Retirement Calculator

Project your pension or 401(k) pot at retirement, the income it could pay to age 95 and the age your money runs out, with State Pension, Social Security or CPP.

Reviewed by Dany, RightSums team · Updated

Runs in your browser. Free, no sign-up.

personal-finance · Daily life · UK & US

Enter your age, the age you want to retire, how long the money needs to last, your savings so far and what you and your employer pay in each month. Add expected returns before and after retiring, inflation, the income you want at today's prices and any other income such as the State Pension, Social Security or CPP and OAS. The calculator projects your pot, draws an income that rises with inflation, and shows if it lasts to your chosen age or when it runs out. If there is a gap, it shows the extra monthly saving that would close it, plus the income different withdrawal rates would give. It is an estimate, not financial advice, and it ignores tax on withdrawals.

Accepted inputs

  • Country and currency (UK, US or Canada)
  • Current age, retirement age and the age to plan to
  • Retirement savings now
  • Your monthly contribution and your employer's, as a % of yours
  • Yearly increase in contributions
  • Expected return before and after retirement
  • Inflation rate
  • Income you want in retirement, at today's prices
  • Other income such as State Pension, Social Security or CPP and OAS, and the age it starts

Outputs

  • Projected pot at retirement, in future and today's money
  • Yearly income the pot and other income can support to your plan-to age
  • If your money lasts, or the age it runs out
  • Yearly shortfall and the extra monthly saving needed to close it
  • First-year withdrawal rate and income at 3% to 5% withdrawal rates
  • Year-by-year table and chart
  • What saving more, retiring later, lower returns or a lower income would change

How to use the Retirement Calculator

  1. Enter your age, the age you plan to retire, the age your money should last to, your savings so far and what you and your employer pay in each month.
  2. Add expected returns before and after retiring, inflation, the yearly income you want at today's prices and any other income with the age it starts.
  3. The calculator grows your pot month by month to retirement, then takes out the income you want less your other income, raising both with inflation each year.
  4. Read your pot at retirement, the income it can support, if it lasts and, if it falls short, the extra monthly saving that would close the gap.

Frequently asked questions

How much do I need to retire?

It depends on the income you want and how long it must last. A common rough check divides the yearly income you need from savings by a withdrawal rate: $40,000 at 4% means $1,000,000. This calculator goes further, drawing an inflation-linked income to the age you choose and adding your State Pension, Social Security or CPP.

Will my retirement savings last?

On these figures, not quite: a 35-year-old with $50,000 saved, paying $500 a month plus a 50% match, earning 7% then 5%, with 2.5% inflation, reaches $1,459,164 at 67. Wanting $60,000 a year with $24,000 of Social Security, the money runs out at 91 and 7 months. Saving $103 more a month would make it last to 95.

How much retirement income will my pension pot give me?

A £913,166 pot at 67, about £468,819 at today's prices, supports roughly £30,598 a year to age 95 including £10,000 of other income. That example starts at 40 with £50,000, pays in £400 a month plus 75% from an employer rising 2% a year, and earns 6% then 4% with 2.5% inflation.

Where can I get my State Pension, Social Security or CPP forecast?

In the UK, use Check your State Pension forecast on GOV.UK. In the US, sign in to my Social Security at ssa.gov to see your Statement. In Canada, My Service Canada Account shows a CPP estimate, and the Canadian Retirement Income Calculator adds OAS. Enter the yearly figure at today's prices in this calculator.

What withdrawal rate should I use in retirement?

Many people use 3% to 4% of their pot in the first year, then raise it with inflation. The 4% figure comes from studies of past US markets and is not a guarantee. This calculator shows the income at 3% to 5% and also works out the level income that would run your pot down to zero at your chosen age.

Sources

The rates and rules in this tool come from:

Guides that use this tool

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