Retirement Calculator
Find out if you're on track to retire comfortably
Retirement Calculator
⚠️ Savings gap detected
You need $46/mo more to close the $82,558 gap.
Projected at Retirement
$1,167,442
Amount Needed (4% rule)
$1,250,000
Years of Income
23.3 yrs
Based on spending $50,000/year with a 4% safe withdrawal rate. Returns assumed at 7%/year. Results are estimates - consult a financial advisor for personalized advice.
Frequently Asked Questions
How much do I need to retire?
A common rule of thumb is the '25x rule': multiply your expected annual expenses in retirement by 25. If you plan to spend $50,000/year, you need $1.25 million saved. This is based on the 4% safe withdrawal rate, which research suggests allows savings to last 30+ years.
What is the 4% rule?
The 4% rule states that you can withdraw 4% of your retirement savings in your first year, then adjust for inflation each year, and your portfolio should last at least 30 years. For example, a $1M portfolio supports $40,000/year in withdrawals.
How much should I save each month?
Financial advisors often recommend saving 15% of your gross income for retirement, including any employer match. If you're starting late, you may need to save more. The earlier you start, the less you need to save each month due to compound interest.
When can I access my 401k without penalty?
You can typically access 401(k) funds penalty-free at age 59½. Early withdrawals (before 59½) incur a 10% penalty plus income taxes. There are some exceptions for hardship withdrawals, first-time home purchases, and certain disability cases.
Should I use a Roth or Traditional IRA?
If you expect to be in a higher tax bracket in retirement, a Roth IRA (tax-free withdrawals) is often better. If you expect a lower bracket in retirement, Traditional IRA (tax deduction now) may be preferable. Many people benefit from having both.