Free Retirement Savings Goal Calculator 2026 - How Much to Save for Retirement?
Calculate how much you need to save for retirement with our free retirement savings goal calculator. Determine your retirement target based on desired retirement income, current age, and time horizon. Plan your monthly savings to reach your retirement goal.
The annual income you want in retirement (will be adjusted for inflation)
The 4% rule is a common starting point. This is the percentage you'll withdraw annually in retirement.
Note: This calculator provides estimates based on your inputs. Actual results will vary based on market performance, inflation, and other factors. Consider consulting with a financial advisor for personalized advice.
How Much to Save for Retirement? Complete Guide 2026
Determining Your Retirement Savings Goal: Calculating how much to save for retirement starts with understanding your desired retirement income. Most financial experts recommend aiming to replace 70-80% of your pre-retirement income to maintain your lifestyle while accounting for reduced expenses (no commuting costs, potentially lower taxes, paid-off mortgage). Our retirement savings goal calculator helps you determine exactly how much you need to save based on your specific situation.
The 4% Rule: The 4% rule is a common guideline for retirement planning. It suggests that you can safely withdraw 4% of your portfolio in the first year of retirement, then adjust that amount for inflation each subsequent year. This means you need 25 times your annual income gap (the difference between desired income and guaranteed income sources like Social Security) saved for retirement.(Source: Federal Reserve)
Calculating Your Retirement Savings Goal: To calculate your retirement savings goal:
- Determine your desired annual retirement income (in today's dollars)
- Subtract expected Social Security and other guaranteed income sources
- Multiply the income gap by 25 (using the 4% rule) to get your total savings needed
- Account for inflation by adjusting your desired income to future dollars
- Project your current savings to retirement age
- Calculate the gap and determine monthly savings needed
Monthly Savings Calculation: Our calculator uses the future value of annuity formula to determine how much you need to save monthly. This accounts for compound interest and ensures your savings grow to meet your retirement goal. The earlier you start saving, the less you need to save monthly due to the power of compound interest.
Retirement Savings by Age: While there's no one-size-fits-all answer, general guidelines suggest:
- Age 30: 1x your annual salary saved
- Age 40: 3x your annual salary saved
- Age 50: 6x your annual salary saved
- Age 60: 8x your annual salary saved
- Age 67: 10x your annual salary saved
However, these are general guidelines. Your specific retirement savings goal depends on your desired retirement income, expected Social Security benefits, and other income sources. Our calculator provides a personalized retirement savings goal based on your situation. Calculate your Social Security benefits here.
Research Sources: The 4% rule is based on historical market data and retirement research. For more information, see theFederal Reserve research on the 4% rule and the originalBengen study.
Frequently Asked Questions - Retirement Savings Goal Calculator
The amount you should save for retirement depends on your desired retirement income, current age, retirement age, and expected income sources like Social Security. Most experts recommend aiming to replace 70-80% of your pre-retirement income. Our retirement savings goal calculator helps you determine exactly how much you need to save based on your specific situation and desired retirement lifestyle.
A good retirement savings goal typically allows you to replace 70-80% of your pre-retirement income. This accounts for reduced expenses (no commuting, lower taxes) while maintaining your lifestyle. Using the 4% rule, you need 25 times your annual income gap (desired income minus Social Security and other guaranteed income) saved for retirement. Our calculator helps you determine your specific retirement savings goal.
To calculate your retirement savings goal, determine your desired annual retirement income, subtract expected Social Security and other income sources, then multiply the gap by 25 (using the 4% rule). Account for inflation by adjusting your desired income to future dollars. Project your current savings to retirement age, then calculate the gap and determine monthly savings needed. Our calculator does this automatically and accounts for compound interest.
General guidelines suggest having 1x your salary by age 30, 3x by age 40, 6x by age 50, 8x by age 60, and 10x by age 67. However, these are general guidelines and your specific retirement savings goal depends on your desired retirement income, expected Social Security benefits, and other income sources. Our calculator provides a personalized retirement savings goal based on your situation.
If you can't save the recommended amount, start with what you can afford and increase your savings rate over time. Even small amounts add up due to compound interest. Consider increasing your savings rate by 1% each year, taking advantage of employer matches, and maximizing tax-advantaged accounts like 401(k)s and IRAs. You may also need to adjust your retirement age or desired retirement income. Our calculator shows you the impact of different savings rates and timelines.
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