Retirement Savings Calculator
How much to save monthly to hit your retirement goal.
Monthly contribution needed
$897
Time is the biggest lever. Starting 10 years earlier typically halves the required monthly. Auto-escalate contributions with raises to stay on track.
Year-by-year breakdownShow table ▾Hide ▴
| Age | Contributed | Growth | Balance |
|---|---|---|---|
| 35 | $50,000 | $0 | $50,000 |
| 36 | $60,763 | $3,967 | $64,729 |
| 37 | $71,525 | $8,998 | $80,523 |
| 38 | $82,288 | $15,171 | $97,459 |
| 39 | $93,051 | $22,569 | $115,619 |
| 40 | $103,813 | $31,279 | $135,092 |
| 41 | $114,576 | $41,397 | $155,972 |
| 42 | $125,338 | $53,024 | $178,362 |
| 43 | $136,101 | $66,270 | $202,371 |
| 44 | $146,864 | $81,252 | $228,115 |
| 45 | $157,626 | $98,094 | $255,720 |
| 46 | $168,389 | $116,932 | $285,321 |
| 47 | $179,152 | $137,910 | $317,062 |
| 48 | $189,914 | $161,183 | $351,097 |
| 49 | $200,677 | $186,916 | $387,593 |
| 50 | $211,440 | $215,287 | $426,726 |
| 51 | $222,202 | $246,487 | $468,689 |
| 52 | $232,965 | $280,721 | $513,686 |
| 53 | $243,727 | $318,207 | $561,935 |
| 54 | $254,490 | $359,182 | $613,672 |
| 55 | $265,253 | $403,896 | $669,149 |
| 56 | $276,015 | $452,621 | $728,636 |
| 57 | $286,778 | $505,646 | $792,424 |
| 58 | $297,541 | $563,283 | $860,824 |
| 59 | $308,303 | $625,864 | $934,167 |
| 60 | $319,066 | $693,747 | $1,012,813 |
| 61 | $329,828 | $767,316 | $1,097,144 |
| 62 | $340,591 | $846,980 | $1,187,571 |
| 63 | $351,354 | $933,182 | $1,284,536 |
| 64 | $362,116 | $1,026,393 | $1,388,510 |
| 65 | $372,879 | $1,127,121 | $1,500,000 |
A retirement savings calculator runs the math in reverse. Instead of projecting where your current saving habits lead, it starts from the number you want to reach and solves for the monthly contribution that gets you there in the time you have.
This backward approach turns a vague goal into a concrete, testable monthly figure. Seeing that a $1 million target requires a specific dollar amount each month makes the plan actionable and shows immediately whether it fits your budget.
If the required contribution is out of reach, the calculator makes the trade-offs clear: save more, extend your timeline, adjust the target, or accept a different return assumption.
How this calculator works
The tool inverts the annuity future-value formula. Forward, the value of monthly deposits is FV = PMT x [((1+r)^n - 1) / r]. Solving for the deposit gives PMT = FV / [((1+r)^n - 1) / r], where r is the monthly return (annual return / 12) and n is the number of months. Example: to reach $1,000,000 in 25 years at a 7% annual return (r = 0.07/12, n = 300), the required contribution is about $1,234 per month. Shorten the timeline and the monthly number rises sharply because there are fewer years of compounding; lengthen it and the number drops. If you already have savings, its projected future value (PV x (1+r)^n) is subtracted from the target first, lowering the monthly amount you still need to add.
What affects the number
- Years until retirement: a longer runway dramatically lowers the required monthly contribution because compounding does more of the work.
- Target amount: base it on expected annual spending, often estimated as roughly 25 times yearly expenses to support a 4% withdrawal rate.
- Assumed return: a higher return lowers the required monthly amount but adds risk; stress-test with a conservative rate so you are not counting on best-case markets.
- Existing savings: money already invested grows on its own and reduces what you must contribute from here forward.
- Inflation: to keep the goal in today's purchasing power, either inflate the target or use a real (inflation-adjusted) return in the calculation.
- Contribution increases: raising your savings as your income grows lets you start lower and still reach the goal, easing early-career budgets.
Frequently asked questions
How much should I save each month for retirement?
It depends on your goal, timeline, and return assumption, which is exactly what this calculator solves for. As an illustration, reaching $1,000,000 in 25 years at a 7% return takes about $1,234 per month. A common budgeting guideline is to save 15% of gross income toward retirement, then check whether that rate actually hits your target within your timeline.
What if I can't afford the required monthly amount?
You have four levers: contribute more when possible, extend your timeline so compounding does more work, lower your target, or revisit your return assumption. Even starting below the ideal amount matters, because early contributions have the most time to grow. Increasing your savings rate by 1% each year is a realistic way to close the gap over time.
Should I include my employer 401(k) match in the monthly amount?
Yes. The match is real money flowing into your retirement accounts, so it counts toward reaching your goal. Include both your contribution and the employer match as the total monthly deposit in the calculation. Just remember that unvested match dollars are not guaranteed until you satisfy the plan's vesting schedule.
Does this account for taxes on withdrawals?
Not directly. The calculator solves for the balance you want to accumulate, but how much you keep depends on the account type. Traditional 401(k) and IRA withdrawals are taxed as ordinary income, while qualified Roth withdrawals are tax-free. If your goal is spendable after-tax income, set a higher target for pre-tax accounts to cover the eventual tax bill.
This calculator provides general estimates for educational purposes only and is not financial, tax, or investment advice. Your actual results depend on your specific situation, tax rules, market returns, and the current year's IRS limits.