Estimate your future retirement savings with our comprehensive new retirement calculator.
Retirement Calculator Inputs
Enter your current age.
Age at which you plan to retire.
Total amount you have saved so far.
Amount you add to savings each month.
Average yearly growth of your investments.
Average yearly inflation.
Projected Savings Table
Year‑by‑Year Projection Using the new retirement calculator
Year
Projected Balance
Inflation‑Adjusted Balance
Retirement Savings Chart
Chart generated by the new retirement calculator showing growth vs. inflation‑adjusted value.
What is new retirement calculator?
The new retirement calculator is a financial tool designed to help individuals estimate the amount of money they will have at retirement. It takes into account current age, desired retirement age, existing savings, monthly contributions, expected investment returns, and inflation. Anyone planning for retirement—whether just starting a career or nearing retirement—can benefit from the new retirement calculator. Common misconceptions include assuming a fixed return rate without accounting for inflation or believing that contributions alone guarantee a comfortable retirement. The new retirement calculator clarifies these issues by providing realistic projections.
new retirement calculator Formula and Mathematical Explanation
The core formula behind the new retirement calculator combines future value of a lump sum and future value of a series of monthly contributions, then adjusts for inflation.
Step‑by‑step Derivation
Calculate years to retirement: years = retirementAge - currentAge.
Future value of current savings: FV_current = currentSavings * (1 + r)^years, where r = annualReturn/100.
Future value of monthly contributions: FV_contrib = monthlyContribution * [((1 + r/12)^(months) - 1) / (r/12)], where months = years * 12.
Total projected balance: FV_total = FV_current + FV_contrib.
Adjust for inflation: InflationAdjusted = FV_total / (1 + i)^years, where i = inflationRate/100.
Variable Explanations
Variable
Meaning
Unit
Typical Range
currentAge
Current age of the user
years
20‑70
retirementAge
Desired retirement age
years
55‑70
currentSavings
Existing retirement savings
currency
0‑500,000
monthlyContribution
Monthly amount added to savings
currency
0‑5,000
annualReturn
Expected annual investment return
%
3‑10
inflationRate
Expected annual inflation
%
1‑4
Practical Examples (Real‑World Use Cases)
Example 1
John is 35, wants to retire at 65, has $30,000 saved, contributes $400 monthly, expects a 5% return, and 2% inflation.
function calculate(){
// Clear previous errors
var fields = ['currentAge','retirementAge','currentSavings','monthlyContribution','annualReturn','inflationRate'];
for (var i=0;i<fields.length;i++){
document.getElementById('err_'+fields[i]).innerHTML='';
}
var ca = parseFloat(document.getElementById('currentAge').value);
var ra = parseFloat(document.getElementById('retirementAge').value);
var cs = parseFloat(document.getElementById('currentSavings').value);
var mc = parseFloat(document.getElementById('monthlyContribution').value);
var ar = parseFloat(document.getElementById('annualReturn').value);
var ir = parseFloat(document.getElementById('inflationRate').value);
var valid = true;
if (isNaN(ca) || ca<0){
document.getElementById('err_currentAge').innerHTML='Please enter a valid age.';
valid = false;
}
if (isNaN(ra) || ra<0){
document.getElementById('err_retirementAge').innerHTML='Please enter a valid retirement age.';
valid = false;
}
if (ra<=ca){
document.getElementById('err_retirementAge').innerHTML='Retirement age must be greater than current age.';
valid = false;
}
if (isNaN(cs) || cs<0){
document.getElementById('err_currentSavings').innerHTML='Enter a non‑negative amount.';
valid = false;
}
if (isNaN(mc) || mc<0){
document.getElementById('err_monthlyContribution').innerHTML='Enter a non‑negative amount.';
valid = false;
}
if (isNaN(ar) || ar<0){
document.getElementById('err_annualReturn').innerHTML='Enter a non‑negative rate.';
valid = false;
}
if (isNaN(ir) || ir<0){
document.getElementById('err_inflationRate').innerHTML='Enter a non‑negative rate.';
valid = false;
}
if (!valid){
document.getElementById('result').innerHTML='';
document.getElementById('projectionTable').getElementsByTagName('tbody')[0].innerHTML='';
drawChart([]);
return;
}
var years = ra – ca;
var months = years * 12;
var r = ar/100;
var i = ir/100;
// Future value of current savings
var fvCurrent = cs * Math.pow(1+r, years);
// Future value of monthly contributions
var fvContrib = 0;
if (r===0){
fvContrib = mc * months;
} else {
var monthlyRate = r/12;
fvContrib = mc * ( (Math.pow(1+monthlyRate, months)-1) / monthlyRate );
}
var fvTotal = fvCurrent + fvContrib;
var inflationAdjusted = fvTotal / Math.pow(1+i, years);
// Display primary result
var resultHTML = 'Estimated Retirement Savings (inflation‑adjusted): ' + inflationAdjusted.toLocaleString(undefined,{maximumFractionDigits:2}) ;
document.getElementById('result').innerHTML = resultHTML;
// Build table data
var tbody = ";
var projData = [];
for (var y=1; y<=years; y++){
var bal = cs * Math.pow(1+r, y) + mc * ( (Math.pow(1+r/12, y*12)-1) / (r/12) );
var balAdj = bal / Math.pow(1+i, y);
tbody += '