Savings Retirement Calculator This calculator provides an estimate of your retirement savings and the potential income you may receive. Current age: Desired Retirement Age: Current Annual Income: Annual Savings Rate: Expected Average Annual Return (after inflation) on Investment: Calculate function calculateRetirementSavings() { var age = document.getElementById("age").value; var retirementAge = document.getElementById("retirementAge").value; var annualIncome = document.getElementById("annualIncome").value; var annualSavingsRate = document.getElementById("annualSavingsRate").value; var annualReturn = document.getElementById("annualReturn").value; var savingsAtRetirement = 0; if (annualSavingsRate < 100 && annualSavingsRate > 0){ var numYears = retirementAge - age; if (numYears > 0){ var savingsPerYear = annualIncome * (annualSavingsRate / 100); for (var i = 0; i < numYears; i++){ savingsAtRetirement += savingsPerYear; savingsAtRetirement *= (1 + (annualReturn/100)); } document.getElementById("result").innerHTML = "Your estimated savings at retirement is $" + savingsAtRetirement.toFixed(2) + "."; }else{ document.getElementById("result").innerHTML = "Your retirement age is before your current age."; } }else{ document.getElementById("result").innerHTML = "Please enter a valid savings rate between 0 and 100%"; } } Beginning Your Journey: What to Know About Retirement Savings Calculators Retirement should be something that brings joy to you, rather than something that makes you anxious. Planning for your retirement is an important part of life—but it isn’t always straightforward. A retirement savings calculator can help you determine how much you need to save and to keep your retirement dreams alive. A retirement calculator is a tool that helps you map out your retirement goals. By using a retirement calculator, you can crunch the numbers and help get a handle on your retirement planning with a few simple calculations. You can also use a calculator as part of a comprehensive retirement plan. Knowing the best way to save for retirement can be daunting. You need to consider a variety of factors, such as investments, Social Security payments, budgeting, and tax-advantaged accounts. A retirement savings calculator can help you take all of these considerations into account when you plan for your retirement. The Benefits of Using a Retirement Savings Calculator When you use a retirement savings calculator, you can tailor the tool to your individual needs and get a clearer understanding of the retirement picture. Retiring on your terms is a realistic goal when you plan ahead. Here are some of the key benefits of using a retirement calculator when you plan your retirement. Helps you figure out how much to save for retirement. Identifies the types of investments you should consider in your retirement planning. Factors in major life changes like marriage, divorce, a new job, or family savings. Ensures you are adjusting for the current rate of inflation. Assists in accurately assessing the amount of Social Security income you can expect to receive. Helps you plan for spending and withdrawal decisions. Takes into account the advantages and limitations of different types of retirement accounts. A retirement calculator can provide you with a good estimate of the expected returns from different types of investments and the amount you would need to save to retire on your terms. With the help of a calculator, you can compare different types of investments and determine which is best for your individual situation. Simplifying the Retirement Planning Process While no calculator can guarantee a successful retirement, using one of these tools is an important step in setting yourself up for a comfortable retirement. In general, it is recommended that you aim to sock away at least 10% of your income for retirement. But in some cases, that number may higher depending on individual circumstances. A calculator can help you figure out exactly how much you should be saving. A retirement savings calculator can provide insight into the amount of money you need to accumulate in order for your retirement to be successful. A calculator can help you plan how long you want to work, when you will take Social Security, and when to begin collecting retirement benefits. All of these considerations are important when you are trying to get an accurate picture of what your retirement looks like. Beyond that, a calculator also can help you identify the best places to save your money. For instance, if you are eligible for an employer-provided 401(k), you may want to weigh the benefit of that over a more traditional IRA. A calculator can help you easily compare the long-term savings of one versus the other. Getting the Most out of a Retirement Calculator When it comes to planning for retirement, the earlier you start, the better. The amount you save for retirement today can have an exponential effect on your savings down the line. The right retirement calculator can help you maximize your retirement savings, no matter where you are in life. No matter what your current financial situation is, a retirement calculator can provide an estimate to help you make informed decisions about the money you need to save for retirement. You should update your calculations each time you make a change in savings, wages, or other retirement planning information. Doing so will help ensure your retirement will be comfortably funded. Retirement calculators offer an enormous benefit to those who are planning for retirement. With the help of a calculator, you can estimate the amount you need to save and the types of investments that will make your retirement dreams possible. By taking the time to plan ahead, you can make sure your retirement needs will be taken care of for many years to come.