Retirement Savings Calculator
Most retirement calculators answer "where will I end up?" This one flips the question around: tell it where you want to end up, and it works backward to the monthly savings rate that actually gets you there — a more actionable number once you've settled on a target.
Enter your goal to see what you need to save monthly.
How to use this calculator
- Enter your target retirement savings number and current savings.
- Enter how many years you have until retirement and your expected annual return.
- Click "Find my required savings rate" to see the monthly contribution needed to hit your goal.
How the calculation works
The calculator first projects what your current savings alone would grow to by retirement, using compound monthly growth at your entered rate. It then works out how much more your monthly contributions need to add — solving in reverse for the exact contribution that fills the gap between that projection and your target, the same annuity math used to project savings forward, just run backward to a required deposit instead of a final balance.
A worked example
Say you want $1,000,000 saved by retirement, currently have $60,000, have 25 years left, and expect a 7% average return. Your existing $60,000 alone would grow to roughly $343,500 by then — leaving a gap of about $656,500 still to fill. Solved backward through the same compound growth formula, that gap requires contributing approximately $810 a month over the 25 years. Change the timeline to 15 years instead, and the required monthly contribution jumps to about $2,620, more than three times as much — a clear illustration of how much starting earlier reduces the monthly burden.
Frequently asked questions
How do I pick a target number?
A common rule of thumb is 25x your desired annual retirement spending (a 4% withdrawal rate) — the FIRE Calculator on this site can help estimate that number.
What if the required monthly savings looks too high?
Consider adjusting your timeline, target number, or expected return — or treat the result as a signal to increase your savings rate gradually over time.
Does this include Social Security or a pension?
No — this calculates the amount you need from personal savings alone. Subtract expected Social Security or pension income from your target first if you want to account for them.
Why does starting earlier reduce the required monthly amount so much?
Because compound growth has more years to work — money contributed early does more of the "heavy lifting" through growth alone, so less new money is needed each month to reach the same target.
Should I split this contribution across a 401(k) and IRA?
Many people prioritize an employer 401(k) match first (free money), then split the rest between tax-advantaged accounts based on their own tax situation — this calculator gives you the total target, not the account allocation.
Monthly Savings Needed to Reach a Retirement Goal
This chart assumes a $0 starting balance and 7% a year compounded monthly, using the calculator method. Savings you already have reduce the monthly amount.
| Goal | 10 years | 20 years | 30 years |
|---|---|---|---|
| $500,000 | $2,889 a month | $960 a month | $410 a month |
| $1,000,000 | $5,778 a month | $1,920 a month | $820 a month |
| $1,500,000 | $8,666 a month | $2,879 a month | $1,230 a month |
| $2,000,000 | $11,555 a month | $3,839 a month | $1,639 a month |
Compare the result with your budget using the paycheck calculator, project what a given monthly amount grows to with the retirement calculator, and see how an employer match changes the picture in the 401(k) calculator. The retirement calculator guide explains how to pick a realistic goal.
Last reviewed: October 10, 2026. For education only; projections assume a constant return and are not financial advice.
Learn more
Want the full walkthrough behind this calculator? These guides explain the rules and show worked examples: