Free Retirement Savings Calculator

Welcome to our Retirement Savings Calculator! With this free online tool, you can calculate your future retirement savings and generate detailed results in PDF format. We\'ll also explain the formulas used for the calculations, ensuring you have a clear understanding of your financial planning.

Use our free Retirement Savings Calculator to estimate your savings goals. Understand the compound interest formula, calculate monthly or yearly contributions, and generate a PDF report for free. Secure your financial future today.

Future Value of Retirement Savings (FV)

FV = PV × (1 + r)^n
  • FV is the future value of retirement savings.
  • PV is the initial savings or present value.
  • r is the annual interest rate (as a decimal).
  • n is the number of years.

Monthly Payment Needed for a Future Value Goal (Monthly Payment)

Monthly Payment = FVgoal / ((1 + (r / 12))12n - 1) / (r / 12)
  • Monthly Payment is the amount you need to save every month.
  • FV_goal is the desired future savings goal.
  • r is the annual interest rate (as a decimal).
  • n is the number of years.

Yearly Payment Needed for a Future Value Goal (Yearly Payment)

Yearly Payment = FVgoal / ((1 + r)n - 1) / r
  • Yearly Payment is the amount you need to save every year.
  • FV_goal is the desired future savings goal.
  • r is the annual interest rate (as a decimal).
  • n is the number of years.

Retirement Savings Calculator

{{ formatNumber(initialSavings) }}
This input field represents the amount of money you currently have saved or invested for your retirement.
$
{{ annualInterestRate }}%
This input field represents the annual interest rate (as a decimal) for your savings or investments.
%
{{ numberOfYears }}
This input field represents the number of years you plan to save or invest for your retirement.
{{ formatNumber(futureValueGoal) }}
This input field represents your desired future savings goal for retirement.
$

Results

  • Future Value of Retirement Savings ${{ formatNumber(futureValue) }}
    • This number represents the estimated total amount of money you will have in your retirement savings after the specified number of years, taking into account your initial savings, the annual interest rate, and the duration of your savings. It\'s the projected value of your retirement fund at the end of the saving period.
  • Monthly Payment Needed ${{ formatNumber(monthlyPaymentNeeded) }}
    • This number represents the amount of money you need to contribute or save on a monthly basis in order to reach your specified future value goal for retirement. It takes into account your initial savings, the annual interest rate, and the number of years you plan to save. This monthly contribution is necessary to achieve your retirement savings goal.
  • Yearly Payment Needed ${{ formatNumber(yearlyPaymentNeeded) }}
    • Similar to the monthly payment, this number represents the amount of money you need to contribute or save on a yearly basis to reach your specified future value goal for retirement. It considers your initial savings, the annual interest rate, and the number of years you plan to save. This yearly contribution is an alternative to the monthly contribution and is necessary to meet your retirement savings target.