Estimate how your current savings and regular contributions could grow between now and retirement. Enter your age, retirement age, savings, monthly contribution, and expected annual return to explore a hypothetical retirement-savings scenario.
What Does This Calculator Do?
The Planswell Retirement Calculator estimates potential retirement savings based on:
- Current age
- Retirement age
- Current savings
- Monthly contribution
- Expected annual return
The calculator can then show projected retirement savings, total contributions, investment growth, and the number of years available for growth.
How to Use It
- Enter your current age.
- Enter your planned retirement age.
- Enter your current savings.
- Enter your monthly contribution.
- Select or adjust the expected annual return.
- Review the projected retirement balance.
Understanding the Result
The projected balance can be thought of as two main components:
Your contributions + investment growth
The longer the money remains invested, the more time there is for compounding to affect the balance.
Example
Imagine someone is 32 years old, has $75,000 saved, contributes $800 per month, and assumes a 6% annual return until age 65.
The calculator can show the hypothetical balance under those assumptions.
Changing any of these inputs can significantly change the result.
Why Use Different Scenarios?
Try calculating your plan with several return assumptions and contribution levels.
For example:
- Conservative return
- Moderate return
- Higher return
- Current contribution
- Increased contribution
This can help you understand how much your plan depends on each assumption.
Important Disclaimer
The projected amount is an estimate, not a guaranteed retirement balance. Actual investment returns fluctuate, and taxes, fees, inflation, withdrawals, and other factors may affect your real retirement outcome.