Retirement Calculator: Estimate How Much You Need To Retire By Age

Shawn Plummer

CEO, The Annuity Expert

Retirement Savings Calculator

This retirement calculator is a free tool designed to help individuals plan their savings for retirement. It typically requires inputs like current age, desired retirement age, current savings, annual income, and expected rate of return on investments. The retirement planning calculator then estimates how much you need to save each year to reach your retirement goals, considering factors like inflation and expected lifespan after retirement. Some calculators may also factor in Social Security benefits and other sources of retirement income.

The Best Retirement Calculator For Realistic Outcomes

The calculator above illustrates hypothetical estimates, which is informative to an extent. However, today’s best realistic retirement calculator is the following retirement planning tool. Why? This calculator is simple and outputs realistic numbers using annuities to forecast annual income amounts now or in the future and is updated in real time. Input the retirement savings (premium), your resident state, your current age, and when you want to start retirement.

Reverse-engineer how much you need to retire and how to save to reach your retirement goals.

Note: Annuities can be funded with cash or by transferring money from retirement accounts like 401ks, 403bs, and IRAs without tax penalties.

How Much Do I Need To Retire?

Various factors should be considered to determine how much one needs to retire comfortably. These include current age, desired retirement age, estimated expenses, and expected lifestyle. Experts suggest aiming for a retirement income that covers around 70-90% of pre-retirement income. Consulting with a financial advisor can provide personalized advice for retirement planning.

Realistic Retirement Calculator To Calculator Savings

When Can I Retire?

The exact age for retirement varies depending on factors such as country, career, and personal finances. However, a typical retirement age is around 65. Individuals can evaluate retirement readiness by considering savings, expenses, and future financial goals.

What Is The Average Retirement Age?

The average age at which people retire in the USA is around 66.

Collecting Social Security

A person can receive Social Security retirement benefits as early as 62. However, claiming benefits at this age results in a reduced amount compared to waiting until full retirement age (FRA), which varies from 66 to 67 depending on the birth year. Delaying benefits beyond FRA up to age 70 increases the monthly benefit amount.

Social Security Retirement Age Chart

Birth YearFull Retirement Age
1943-195466 years
195566 years and 2 months
195666 years and 4 months
195766 years and 6 months
195866 years and 8 months
195966 years and 10 months
1960 & later67 years

How Much And When To Retire Considerations

When calculating how much to save for retirement and when to retire, consider the following factors:

  1. Current Age and Desired Retirement Age: This determines your saving timeframe.
  2. Life Expectancy: A longer life expectancy requires more savings.
  3. Retirement Lifestyle: The desired quality of life in retirement impacts how much you need to save.
  4. Current Savings and Investments: Includes existing retirement accounts, other savings, and investments.
  5. Expected Rate of Return: Assumed rate of return on investments before and after retirement.
  6. Inflation: Affects the purchasing power of your savings over time.
  7. Sources of Retirement Income: Social Security, pensions, rental income, etc.
  8. Healthcare Costs: Expected medical expenses, which typically increase with age.
  9. Taxes: Impact of taxes on retirement savings and income.
  10. Spousal Finances: Include your spouse’s savings and retirement plans if applicable.
  11. Unexpected Expenses: Contingency for unforeseen costs like long-term care.
  12. Inflation and Cost of Living Adjustments: These affect how much you’ll need annually.
  13. Social Security Benefits: Timing of benefits can impact retirement income.
  14. Employer Benefits: Pension plans, 401(k) matching, and other benefits.

Each person’s situation is unique, so these factors should be tailored to individual circumstances. Consulting with a financial advisor can provide personalized guidance, although annuities optimize every one of these factors.

Next Steps After Using Our Retirement Calculator

The best way to ensure a comfortable retirement is to plan for it as soon as possible. And the earlier you start saving, the better off you’ll be. There are many ways to budget and save, and each person’s needs will differ. But our simple retirement calculator can help you understand how much money you’ll need to retire comfortably. Consider investing in a guaranteed return plan if you want extra Security in your golden years. We can help you find the perfect retirement plan for your needs and budget. So don’t wait – contact us today for a quote.

Simple Retirement Savings Calculator

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Frequently Asked Questions

How much realistically do I need to retire?

A good rule of thumb is to aim for a retirement income of 80% of your pre-retirement income.

What is the average Social Security Benefits check?

According to the Social Security Administration, the average monthly Social Security retirement benefit for retired workers is $1,837.29 (as of June 2023).

How do I figure out how much retirement income I need?

Estimate your retirement income by first identifying your expected expenses in retirement, including housing, food, healthcare, travel, taxes, and leisure activities. Then, subtract guaranteed income sources such as Social Security, pensions, or annuities. Aim for a retirement income that can cover this amount, with a general guideline being around 70-80% of your pre-retirement income. Ensure to consider inflation and unexpected expenses.

What is the best age to retire for a woman?

Given that women generally live longer than men, with average longevity into the mid-80s, retiring between 65-70 may be financially prudent to ensure sufficient retirement savings for a potentially longer lifespan. However, key factors include personal health, career satisfaction, and financial readiness.

What is the best age to retire for a man?

Considering the average male longevity, typically a bit lower than females, retiring around 65 can be a balanced choice. This accounts for maximizing retirement benefits and ensuring enough savings for the expected lifespan. Personal health, financial situation, and career enjoyment are important factors, too.

How much money do you need to retire with $100,000 a year income?

To secure an annual retirement income of $100,000 by age 65 through annuities, you will need between $570,067 (if bought at age 40) and $1,355,932 (if bought at age 65) saved up.

How much money do you need to retire with $150,000 a year income?

To secure an annual retirement income of $150,000 by age 65 through annuities, you will need between $855,101 (if bought at age 40) and $2,033,898 (if bought at age 65) saved up.

How much money do you need to retire with $200,000 a year income?

To secure an annual retirement income of $200,000 by age 65 through annuities, you will need between $1,140,134 (if bought at age 40) and $2,711,864 (if bought at age 65) saved up.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed insurance agent and annuity broker with over a decade of first-hand experience. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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