Retirement planning is simpler than the financial industry makes it seem. These calculators cut through the complexity and show you exactly what you need to know: how much to save, which accounts to use, and whether your money will last.
How to use this guide: Start with your retirement number, then work backward to what you need to save each month. Each calculator below solves one specific piece of the puzzle. Use them in order for the clearest picture.
Your retirement number is the total portfolio you need to retire. The most widely used formula comes from the Trinity Study: multiply your expected annual spending by 25. If you plan to spend $60,000/year in retirement, you need approximately $1,500,000. This is based on the 4% rule — a 4% annual withdrawal rate has historically sustained portfolios for 30+ years across a wide range of market conditions, including the Great Depression and multiple major recessions.
If you're planning a retirement longer than 30 years — early retirement in your 50s, for example — many researchers suggest using 3–3.5% instead, which means saving 28–33× annual expenses. Social Security income reduces the portfolio you need: if you expect $24,000/year from Social Security, your required annual withdrawals drop by $24,000, reducing your target portfolio by $600,000.
The math is straightforward: if your tax rate will be higher in retirement than it is now, Roth wins (pay taxes now at a lower rate). If your rate will be lower in retirement, Traditional wins (defer taxes to when they'll be cheaper). In practice, most people in their 20s and early 30s benefit from Roth — they're in lower brackets now than they expect to be later. Peak earners in their 40s and 50s often benefit from Traditional to reduce taxable income in their highest-earning years.
The honest answer for most people: contribute enough to get your full employer match first (that's a guaranteed 50–100% instant return), then max a Roth IRA if eligible ($7,000 in 2024), then put additional savings into your 401(k). Splitting between Roth and Traditional hedges against future tax rate uncertainty.
You can claim Social Security as early as 62 (reduced benefit) or as late as 70 (maximum benefit — roughly 76% more than at 62, and 32% more than at full retirement age of 66–67). For every year you delay past your Full Retirement Age, your benefit grows 8%. If you're in good health and expect to live past 80, delaying to 70 is almost always the mathematically correct choice — the break-even point versus claiming early is typically around age 80–82.
The most common rule of thumb is the 25x rule: multiply your desired annual retirement spending by 25. If you want $60,000/year in retirement, you need approximately $1,500,000. This is based on the "4% rule" from the Trinity Study, which found that withdrawing 4% of a diversified portfolio annually (adjusted for inflation) had a 95%+ success rate over 30-year periods historically.
| Desired Annual Spending | Nest Egg Needed (25x) | Monthly Savings Needed (30 yrs at 7%) |
|---|---|---|
| $40,000 | $1,000,000 | $820/mo |
| $60,000 | $1,500,000 | $1,230/mo |
| $80,000 | $2,000,000 | $1,640/mo |
| $100,000 | $2,500,000 | $2,050/mo |
| $120,000 | $3,000,000 | $2,460/mo |
Monthly savings assumes starting from $0, 7% real return, 30-year horizon. Social Security income would reduce the required nest egg. Employer 401(k) match counts toward monthly savings.
Fidelity's widely-cited benchmarks suggest these savings milestones relative to your salary:
| Age | Savings Target | Example ($80K Salary) |
|---|---|---|
| 30 | 1x salary | $80,000 |
| 35 | 2x salary | $160,000 |
| 40 | 3x salary | $240,000 |
| 45 | 4x salary | $320,000 |
| 50 | 6x salary | $480,000 |
| 55 | 7x salary | $560,000 |
| 60 | 8x salary | $640,000 |
| 67 | 10x salary | $800,000 |
Fidelity Investments retirement savings benchmarks. Assumes retirement at 67, saving 15% of income starting at 25, and a portfolio mix of stocks and bonds appropriate for age.
If you are behind these benchmarks, the most impactful actions are: increase your savings rate (even 1-2% more of income makes a significant difference over decades), maximize any employer 401(k) match (this is free money with an immediate 50-100% return), and delay retirement by even 1-2 years (each additional working year adds savings while reducing the number of years your portfolio must support you).
| Account Type | Under 50 | 50 and Over (Catch-Up) |
|---|---|---|
| 401(k) / 403(b) | $23,500 | $31,000 |
| Traditional / Roth IRA | $7,000 | $8,000 |
| SEP-IRA | 25% of compensation, up to $70,000 | |
| Solo 401(k) | $23,500 employee + 25% employer, up to $70,000 | |
| HSA (Family) | $8,550 | $9,550 |