Your Retirement Plan
Your Retirement Outlook
Total at Retirement
$0
Years in Retirement
0
Monthly Income
$0
Status
-
Retirement Savings Growth
Retirement Milestones
| Age | Balance | Contributions | Interest Earned |
|---|
How Much Do You Need to Retire?
The "4% rule" suggests you can withdraw 4% of your retirement savings annually with a high probability of your money lasting 30 years. This means if you want $50,000/year in retirement, you need $1.25 million saved.
Quick Formula: Annual Income Needed × 25 = Target Savings
Example: $50,000/year × 25 = $1,250,000 needed
The Power of Starting Early
Starting at age 25 instead of 35 can mean retiring with twice as much money, even with the same contributions. Time is your greatest ally in retirement planning.
Starting at 25:
$500/month for 40 years at 7% = $1.3 million
Starting at 35:
$500/month for 30 years at 7% = $609,000
Retirement Account Types
401(k)
Employer-sponsored. 2024 limit: $23,000. Often with employer match.
IRA
Individual account. 2024 limit: $7,000. Traditional or Roth options.
Roth IRA
Tax-free growth and withdrawals. Income limits apply.
Retirement Planning Tips
- Get employer match: This is free money — always contribute enough to get the full match
- Automate contributions: Set up automatic deposits so you never forget
- Increase annually: Raise your contribution by 1% each year
- Diversify: Don't put all your eggs in one basket
- Keep fees low: Index funds typically have fees under 0.1%
- Don't touch it: Avoid early withdrawals — penalties can be 10% plus taxes
⚠️ Warning: This calculator provides estimates only. Actual returns vary. Consult a financial advisor for personalized advice. Past performance doesn't guarantee future results.