Estimate your combined retirement savings and how long they might last.
Personal Information
Financial Details
Your Retirement Outlook:
Fill in the details above and click 'Calculate' to see your results.
Understanding Your Couple's Retirement Planner
Planning for retirement as a couple involves unique considerations. This calculator helps you visualize your financial future by taking into account both partners' ages, retirement goals, savings, and expected incomes. It's a powerful tool to estimate if your current trajectory will lead to the retirement lifestyle you desire.
How It Works:
The calculator operates in two main phases:
Accumulation Phase: It projects the growth of your current savings and annual contributions until the later of your desired retirement ages. It uses the "Expected Annual Investment Return (Pre-Retirement)" to estimate how much your nest egg will grow.
Withdrawal Phase: Once retired, it adjusts your "Desired Annual Retirement Spending" for inflation up to your retirement date. It then subtracts your combined Social Security and pension incomes to determine how much you'll need to withdraw from your savings each year. Finally, it calculates how many years your accumulated savings will last, considering the "Expected Annual Investment Return (Post-Retirement)" during your retirement years, up to the later of your life expectancies.
Key Inputs Explained:
Current Age & Desired Retirement Age: These define your accumulation period. The calculator uses the later retirement age for the couple.
Life Expectancy: This helps determine how long your retirement savings need to last. The calculator uses the longer life expectancy to ensure sufficient funds for both partners.
Couple's Current Retirement Savings: The total amount you have saved so far.
Couple's Annual Savings Contribution: How much you plan to save together each year until retirement.
Expected Annual Investment Return (Pre/Post-Retirement): These are crucial assumptions about how your investments will grow. Be realistic; higher returns mean faster growth but also higher risk. Post-retirement returns are often more conservative.
Desired Annual Retirement Spending: Your estimated annual expenses in retirement. Be honest about your lifestyle expectations.
Expected Annual Inflation Rate: Inflation erodes purchasing power. This rate adjusts your desired spending to future dollars, ensuring your savings can cover your needs.
Annual Social Security/Pension: Your guaranteed income streams in retirement. These reduce the amount you need to withdraw from your personal savings.
Example Calculation:
Let's use the default values to illustrate:
Husband (45) and Wife (43) plan to retire at 65 and 63 respectively. The calculation uses 65 as the retirement age.
They have $300,000 saved and contribute $15,000 annually.
Life expectancies: Husband 85, Wife 87. The calculation uses 87 as the life expectancy.
Result:
Years until retirement (for the couple): 20 years (Husband's age 45 to 65).
Total estimated savings at retirement: Approximately $1,775,835.
Inflation-adjusted annual spending needed at retirement: Approximately $144,489.
Combined annual Social Security/Pension: $45,000.
Net annual withdrawal needed from savings: $144,489 – $45,000 = $99,489.
Based on these figures, their savings are projected to last approximately 45.7 years.
Since the longest life expectancy is 87 (meaning savings are needed for 87 – 65 = 22 years), their savings are projected to last well beyond their needs.
This example shows a positive outlook, but adjusting any variable can significantly change the outcome. Use this tool to experiment with different scenarios and plan proactively for your golden years together!
function calculateRetirement() {
// Get input values
var currentAgeHusband = parseFloat(document.getElementById('currentAgeHusband').value);
var currentAgeWife = parseFloat(document.getElementById('currentAgeWife').value);
var retirementAgeHusband = parseFloat(document.getElementById('retirementAgeHusband').value);
var retirementAgeWife = parseFloat(document.getElementById('retirementAgeWife').value);
var currentSavings = parseFloat(document.getElementById('currentSavings').value);
var annualContribution = parseFloat(document.getElementById('annualContribution').value);
var preRetirementReturn = parseFloat(document.getElementById('preRetirementReturn').value) / 100;
var postRetirementReturn = parseFloat(document.getElementById('postRetirementReturn').value) / 100;
var desiredAnnualSpending = parseFloat(document.getElementById('desiredAnnualSpending').value);
var inflationRate = parseFloat(document.getElementById('inflationRate').value) / 100;
var lifeExpectancyHusband = parseFloat(document.getElementById('lifeExpectancyHusband').value);
var lifeExpectancyWife = parseFloat(document.getElementById('lifeExpectancyWife').value);
var socialSecurityHusband = parseFloat(document.getElementById('socialSecurityHusband').value);
var socialSecurityWife = parseFloat(document.getElementById('socialSecurityWife').value);
// Validate inputs
if (isNaN(currentAgeHusband) || isNaN(currentAgeWife) || isNaN(retirementAgeHusband) || isNaN(retirementAgeWife) ||
isNaN(currentSavings) || isNaN(annualContribution) || isNaN(preRetirementReturn) || isNaN(postRetirementReturn) ||
isNaN(desiredAnnualSpending) || isNaN(inflationRate) || isNaN(lifeExpectancyHusband) || isNaN(lifeExpectancyWife) ||
isNaN(socialSecurityHusband) || isNaN(socialSecurityWife)) {
document.getElementById('result').innerHTML = '
Error:
Please enter valid numbers for all fields.';
return;
}
if (currentAgeHusband < 18 || currentAgeWife < 18 || retirementAgeHusband < currentAgeHusband || retirementAgeWife < currentAgeWife ||
lifeExpectancyHusband < retirementAgeHusband || lifeExpectancyWife < retirementAgeWife) {
document.getElementById('result').innerHTML = '
Error:
Please ensure ages and life expectancies are logical (e.g., retirement age > current age, life expectancy > retirement age).';
return;
}
// Determine the later retirement age for the couple
var maxRetirementAge = Math.max(retirementAgeHusband, retirementAgeWife);
// Determine the current age to calculate years to retirement (use the older spouse's current age if both are working towards the same retirement goal)
var currentAgeForCalculation = Math.max(currentAgeHusband, currentAgeWife);
var yearsToRetirement = maxRetirementAge – currentAgeForCalculation;
// Determine the longer life expectancy for the couple
var maxLifeExpectancy = Math.max(lifeExpectancyHusband, lifeExpectancyWife);
var retirementDurationYears = maxLifeExpectancy – maxRetirementAge;
if (yearsToRetirement < 0) {
yearsToRetirement = 0; // Already retired
maxRetirementAge = Math.max(currentAgeHusband, currentAgeWife); // Set retirement age to current age if already retired
retirementDurationYears = maxLifeExpectancy – maxRetirementAge;
}
if (retirementDurationYears < 0) {
retirementDurationYears = 1; // Minimum 1 year if life expectancy is less than retirement age (unlikely but for calculation safety)
}
// — Accumulation Phase —
var futureValueCurrentSavings = currentSavings * Math.pow(1 + preRetirementReturn, yearsToRetirement);
var futureValueContributions = 0;
if (preRetirementReturn === 0) {
futureValueContributions = annualContribution * yearsToRetirement;
} else {
futureValueContributions = annualContribution * ((Math.pow(1 + preRetirementReturn, yearsToRetirement) – 1) / preRetirementReturn);
}
var totalSavingsAtRetirement = futureValueCurrentSavings + futureValueContributions;
// — Withdrawal Phase —
var inflationAdjustedSpending = desiredAnnualSpending * Math.pow(1 + inflationRate, yearsToRetirement);
var totalSocialSecurity = socialSecurityHusband + socialSecurityWife;
var netAnnualWithdrawal = inflationAdjustedSpending – totalSocialSecurity;
var yearsSavingsLast;
if (netAnnualWithdrawal <= 0) {
yearsSavingsLast = Infinity; // Savings last indefinitely or they have a surplus
} else if (totalSavingsAtRetirement = 1) { // Interest earned is greater than or equal to withdrawal
yearsSavingsLast = Infinity; // Savings last indefinitely
} else {
yearsSavingsLast = -Math.log(1 – term) / Math.log(1 + postRetirementReturn);
}
}
// Format results
var formattedTotalSavings = totalSavingsAtRetirement.toLocaleString('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 });
var formattedInflationAdjustedSpending = inflationAdjustedSpending.toLocaleString('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 });
var formattedNetAnnualWithdrawal = netAnnualWithdrawal.toLocaleString('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 });
var formattedYearsSavingsLast = (yearsSavingsLast === Infinity) ? "Indefinitely" : yearsSavingsLast.toFixed(1) + " years";
var outlookMessage = "";
if (yearsSavingsLast === Infinity) {
outlookMessage = "Your savings are projected to last indefinitely, or your passive income covers your spending. You are in excellent shape!";
} else if (yearsSavingsLast >= retirementDurationYears) {
outlookMessage = "Your savings are projected to last for " + formattedYearsSavingsLast + ", which is sufficient for your expected retirement duration of " + retirementDurationYears + " years. You are on track!";
} else {
outlookMessage = "Your savings are projected to last for " + formattedYearsSavingsLast + ", which is less than your expected retirement duration of " + retirementDurationYears + " years. You may need to increase savings, reduce spending, or adjust your retirement age.";
}
// Display results
var resultDiv = document.getElementById('result');
resultDiv.innerHTML = `
Your Retirement Outlook:
Years until retirement (for the couple): ${yearsToRetirement} years
Total estimated savings at retirement: ${formattedTotalSavings}
Inflation-adjusted annual spending needed at retirement: ${formattedInflationAdjustedSpending}
Combined annual Social Security/Pension: ${totalSocialSecurity.toLocaleString('en-US', { style: 'currency', currency: 'USD', maximumFractionDigits: 0 })}
Net annual withdrawal needed from savings: ${formattedNetAnnualWithdrawal}
Your savings are projected to last for: ${formattedYearsSavingsLast}
Expected retirement duration (based on longest life expectancy): ${retirementDurationYears} years
${outlookMessage}
`;
}