How to use this retirement calculator
- Enter your age, when you want to retire, and the age your money should last until.
- Enter your savings and what you save each month, then your retirement goal as dollars or a share of your income.
- Check the Social Security estimate, add a pension if you have one, and compare the two targets.
Results update as you type. Copy the share link to save your scenario, or download the year-by-year projection as a CSV.
How much money do I need to retire?
A quick estimate: take the yearly spending that Social Security and pensions won't cover and multiply it by 25, which is the 4% rule. Then add the full budget for any years between retiring and your first benefit check. For $60,000 a year and $24,000 of Social Security, the gap is $36,000, and 25 times that is $900,000. Retiring at 65 rather than 67 adds two years of full spending and brings the safe target to $947,690.
The calculator does this year by year, so a pension that starts late, a benefit that starts at 70 or a retirement that ends at 90 are all handled exactly.
How is the amount you need calculated?
The calculator works out two targets, both in today's dollars:
- Spend-down target = the present value of every year's withdrawal from your retirement age to your plan-until age. Each withdrawal is your goal minus Social Security and pensions, discounted at your real (after-inflation) return.
- Safe target = the same withdrawals, valued at the real rate at which your safe withdrawal rate lasts the whole retirement instead of at your expected return. With flat spending that is exactly spending ÷ withdrawal rate (25 times at 4%), and the years before Social Security get the same safety margin. Your expected return does not change this target.
Worked example
Jordan is 45, has $150,000 saved, saves $1,200 a month and wants $60,000 a year from 65. Social Security will pay $24,000 a year from 67. With a 7% return, 3% inflation and 0.1% fees, the real return is 3.79%. A 4% withdrawal rate over 30 years implies a real rate of 1.31%.
- Spend down by 95: $710,299, which needs $1,130 a month.
- Safe target at 4%: $947,690, which needs $1,809 a month.
- Jordan's projected balance at 65 is $734,853: on track to spend down by 95, but not yet for the safe target.
How much do I need to retire at 55, 60, 62, 65 or 67?
Retiring at 55 on $60,000 a year takes a safe target of about $1,150,014; at 67 it is $900,000. The table shows the safe target for four budgets, each with $24,000 of Social Security from 67, a 4% withdrawal rate and money that lasts to 95 (our calculation):
| Yearly spending | Retire at 55 | Retire at 60 | Retire at 62 | Retire at 65 | Retire at 67 |
|---|---|---|---|---|---|
| $40,000 | $650,014 | $557,824 | $515,727 | $447,690 | $400,000 |
| $60,000 | $1,150,014 | $1,057,824 | $1,015,727 | $947,690 | $900,000 |
| $80,000 | $1,650,014 | $1,557,824 | $1,515,727 | $1,447,690 | $1,400,000 |
| $100,000 | $2,150,014 | $2,057,824 | $2,015,727 | $1,947,690 | $1,900,000 |
Retiring earlier costs more twice: more years to fund, and more years before Social Security starts. From 67 on, the target is simply 25 times the gap. Before 60, a 4% rate is also on the optimistic side for a 35- to 40-year retirement; see how much you need to retire early, below.
The spend-down target is lower at every age. For the $60,000 budget:
| Retire at | Spend down by 95 | Safe target (4%) |
|---|---|---|
| 55 | $1,000,314 | $1,150,014 |
| 60 | $868,741 | $1,057,824 |
| 62 | $808,873 | $1,015,727 |
| 65 | $710,299 | $947,690 |
| 67 | $638,206 | $900,000 |
How does Social Security change how much you need?
Social Security is why your target can be far less than 25 times your spending: it pays part of the budget for life. Jordan's $24,000 benefit cuts the safe target from $1,500,000 to $947,690. When you claim matters too: claiming at 62 cuts the benefit by 30% for life, and waiting until 70 raises it by 24%[1]. Retiring at 65, the safe target for each claiming age is (our calculation):
| Claim at | Yearly benefit | Safe target at 65 |
|---|---|---|
| 62 | $16,800 | $1,080,000 |
| 67 | $24,000 | $947,690 |
| 70 | $29,760 | $901,003 |
Waiting costs more up front, because the portfolio pays the full budget until the benefit starts, but the larger check lasts for life and rises with inflation (3.6% for 2027[2]). A pension works the same way: a $12,000 pension from 65 on top of Social Security lowers Jordan's target to $647,690. Use your own estimate from the SSA[3] rather than the default.
How much should I save each month to retire at 65?
The earlier you start, the less you need to save, because growth does more of the work. To reach Jordan's safe target of $947,690 by 65 from nothing, at a 3.79% real return (our calculation):
| Start saving at | Monthly saving | Total put in |
|---|---|---|
| 25 | $874 | $419,443 |
| 35 | $1,459 | $525,277 |
| 45 | $2,711 | $650,736 |
| 55 | $6,643 | $797,191 |
Amounts are in today's dollars, so they rise with inflation each year. Employer matches count toward the monthly figure; the 401(k) calculator shows how a match and contribution limits fit in.
Should I aim for the spend-down or the safe target?
Aim for the safe target, and treat the spend-down target as a floor. The spend-down target is smaller because it uses the principal as well as the growth, but it only works if returns hit the average every single year. Real markets don't. The returns in the first decade of retirement largely decide how much you can safely spend[7], so a crash at 66 can empty a spend-down plan years early.
We replayed Jordan's plan through every 30-year period since 1928 with 80% stocks[8]. Starting with the spend-down target of $710,299, the money lasted to 95 in 68% of start years. Starting with the safe target of $947,690, it lasted in 94%. If future returns average only 3.8% after inflation, the rates fall to 55% and 74% (our calculation).
That matches the research. The 1998 Trinity study found 4% withdrawals lasted 30 years in 95% to 98% of historical periods[5], and Morningstar's 2025 estimate of the safe starting rate is 3.9%[6]. The spend-down number is still useful: it is the least you could retire on if you are willing to cut spending after bad years, or to buy an annuity later. If you would rather spend more early on, see how long your savings will last at different withdrawal levels.
What withdrawal rate should I use?
Use 4% for a 30-year retirement starting in your mid-60s, and less for a longer one. The rate you choose moves the target more than any other input. For Jordan, retiring at 65 (our calculation, backtest with 80% stocks since 1928):
| Withdrawal rate | Safe target | Lasted to 95 in history |
|---|---|---|
| 3.5% | $1,076,490 | 100% |
| 4% | $947,690 | 94% |
| 4.5% | $847,479 | 84% |
A lower rate buys safety with a bigger target. Flexible spending, such as skipping inflation raises after a bad year, lets you use a higher one. Compare rates for your own plan in the safe withdrawal rate calculator.
How much do I need to retire early?
More than the table above suggests, because a longer retirement needs a lower withdrawal rate. Research on 50- to 60-year retirements found 3.25% to 3.5% survived the worst historical conditions[13]. At 3.5%, retiring at 50 on $60,000 a year with the same Social Security takes about $1,371,213, of which $518,672 pays for the years before 59½ (our calculation). That money has to be reachable without the early-withdrawal tax. The early retirement calculator plans those bridge years, and our guides cover retiring at 55 and retiring at 40.
What net worth do you need to retire?
The net worth you need to retire is your safe target in investments plus whatever you own that won't pay your bills, such as your home and car. Net worth counts everything you own minus your debts, home included[14], but only investments you will sell or draw from fund retirement. Jordan needs $947,690 invested; with a $300,000 paid-off home, that is a net worth of about $1,247,690.
For comparison, the median net worth of families headed by someone aged 55 to 64 was $411,900 in 2025[14]. Even if all of it were invested, at 65 with $24,000 of Social Security from 67 it would support about $38,568 a year of total spending at a 4% withdrawal rate (our calculation). Count home equity toward retirement only if you plan to downsize or sell, and only the part you would free up.
Can I retire now?
You can retire now if your savings already meet the safe target for the spending you want, starting today. Run the calculator with your current age as the retirement age, or use the retirement calculator, which shows the income your savings support and the earliest age you are on track.
Example: at 62 with $800,000 and a $24,000 benefit at 67, the safe level of total spending is about $51,371 a year, with the portfolio covering everything for the first five years. Claiming at 62 instead, at 70% of the benefit[1], gives about $48,800 (our calculation, 4% rate, to 95). If that covers your budget, you can retire now; if not, each extra year of work adds savings and shortens the bridge to Social Security.
What if I'm not on track?
You have four levers: save more, retire later, spend less, or keep some income for a few years. Working longer is often the strongest, because it works three ways at once: more saving, more growth and a shorter bridge to Social Security. If Jordan retires at 67 instead of 65, the safe target falls to $900,000 and the projected balance rises to $820,901, so the saving needed drops to $1,397 a month from $1,809 (our calculation). Part-time work after retiring helps the same way; see Barista FIRE.
How much of my income will I need in retirement?
Many people need less than they earn today, because they stop saving for retirement and stop paying payroll tax on wages. Switch the goal to "% of my income" (it starts at 80%) and adjust it to what you actually expect to spend. For a reality check, households headed by someone 65 or older spent $64,445 a year on average in 2025, against $81,905 for all households[12]. On a $100,000 income, the default 80% goal is $80,000 a year; with $24,000 of Social Security from 67, the safe target at 65 is $1,447,690 (our calculation). Build your number from a real budget if you can: housing, health care, travel and taxes vary far more between households than any rule of thumb.
What mistakes make retirement targets too low?
- Planning on average returns. The spend-down target lasted only 68% of the time in our backtest above.
- Forgetting the years before Social Security. Retire at 62 and claim at 67, and the portfolio pays the full budget for five years.
- Planning to 85. If you live longer, the money runs out when going back to work is hardest. The default here is 95.
- Leaving out taxes and health care. Your goal is what you spend, including income tax on traditional 401(k) withdrawals and insurance premiums.
- Ignoring inflation. Every figure here is in today's dollars. A target that looks fine in future dollars may buy far less.
What assumptions does the calculator use?
- Return: 7% before inflation. The S&P 500 returned 10.0% a year from 1928 to 2025[8], but Vanguard's 10-year forecast for US stocks is 4.8% to 6.8%[9]. Lower it if you hold more bonds.
- Inflation: 3%. US inflation averaged 3% a year from 1928 to 2025 (our calculation from Damodaran's CPI data[8]), and prices rose 3.7% in the 12 months to September 2026[10].
- Withdrawal rate: 4% for the safe target, and plan until 95 for both. Retiring before 50? Consider 3.25% to 3.5%[13].
Read the full methodology for timing conventions and the risk tests, or compare withdrawal rates with the safe withdrawal rate calculator.