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Retirement Calculator: How Much Do You Need to Save for Retirement?

Our Retirement Calculator may be helpful to you in your retirement planning. Take a few minutes to answer a short series of questions to discover your estimated retirement savings and how long you may expect your funds to last. 
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How We Help Calculate Your Future 

Our Retirement Calculator is a useful tool to help you determine how much of your current annual income you may need to save — as well as the total amount — to provide the inflation-adjusted retirement income you desire. This calculator uses your answers to a brief set of questions to give you a detailed retirement analysis, which can help you assess the effectiveness of your current retirement savings plan and decide if you need to make any adjustments. Our Retirement Calculator includes a graph that visually depicts your potential retirement balance and income as you age.

Our Calculator Assumptions

Various personal and financial factors can affect the longevity of your retirement savings, including your retirement age, the variability of your expenses in retirement, fluctuations in annual rates of return on your investments and future rates of inflation. While it’s impossible to predict what each of these will be in the future, it can be helpful to make some assumptions to project the possible longevity of your retirement savings. 

Our Retirement Calculator will ask you to make a series of assumptions about your:

  • Expected inflation rate
  • Percentage of income replacement at retirement  (For example, do you want 80% of your current annual income during your retirement?)
  • Pre- and post-retirement annual returns on your investments

Your Personal & Financial Information

Your retirement analysis is based on the following personal information you provide:

  • Your current age
  • Your current annual income
  • Your spouse’s annual income (if applicable)
  • Your current retirement savings (total money from your checking, savings and investments)
  • Your desired retirement age
  • Anticipated number of years of retirement income

Impact of Social Security Benefits

Your total retirement income includes Social Security, so our Retirement Calculator asks if you want to include Social Security benefits in your retirement analysis results. The calculator will estimate your monthly Social Security benefit based on the income and marital status you provide. You also have the option to override this estimated amount by inputting a different monthly amount in today’s dollars.

How Much Money Do You Need to Retire Comfortably? 

The answer to this question depends on your personal situation. Do you plan to downsize and live more simply during your retirement years? If so, you may need less annual income during retirement than you do now. However, if you plan to travel more extensively, increase the number of entertainment events you attend or take on a big financial endeavor like starting a new business, then you will likely require additional income for these additional retirement pursuits. Take a closer look at all your anticipated expenses in retirement and create a tentative budget to see how much income you might require. Based on that amount, you can more accurately answer the Retirement Calculator assumption about your percentage of income replacement at retirement. For example, a simpler lifestyle may require only 75% of your current income, while a more expensive one may demand 125% or more.

How Much Money Do You Need to Save Each Year? 

Once you know the monetary implications of your future retirement lifestyle, you can more accurately predict the percentage of your current income needed for retirement. However, life is unpredictable, so there are always unexpected costs to think about — like financial assistance for loved ones, moving costs and travel expenses for special family celebrations. So you may want to allocate some extra funds for these kinds of unexpected future expenses. Figuring out a rough budget for your retirement may help you to more accurately calculate how much income you will need. After you enter all your personal and financial information, our Retirement Calculator will do the rest of the work for you and provide you with the percentage of your annual income that you need to save along with specific yearly and monthly dollar amounts.

When to Start Saving for Retirement?

The short answer is: the sooner you can, the better it may be. For every year you wait to start saving for retirement, the more money it might take to catch up in order to reach your goals. Our Retirement Calculator even provides you with a comparison figure to understand how much more of your annual income you may need to save if you delay saving for retirement for one year. 

We’re Here to Help Make Your Retirement Planning Easier

Even if you seem to be on track with your retirement planning and are comfortable with your projected income, it can be helpful to evaluate your savings strategies on an ongoing basis through regular checkups. You may even want to consult with a financial representative to get additional guidance.

Tailoring individualized planning to meet your goals and desires is one of our strengths. Whether it’s starting from scratch with a personalized needs analysis, reviewing your current investment portfolio or adjusting your savings plan as your life changes course, Western & Southern is here to partner with you to help you live out the kind of retirement you imagine.
Explore More About Retirement Planning
IMPORTANT DISCLOSURES

This information is intended to serve as a basis for your conversation with a financial representative. Calculations are based on the information you provided, including your income/savings, desired retirement age, projected years of retirement income, expected inflation rate, income replacement percentage at retirement, anticipated pre- and post-retirement annual investment returns and possible inclusion of Social Security benefits. 

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.