)
$268,953.98
Total you put in (incl. current savings)
$205,000.00
Investment growth
$447,821.90

Estimate generated with SortedSums: https://sortedsums.com/retirement-savings-calculator/. For informational purposes only; verify before relying on it.

Estimate only. This tool is for informational and educational purposes. Results depend on your inputs and simplifying assumptions, and are not a substitute for professional engineering, design or financial advice. Always verify with a qualified professional and applicable codes before purchasing, building or making decisions.

How it’s calculated

Your current balance grows with compound interest, and the monthly contributions form an annuity. By default each contribution is made at the end of the month (an ordinary annuity, as in most payroll plans and the OpenStax formula); choose start-of-month to add one month's growth to every deposit (an annuity due). Dividing by cumulative inflation shows what the total would buy in today's prices.

i = annual return ÷ 12, n = years × 12 Future value = Current × (1 + i)^n + Monthly × ((1 + i)^n − 1) ÷ i (start-of-month deposits: multiply the contribution part by (1 + i)) Today's money = Future value ÷ (1 + inflation)^years

Example (OpenStax Contemporary Mathematics 6.6): depositing $250 a month at 3.75% compounded monthly for 8 years (96 deposits) grows to $27,938.20. With 3% inflation that is about 27,938.20 ÷ 1.03⁸ = $22,054 in today's money.

Returns vary year to year and can be negative. Fees and taxes reduce growth. Treat this as an illustration, not a plan; consider a qualified financial professional.

Frequently asked questions

What return should I assume?

Lower than you hope. A diversified portfolio’s long-run return depends on the mix of stocks and bonds and on fees; testing several rates (e.g. 4%, 6%, 8%) shows the range of outcomes.

Why show the inflation-adjusted value?

A million dollars in 30 years will buy much less than a million today. Today’s-money figures are easier to compare with your current spending.

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Sources

Formulas are taken from the free public references above. Results are provided “as is” for informational and educational purposes only. See our disclaimer.

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