CalcGrove

Retirement Savings Calculator

See how your retirement savings will grow with compound interest and regular monthly contributions over time.

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S&P 500 historical average: ~10% (7% after inflation)

Projected Balance at Age 65

$1,188,181

Total Contributed

$235,000

Interest Earned

$953,181

Years to Retirement

35

How to Use This Calculator

  • 1.Enter your current age and the age you plan to retire.
  • 2.Enter your current retirement savings balance.
  • 3.Set how much you plan to contribute each month.
  • 4.Adjust the expected annual return rate based on your investment strategy.

The Formula

FV = PV × (1 + r)^n + PMT × ((1 + r)^n - 1) / r

Where PV is present value (current savings), PMT is monthly contribution, r is monthly interest rate, and n is total number of months.

Example Calculation

A 30-year-old with $25,000 saved, contributing $500/month at 7% annual return until age 65:

  • 35 years of growth (420 months)
  • Total contributed: $25,000 + ($500 × 420) = $235,000
  • Projected balance: ~$957,000
  • Interest earned: ~$722,000 (over 3x what you put in)

Why This Matters

Compound interest is the most powerful force in personal finance. The earlier you start, the more time your money has to grow exponentially. Even small increases in your monthly contribution can result in tens of thousands more at retirement thanks to compounding.

Start investing for retirement

Open a low-fee IRA or 401k with automated investing. Compare top brokerages and start building your nest egg today.

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Frequently Asked Questions

How much should I save for retirement?

A common guideline is to save 15% of your gross income for retirement. By age 30, aim to have 1x your salary saved; by 40, 3x; by 50, 6x; and by 60, 8x your salary.

What annual return should I assume?

The S&P 500 has historically returned about 10% annually (7% after inflation). A conservative estimate of 6-7% accounts for inflation and a diversified portfolio.

Should I use pre-tax or post-tax contributions?

This calculator works with either. If you contribute to a traditional 401k/IRA (pre-tax), your withdrawals will be taxed. Roth contributions are post-tax, so withdrawals are tax-free.

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