Can You Afford to Retire?
Calculate your retirement nest egg, monthly income from savings and Social Security, and find out if you're on track to retire comfortably.
Free calculator with 4% withdrawal rule and inflation adjustment
Your Retirement Details
Your Results
Not quite on track
You need to save $1,691/month to reach your income goal.
Retirement Nest Egg
$2.4M
Monthly Income (4% Rule)
$7,921
Income with SS
$9,921
Savings Last Years
50
Income Gap: You'll be short $4,148/month from your desired retirement income. Increase monthly contributions or adjust your retirement age.
Savings Growth to Retirement
Summary: In 35 years (at age 65), you'll have $2.4M saved. Using the 4% safe withdrawal rule, that provides $7,921/month. Combined with Social Security of $2,000/month, your total retirement income will be $9,921/month. You need $1,691/month to reach your goal.
Retirement Scenarios
How Retirement Planning Works
The 4% Rule
The 4% rule is a retirement withdrawal strategy. If you withdraw 4% of your retirement savings annually (adjusted for inflation), your money should last 30+ years. This means you need 25x your annual expenses saved to retire. For $60,000/year in expenses, that's $1.5 million in savings.
Social Security
Social Security provides a guaranteed income stream in retirement. The average benefit is around $2,000/month. You can claim as early as 62 (reduced benefits) or delay until 70 (increased benefits by 8% per year). Full retirement age is 66-67 depending on your birth year.
Compound Interest
Time is your greatest asset in retirement savings. $1,000/month invested from age 30 to 65 at 7% annual return grows to $1.8 million. Starting 10 years later at age 40 with the same contribution only grows to $750,000. Start as early as possible and let compound interest do the heavy lifting.
Tax-Advantaged Accounts
Maximize 401(k) and IRA contributions for tax-deferred or tax-free growth. Employer 401(k) match is free money—contribute at least enough to get the full match. Roth IRA contributions grow tax-free and can be withdrawn tax-free in retirement. Those 50+ can make catch-up contributions ($7,500 extra for 401(k), $1,000 for IRA in 2026).
How to Use the Retirement Calculator
This free calculator helps you plan for retirement by projecting your nest egg and monthly income. Enter your current age, desired retirement age, current savings, and monthly contribution to see if you're on track.
The calculator uses the 4% safe withdrawal rule to estimate monthly income from your savings. Combined with your expected Social Security benefit, you'll see your total retirement income. If there's a gap between your desired income and projected income, the calculator shows how much you need to save monthly to close that gap.
Inflation is factored in—your desired income is in today's dollars, and the calculator adjusts for inflation at retirement. The default 7% annual return assumes a balanced stock/bond portfolio, and the 3% inflation rate is the historical average.
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Frequently Asked Questions
How much money do I need to retire?
The 4% rule suggests you need 25x your annual expenses. If you need $60,000/year to live, you need $1.5 million saved. However, Social Security reduces this. If you receive $2,000/month ($24,000/year) from Social Security, you only need to cover $36,000 from savings, requiring $900,000 saved instead.
What is the 4% rule and is it still valid?
The 4% rule says you can withdraw 4% of your retirement savings annually (adjusted for inflation) and your money will last 30+ years. It's based on historical stock/bond returns. Some experts suggest 3-3.5% for more conservative planning, especially with lower expected returns and longer life expectancies. This calculator uses 4% as the standard benchmark.
When should I claim Social Security?
You can claim at 62 (reduced benefits), at full retirement age 66-67 (full benefits), or delay until 70 (increased benefits by 8% per year). If you're healthy and can afford to wait, delaying maximizes lifetime benefits. If you need income or have health concerns, claiming earlier makes sense. Use your life expectancy and financial needs to decide.
Can I retire early at 55 or 60?
Early retirement is possible but requires aggressive saving. You'll need to cover 100% of expenses until Social Security at 62+ and Medicare at 65. Expect healthcare costs of $1,000+/month before Medicare. Also, 401(k) withdrawals before 59½ incur a 10% penalty (though there are some exceptions like Rule of 55 or 72(t) distributions). Early retirement needs a larger nest egg to cover more years.
What if I'm starting late on retirement savings?
If you're 50+ and behind on savings, take advantage of catch-up contributions: extra $7,500/year to 401(k) and $1,000/year to IRA. Maximize contributions now, cut expenses, and consider working a few extra years to 67 or 70. Even starting at 50, aggressive saving for 15-20 years can still build a solid nest egg. Use the calculator to see what monthly contribution you need to reach your goal.