Know exactly where you stand for retirement. This planner calculates your monthly savings target based on your current savings, desired retirement amount, expected returns, and timeline. Adjust any variable to see how it impacts your goal.
Monthly Savings Needed:
Total Interest Earned:
How to Use This Tool
Enter your current retirement savings balance.
Enter your target retirement nest egg amount.
Input your expected average annual return (7-8% is a common long-term stock market estimate).
Enter the number of years until you plan to retire.
Click Calculate to see your required monthly contribution.
The Formula
Uses the future value of an annuity formula. Monthly contribution = (Target - Current FV) x r / ((1+r)^n - 1) where r is monthly rate and n is total months. Assumes a fixed annual return throughout your career.
Why It Matters
You want $1,000,000 for retirement in 25 years with $50,000 already saved and expecting 7% returns. The calculator shows you need $742/month. If you increase your contributions to $1,000/month, you will have $1,435,000 — showing the power of starting earlier and contributing more.