.retirement-calculator-wrapper {
font-family: Arial, sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ccc;
border-radius: 8px;
box-shadow: 0 2px 5px rgba(0,0,0,0.1);
}
.calculator-form h2 {
text-align: center;
margin-bottom: 20px;
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.form-group {
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.form-group label {
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font-weight: bold;
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.form-group input[type="number"] {
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padding: 10px;
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border-radius: 4px;
font-size: 1rem;
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.calculator-form button {
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.calculator-form button:hover {
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.calculator-result {
margin-top: 25px;
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.calculator-result p {
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function calculateRetirement() {
var currentAge = parseFloat(document.getElementById("currentAge").value);
var retirementAge = parseFloat(document.getElementById("retirementAge").value);
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContributions = parseFloat(document.getElementById("annualContributions").value);
var expectedAnnualReturn = parseFloat(document.getElementById("expectedAnnualReturn").value) / 100; // Convert percentage to decimal
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(currentAge) || isNaN(retirementAge) || isNaN(currentSavings) || isNaN(annualContributions) || isNaN(expectedAnnualReturn)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (currentAge >= retirementAge) {
resultDiv.innerHTML = "Your current age must be less than your desired retirement age.";
return;
}
var yearsToRetirement = retirementAge – currentAge;
var projectedSavings = currentSavings;
for (var i = 0; i < yearsToRetirement; i++) {
projectedSavings += annualContributions;
projectedSavings *= (1 + expectedAnnualReturn);
}
// Round to two decimal places for currency display
var formattedProjectedSavings = projectedSavings.toFixed(2);
var formattedCurrentSavings = currentSavings.toFixed(2);
var formattedAnnualContributions = annualContributions.toFixed(2);
resultDiv.innerHTML =
"Years until retirement:
Understanding Your Retirement Savings
Planning for retirement is a crucial aspect of financial well-being. This calculator helps you estimate your potential retirement nest egg based on your current savings, how much you plan to contribute annually, your expected investment return, and your timeline.
Key Inputs Explained:
- Current Age (Years): Your age right now. This helps determine the number of years until your target retirement age.
- Desired Retirement Age (Years): The age at which you aim to stop working and live off your savings.
- Current Retirement Savings: The total amount of money you have already accumulated in your retirement accounts (e.g., 401(k), IRA, pensions).
- Annual Contributions: The amount of money you expect to save and add to your retirement accounts each year. This can be a fixed amount or an average.
- Expected Annual Return (%): This is the average annual growth rate you anticipate from your investments. It's important to be realistic, as investment returns can fluctuate significantly. Common conservative estimates might range from 5-8% for diversified portfolios, but this can vary greatly.
How the Calculation Works:
The calculator projects your retirement savings year by year. It takes your current savings, adds your annual contributions, and then applies the expected annual rate of return to the total. This process is repeated for every year until your desired retirement age.
The formula used is a compound growth calculation, which demonstrates the power of earning returns on your returns over time. The formula for each year is:
Projected Savings (End of Year) = (Projected Savings (Start of Year) + Annual Contributions) * (1 + Expected Annual Return)
This is iterated over the number of years until retirement.
Example:
Let's say you are 35 years old and aim to retire at 65. You currently have $50,000 saved and plan to contribute $10,000 each year. You expect an average annual return of 7%.
In this scenario:
- Years to Retirement: 65 – 35 = 30 years
- With an annual contribution of $10,000 and an expected 7% annual return, your projected savings at age 65 could be approximately $1,067,658.41.
Note: This is a simplified projection. Actual returns may vary, and inflation is not factored into this basic calculation. It's always recommended to consult with a financial advisor for personalized retirement planning.