Retirement Age Calculator
Input your finances, current savings and future investment strategies below to learn:
- When you'll have enough money to retire
- How much money you should save for retirement
- Your estimated total annual income in retirement
Tell Us About Yourself
Enter your current age.
Total income includes your regular salary, side hustles and passive income contributions.
Percentage you expect your income to increase through raises, promotions or new roles. The average worker receives a 3-5% raise each year.
How's Retirement Planning Going?
Perentage of your income invested in retirement savings accounts.
How much have you saved?
Average interest rate across your retirement accounts. 401(k)s return an average 5-8% annually.
How much money you need to retire comfortably. Experts recommend 80% of your final salary per year of retirement.
How To Calculate Retirement Age
Your retirement age is calculated considering your current savings, investment strategies and ideal savings when you retire. In this calculation, your retirement age is determined by when you can afford to retire.
Affordability is based on the recommendation to save 80% of your current income for each year of retirement — it’s not when retirement benefits begin, or when you reach full retirement age for Social Security.
Use the calculator above to evaluate your retirement by inputting the following information:
- Current Age
- Share your current age.
- Total Annual Income
- Include how much you make each year from your salary, side hustles and other income streams.
- Expected Annual Income Growth
- Input the average your income increases each year. The typical worker sees a 3% to 5% increase annually.
- Total Retirement Contributions
- Input the percentage of your income that you invest in your retirement accounts.
- Current Retirement Savings
- Share the total amount you currently have saved for retirement across investment accounts.
- Annual Interest Rate (optional)
- Input your average interest rate across investment accounts. Our default is 6%.
- Retirement Savings Goal (optional)
- Share the percentage of your annual income you anticipate you’ll need to retire.
Our calculator considers your inputs to determine how long it will take for you to reach your retirement goal. This calculation doesn’t consider inflation, so consult a financial advisor to get a full picture of your retirement plan.
Compare your current savings strategy to your retirement goals to evaluate and adjust your investments. The sooner you settle on your retirement strategy, the more money you can earn with compound interest.
Online retirement calculators are a valuable tool for people to estimate when they can retire and how much money they need to save and invest for retirement. Key inputs for the Retirement Age Calculator, below, include current age and retirement savings, expected return on investments and retirement savings goal.
Information entered into an online calculator must be accurate. Otherwise, the output will be flawed. Remember the saying ‘Garbage in, garbage out.’
Barbara O’Neill, Ph.D., CFP®, AFC®, CRPC®Owner and CEO of Money TalkWith an extensive 41-year tenure at Rutgers University, Barbara O’Neill has established herself as a highly knowledgeable personal finance expert. As a Certified Financial Planner™ and Accredited Financial Counselor™ professional, she possesses a wealth of expertise in the field. She currently serves as the owner and CEO of Money Talk, where she actively engages in writing, speaking and reviewing personal finance content. In 2020, she notably authored the book Flipping a Switch, delving into various aspects of personal finance.
What Is My Retirement Age?
Full retirement age varies by the year you were born. Those born in 1960 or later reach full retirement age at 67. People with earlier birth years may receive full benefits sometime during their 66th year.
Social Security retirement benefits are available as early as 62 years of age. However, if you decide to receive benefits before your retirement age, keep in mind that your benefits will be slightly reduced each month.
Even at full retirement age, you have the option to delay your benefits further. Americans who wait until they’re 70 to receive Social Security can enjoy increased monthly benefits.
Younger Americans should be especially attentive of their personal retirement investments. Social Security benefits are expected to pay out in full through 2034, at which point the SSA expects to decrease scheduled benefits.
How Much Do You Need To Retire?
Experts recommend that you save enough money to cover 80% of your current income annually. If you make $100,000 a year before you retire, $80,000 for each year of retirement income is a good goal to start with.
How much you need to retire depends on your retirement lifestyle. Consult a financial advisor to determine the most appropriate savings goal for you and develop an investment strategy to support your goals.
Retirement Planning by Spending
It’s helpful to consider your spending habits when determining your retirement savings goals.
If you plan to enjoy retirement from the comfort of your home, spending may not fluctuate too much from your current habits. If you want to travel the world, determine how much additional retirement income you need to cover your adventures.
It’s also common for medical costs to increase with age. On the other hand, you may receive Social Security benefits and access to Medicare to help support those costs in your retirement.
Learn how to save for retirement and adjust your investments considering your future spending.
How Can You Increase Retirement Savings?
Evaluating and diversifying your investments to maximize your returns is the best way to increase your retirement savings.
The older you are, the more secure your investments should be to protect your retirement. Traditional retirement accounts, annuities and other secure investments are ideal.
Younger savers can enjoy the benefits of compound interest for decades and diversify their portfolio with riskier investments that offer a high rate of return.
Consider 401(k) alternatives to help you save more for retirement. Alternative investment opportunities may have higher interest rates or higher annual contribution limits, which can boost your retirement savings.
An accurate lifestyle budget will also show where you can reallocate funds to spend less and invest more.
What Are My Retirement Account Options?
A 401(k) is one of the most common retirement accounts, though there are several individual account options with a variety of benefits.
Retirement savings options include:
- 401(k)s
- This employer-offered account allows you to deposit directly from your paycheck and may include employer match benefits.
- IRAs
- Individual retirement accounts come in several forms, including Roth, traditional and SEP IRAs. Each has its own requirements and investment options.
- Personal Savings
- You can also keep your retirement savings in a personal account through a banking institution. These typically have lower returns than other investment opportunities.
- Investment Brokerage
- Instead of a retirement-specific investment, you can invest your money into brokerage accounts. You can’t defer taxes when you cash out, but there aren’t annual contribution limits.
- Real Estate
- If you invest in a real estate property, you have the option to gain income through renting or by selling the property after you’ve built equity over time.
- Annuities
- Annuities provide a guaranteed annual payout that can support your retirement if you outlive your savings.
IRAs and 401(k)s are exclusively retirement plans that provide tax benefits and safe investment opportunities. Incorporating individual investments into your savings strategy can help you increase your returns, though they may have additional risk or tax requirements.
There’s no shortage of strategies for you to save for your retirement. It’s a personal journey that varies by your income, age and retirement goals.
Understanding how your current savings strategy stacks up against your ideal retirement age allows you to better understand your finances and choose investments that are right for you.
