Retirement Planning Tool
Calculate how much you need to save and invest to achieve your retirement dreams
Interactive Retirement Planner
Personal Information
Financial Goals
Investment Assumptions
Retirement Summary
Required Savings
Monthly Savings Goal
per month for 35 years
Note: This calculator provides estimates based on your inputs. Consider consulting with a financial advisor for personalized retirement planning.
The 4% Rule and Retirement Planning
The 4% rule is a popular retirement planning guideline that suggests you can safely withdraw 4% of your retirement portfolio each year without running out of money. This means you need 25 times your annual expenses saved for retirement.
Quick Calculation
Annual Expenses × 25 = Required Retirement Savings
Example: $60,000 × 25 = $1,500,000 needed at retirement
Retirement Planning Milestones
Age-Based Savings Goals
Savings Rate Recommendations
Retirement Account Types
401(k) - Employer Sponsored
- • 2024 limit: $23,000 ($30,500 if 50+)
- • Often includes employer match
- • Traditional or Roth options
- • Limited investment choices
Traditional IRA
- • 2024 limit: $7,000 ($8,000 if 50+)
- • Tax-deductible contributions
- • Taxed in retirement
- • Required distributions at 73
Roth IRA
- • 2024 limit: $7,000 ($8,000 if 50+)
- • After-tax contributions
- • Tax-free withdrawals in retirement
- • No required distributions
Taxable Investment Account
- • No contribution limits
- • Flexible access to funds
- • Capital gains tax rates
- • Best for early retirement
Retirement Planning Strategies
Maximize Employer Match
Always contribute enough to your 401(k) to get the full employer match. It's free money with an immediate 100% return on investment.
Use Target-Date Funds
Simple, diversified option that automatically adjusts allocation as you approach retirement. Perfect for hands-off investors.
Increase Contributions Annually
Set up automatic increases of 1-2% each year or when you get a raise. You won't miss what you never had in your paycheck.
Consider Roth Conversions
In low-income years, consider converting traditional IRA funds to Roth to diversify your tax situation in retirement.
Plan for Healthcare Costs
Healthcare can be a major retirement expense. Consider Health Savings Accounts (HSAs) as a triple tax-advantaged retirement vehicle.
Common Retirement Planning Mistakes
Starting Too Late
Waiting until your 40s or 50s means missing decades of compound growth.
Underestimating Expenses
Many retirees spend more than expected, especially on healthcare and travel.
Ignoring Inflation
$50,000 today will have much less purchasing power in 30 years.
Cashing Out Early
Taking 401(k) loans or early withdrawals derails retirement savings.
Poor Investment Choices
High fees and overly conservative investments reduce long-term growth.
No Backup Plan
Having only one retirement account type limits flexibility.
Quick Retirement Checkup
✓ Am I on Track?
- • Saving at least 10-15% of income
- • Getting full employer match
- • Using low-cost index funds
- • Increasing contributions annually
📈 Next Steps
- • Calculate exact retirement needs
- • Optimize investment allocation
- • Consider Roth IRA conversion
- • Review and adjust annually