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Retirement Analysis Calculator

How much will you need to retire?

To begin taking charge of the quality of your future, find out how much income you'll need in retirement to maintain your current standard of living. This worksheet can help you.

If you're like most Americans, you may have to provide almost half of the income you'll need for the more than 20 years you may live in retirement.

Retirement worksheet

Input parameters.	Your Plan
Enter your retirement age (at least 55 and no more than 74).
Enter your current age.
Enter your current salary.
Enter the total amount you have saved for retirement up to now.

Retirement worksheet
Four factors from these tables are needed to calculate your retirement income goal.

Factor table^*
Years	Factor A	Factor B	Factor C	Factor D
5	1.17	4.31	1.36	5.87
10	1.42	7.25	2.00	14.49
15	1.73	9.24	2.94	27.15
20	2.11	10.60	4.32	45.76
25	2.56	11.53	6.34	73.11
30	3.12	12.16	9.32	113.28
35	3.79	12.59	13.69	172.32
40	4.62	12.88	20.12	259.06

In this exercise, the numbers ("factors") will be used to project changes in your income savings over time.

Results
Years until retirement (your current age subtracted from your retirement age).
Your projected salary when you retire (your current salary multiplied by Factor A. Use the years until retirement to select this factor).
Your retirement income needs, usually around 80% of your final salary. (Multiply your projected salary by 0.80).**
Your retirement income that will be provided by Social Security and other sources such as pension plans. On average, 58% of your final retirement income will be provided by these two sources.* (Multiply your retirement income needs by 0.58).
Additional income needed during retirment (your retirement income provided by Social Security and other sources such as pension plans minus your retirement income needs).
The lump sum you must have when you retire to provide the additional income you determined above. (Multiply the additional income need during retirement by Factor B. To select this factor, start with the life expectancy table. Then, in Factor B, use the closest approximation of this life expectancy to select a factor).
The value of your current savings at retirement. (The lump sum you calculated above multiplied by Factor C. Use the years until retirement to select this factor.)
The additional amount of money you need at retirement to meet your additional income goal. (The value of your current savings at retirement subtracted from the lump sum you must have when you retire).
The amount of money you need to save each year to meet you additional income goal. (Divide the additional amount of money you need at retirement to meet your additional income goal by Factor D. Use the years until retirement to select this factor.)

Life Expectancy for Known Sex in Years			Life Expectancy for Person in Years.
Ages				Ages
Male	Female	Years		Unisex	Years
40	45	33.8		40	42.5
41	46	33.0		41	41.5
42	47	32.1		42	40.6
43	48	31.2		43	39.6
44	49	30.4		44	38.7
45	50	29.6		45	37.7
46	51	28.7		46	36.8
47	52	27.9		47	35.9
48	53	27.1		48	34.9
49	54	26.3		49	34.0
50	55	25.5		50	33.1
51	56	24.7		51	32.2
52	57	24.0		52	31.3
53	58	23.2		53	30.4
54	59	22.4		54	29.5
55	60	21.7		55	28.6
56	61	21.0		56	27.7
57	62	20.3		57	26.8
58	63	19.6		58	25.9
59	64	18.9		59	25.0
60	65	18.2		60	24.2
61	66	17.5		61	23.3
62	67	16.9		62	22.5
63	68	16.2		63	21.6
64	69	15.6		64	20.8
65	70	15.0		65	20.0
66	71	14.4		66	19.2
67	72	13.8		67	18.4
68	73	13.2		68	17.6
69	74	12.6		69	16.8
70	75	12.1		70	16.0
71	76	11.6		71	15.3
72	77	11.0		72	14.6
73	78	10.5		73	13.9
74	79	10.1		74	13.2
75	80	9.6		75	12.5
76	81	9.1		76	11.9
77	82	8.7		77	11.2
78	83	8.3		78	10.6
79	84	7.8		79	10.0
80	85	7.5		80	9.5
81	86	7.1		81	8.9
82	87	6.7		82	8.4
83	88	6.3		83	7.9
84	89	6.0		84	7.4
85	90	5.7		85	6.9

Disclaimer

The calculators at this site are designed to help you to understand the issues that need to be considered in determining the investment option or options suitable for you. However, the calculators should not be seen as a substitute for professional advice from a financial planner who takes into account your personal financial circumstances and needs. We strongly recommend that you discuss your requirements with a qualified financial adviser, who can take into account your personal financial position and can help you choose a strategy that suits your own personal circumstances.

How much will you need to retire?

Factor table*

Factor table^*