Retirement Planning Calculator
Last reviewed on April 28, 2026.
Plan your path to retirement with confidence. This comprehensive calculator helps you determine how much you need to save, when you can retire, and what your retirement income will look like. Includes Social Security, inflation, and tax considerations.
Current Situation
Current Retirement Savings
Retirement Goals
Social Security Benefits
Asset Allocation
Age-based rule: 100 - age = stock %
Tax Planning
Healthcare Planning
Risk Analysis
Financial Independence, Retire Early (FIRE) Calculator
FIRE Goals
Current Finances
FIRE Strategy
Retirement Planning Guide
The Power of Starting Early
Starting to save for retirement in your 20s versus your 30s can mean hundreds of thousands of dollars difference due to compound interest. A 25-year-old saving $500/month could have $1.9 million by 65, while a 35-year-old would have only $830,000.
Understanding the 4% Rule
The 4% withdrawal rule suggests you can safely withdraw 4% of your retirement portfolio in the first year, then adjust for inflation annually, with a high probability of not running out of money over 30 years. For a $1 million portfolio, that's $40,000 in year one.
Social Security Strategy
Delaying Social Security from 62 to 70 increases benefits by 77%. For someone with a $2,000/month benefit at full retirement age (67), waiting until 70 would increase it to $2,480/month for life.
Healthcare in Retirement
Healthcare is often the largest expense in retirement. A 65-year-old couple retiring in 2026 needs approximately $350,000 saved for healthcare costs throughout retirement, not including long-term care.
Retirement Account Types
| Account Type | 2026 Contribution Limit | Tax Treatment | Best For |
|---|---|---|---|
| 401(k)/403(b) | $23,500 ($31,000 if 50+) | Traditional: Tax-deferred Roth: Tax-free growth |
Employer matching, high earners |
| Traditional IRA | $7,000 ($8,000 if 50+) | Tax-deductible contributions | No workplace plan available |
| Roth IRA | $7,000 ($8,000 if 50+) | Tax-free withdrawals | Young savers, expect higher future taxes |
| HSA | $4,150 single / $8,300 family | Triple tax advantage | High-deductible health plan users |
Common Retirement Planning Mistakes
- Underestimating longevity: Plan for 90-95, not average life expectancy
- Ignoring inflation: $100k today = $180k in 20 years at 3% inflation
- Not diversifying: Don't put all eggs in one basket (company stock)
- Withdrawing too early: 401(k) withdrawals before 59½ incur 10% penalty
- Forgetting healthcare: Gap between retirement and Medicare at 65
- No estate plan: Ensure beneficiaries are updated
Frequently Asked Questions
How much do I need to retire?
A common rule of thumb is 25 times your annual expenses (the 4% rule inverse). If you need $60,000/year in retirement, aim for $1.5 million. However, this varies based on lifestyle, location, health, and other income sources like Social Security.
Should I prioritize 401(k) or paying off debt?
Always contribute enough to get full employer matching (free money!). Then, pay off high-interest debt (credit cards). For low-interest debt (mortgage), consider doing both simultaneously since investment returns may exceed debt interest rates.
Roth or Traditional retirement accounts?
Choose Roth if you expect to be in a higher tax bracket in retirement or are young with decades of tax-free growth ahead. Choose Traditional if you're in a high tax bracket now and expect lower taxes in retirement. Many people benefit from having both.
What if I'm starting late?
It's never too late! Maximize catch-up contributions (extra $7,500 in 401(k) at 50+), consider working a few extra years, reduce expenses, downsize housing, or plan for part-time work in early retirement. Even small changes make a big difference.