My Money

The total should include taxable and retirement balances


For social security purposes only
Marital Status
Increases With Inflation
Social Security
Included With Retirement
Are your current retirement planning strategies generating enough funds for you to meet your retirement goals?
Use our retirement savings calculator to assess your current savings and help determine when or if your money will run out during retirement and what additional savings may be required.

My Results

Based on your financial plan, you can see how you are on track to having enough to retire based on retiring at years old and an expected years of retirement income needed.
Total Retirement Income Needed
Need to Save Per Month
Need to Save Additional
Total to Save Per Month
Currently Saving
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How This Retirement Savings Calculator Works

Our retirement calculator with pension and social security is an online tool designed to help you estimate the savings needed for a comfortable retirement based on your current financial status, savings rate, and retirement goals.

The calculator accounts for variables such as inflation, expected returns, and life expectancy to help you evaluate whether or not your current retirement savings portfolio is sufficient to generate the inflation-adjusted income in retirement you need to last your entire retirement.

After answering a short series of questions, you will receive an analysis that you can use to help evaluate the current level of your retirement savings and decide what changes might benefit your overall retirement plan strategy.

If your projected retirement nest egg falls short of your goal, the calculator recommends additional savings to close the gap.

Your Retirement Calculator Inputs

Only five pieces of personal information are required to calculate your result using default assumptions:

  1. Current Age: Your age in years.
  2. Retirement Age: The age at which you expect to stop working permanently. 
  3. Total Annual Household Income: Your combined (you and your spouse) pre-tax annual income.
  4. Current Retirement Savings Balance: The combined balances of all your retirement savings accounts, such as 401(k) plans, individual retirement accounts (IRAs), stocks, mutual funds, and any other accounts designated for retirement.
  5. Annual Savings For Retirement: The amount of your annual contribution towards your yearly retirement savings, including funds for your 401(k) (including employer match), IRA, and other retirement accounts.

Advanced Inputs

Providing more information or adjusting default assumptions enables you to personalize your outcomes.

  • Marital Status: Are you single or legally married (default is single)?
  • Years of Retirement Income: The desired length of time your retirement savings will provide you with income after you stop working (default is 20 years).


  • Annual Pension Benefit: The total money you receive yearly from a pension plan (default is $0).
  • Increases With Inflation: Does your pension increase to match the rising cost of living (default is No)?

Social Security

  • Included With Retirement: Should Social Security benefits be included in the retirement calculation (default is No)?


  • Annual Savings Increases: The percentage increase in your yearly savings for retirement raises the amount of money you are estimated to contribute to your retirement accounts each year (default is 0%).
  • Expected Inflation: The forecasted annual increase in the general price level of goods and services (default is 3%).
  • Income Replacement At Retirement: The proportion of your pre-retirement salary that your retirement savings and income streams replace (default is 75%).
  • Pre-Retirement Investment Returns: The expected average annual return before retirement for your retirement savings (default is 8%).
  • Post-Retirement Investments Returns: The expected average annual rate of return during retirement for your future retirement savings (default is 8%).

Understanding Your Results

Our Retirement Savings Calculator analysis produces a chart showing your total projected savings for retirement (Total Retirement Saving Needed) and calculates the monthly savings (Total to Save Per Month) needed to reach that goal.

The chart indicates whether or not your current monthly savings (Currently Saving) will provide enough income during retirement based on the number of retirement years input.

If your current savings fall short of your goal, the calculator tells you how much additional money you will need to save every month (Need to Save Additional) to achieve your retirement objectives.

Steps To Interpret Your Results

Interpreting your results from our retirement calculator allows you to translate those numbers into actionable steps for your financial future. Here's a breakdown of how to analyze and understand the information:

  1. Compare to Your Goals: Did the calculator confirm you're on track, or is there a gap between where you are and where you want to be?
  2. Identify Problem Areas: Did the results highlight any specific weaknesses in your plan? Maybe your savings rate is too low, or your future rate of return assumptions are too optimistic.
  3. Consider the "What-ifs": Play with the calculator to see how potential life changes (job loss, early retirement, market downturn) might impact your results.
  4. Don't Panic: If the numbers aren't ideal, it doesn't mean you're doomed. It means it's time to adjust your strategy.

A financial advisor can help you make sense of the big picture, considering factors beyond the calculator, like taxes, Pension and Social Security benefits, and your overall financial health.

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Factors Impacting How Long Your Retirement Savings Will Last

  • Retirement Age: The earlier you retire, the longer your savings need to last. Retiring later allows for more time to accumulate savings and less time to rely on them as income for retirement.
  • Spending Habits: High spending in retirement will drain savings faster than frugal living. Creating and sticking to a budget in retirement is essential.
  • Investment Returns: Market performance plays a significant role. Higher returns stretch savings further, while periods of poor performance can deplete them faster.
  • Inflation: Rising prices erode the purchasing power of savings over time. Inflation-adjusted withdrawals are crucial to maintain your standard of living.
  • Unexpected Expenses: Large unforeseen costs like medical bills or home repairs can significantly deplete retirement funds.
  • Longevity: Living longer than expected means your savings must support you for more years.
  • Pensions and Social Security: If you have these income sources, they can supplement your withdrawals from retirement accounts, helping your savings last longer. Full Social Security benefits for individuals born in 1960 and later begin at age 67, with the option for early retirement benefits at 62 for a reduced monthly amount.
  • Withdrawal Rate: How much you withdraw from your savings each year significantly impacts longevity. The recommended rule of thumb "safe" withdrawal rate is around 4%.

Benefits of Using a Retirement Calculator

  • Understanding your needs: Calculators estimate how much you'll need to retire comfortably, highlighting any gaps between your goals and your current savings trajectory.
  • Goal setting: Knowing your target number helps you determine how much to save regularly and motivates you to reach those milestones.
  • Reducing anxiety: Retirement planning can be stressful. Calculators provide a sense of control, offering a plan instead of unknowns.
  • Early adjustments: Calculations might reveal if you need to save more, retire later, or increase your investment returns to stay on track.
  • Comparing scenarios: Experiment with different inputs like retirement age and savings rates to see how they impact your outcome, allowing you to optimize your plan.
  • Making informed decisions: Big financial decisions, like when to retire or how much risk to take with investments, become more apparent when backed by calculated projections.

It's important to remember that retirement calculators are tools, not crystal balls. It's best to use them as a starting point and adjust your plan along the way, ideally with the help of a financial advisor.

Financial advisors provide clients personalized advice on investment objectives, retirement planning, tax strategies, estate planning, insurance, debt strategies, budgeting, education funding, and setting financial goals to help clients achieve financial stability and growth.

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We have financial professionals ready to assist you on your retirement journey. Get My Free Financial Review!

Related Calculators


  1. How can I make my retirement savings last? - Fidelity Investments.
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  3. What Does a Financial Advisor Do? Roles & Responsibilities - Northeastern University.
This information is intended to serve as a basis for your conversation with a financial representative. Calculations are based on the information you provided.

These calculators are designed to be informational and educational tools only, and do not constitute investment advice. You should consider the counsel of a financial services professional before making any type of investment or financial decision. We also encourage you to review your investment strategy periodically as your financial circumstances change. This module is hypothetical and is provided for illustration purposes only. It is not indicative of the performance of any specific investment product or strategy. The members of Western &  Southern Financial Group, Inc. (WSFG) are not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools.  Furthermore, WSFG is not responsible for any human or mechanical errors or omissions. Securities contain risk and will fluctuate with changes in market conditions.

Securities offered by Registered Representatives through W&S Brokerage Services, Inc., member FINRA/SIPC. All companies are members of Western and Southern Financial Group.