Planning for retirement is a crucial part of financial well-being. This calculator helps you estimate how much you might need to save to reach your retirement goals, considering your current savings, expected contributions, investment growth, and desired retirement income.
function calculateRetirement() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContribution = parseFloat(document.getElementById("annualContribution").value);
var retirementAge = parseInt(document.getElementById("retirementAge").value);
var currentAge = parseInt(document.getElementById("currentAge").value);
var expectedAnnualReturn = parseFloat(document.getElementById("expectedAnnualReturn").value) / 100;
var desiredAnnualIncome = parseFloat(document.getElementById("desiredAnnualIncome").value);
var withdrawalRate = parseFloat(document.getElementById("withdrawalRate").value) / 100;
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(currentSavings) || isNaN(annualContribution) || isNaN(retirementAge) || isNaN(currentAge) || isNaN(expectedAnnualReturn) || isNaN(desiredAnnualIncome) || isNaN(withdrawalRate)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (currentAge >= retirementAge) {
resultDiv.innerHTML = "Your current age is already at or past your target retirement age.";
return;
}
var yearsToRetirement = retirementAge – currentAge;
var projectedSavings = currentSavings;
for (var i = 0; i < yearsToRetirement; i++) {
projectedSavings += annualContribution;
projectedSavings *= (1 + expectedAnnualReturn);
}
var requiredNestEgg = desiredAnnualIncome / withdrawalRate;
var shortfall = requiredNestEgg – projectedSavings;
var outputHTML = "