Retirement Savings Calculator
Planning for retirement is crucial, and a retirement savings calculator can help you estimate how much you need to save to achieve your financial goals. This calculator considers your current savings, expected annual contributions, investment growth rate, and desired retirement age to project your future retirement nest egg.
.calculator-container {
font-family: sans-serif;
border: 1px solid #ddd;
padding: 20px;
border-radius: 8px;
max-width: 600px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-container h2 {
text-align: center;
color: #333;
margin-bottom: 15px;
}
.calculator-container p {
color: #555;
line-height: 1.6;
margin-bottom: 25px;
text-align: justify;
}
.calculator-inputs {
display: grid;
grid-template-columns: 1fr 1fr;
gap: 15px;
margin-bottom: 20px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
color: #444;
}
.input-group input[type="number"] {
padding: 10px;
border: 1px solid #ccc;
border-radius: 4px;
box-sizing: border-box; /* Include padding and border in the element's total width and height */
}
.calculator-container button {
grid-column: 1 / -1; /* Span across all columns */
padding: 12px 20px;
background-color: #007bff;
color: white;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
transition: background-color 0.3s ease;
}
.calculator-container button:hover {
background-color: #0056b3;
}
.calculator-result {
margin-top: 20px;
padding: 15px;
background-color: #e9ecef;
border: 1px solid #ced4da;
border-radius: 4px;
text-align: center;
font-size: 1.1em;
color: #333;
}
.calculator-result p {
margin: 5px 0;
}
.calculator-result span {
font-weight: bold;
color: #28a745; /* Green for positive results */
}
function calculateRetirementSavings() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContributions = parseFloat(document.getElementById("annualContributions").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value) / 100; // Convert percentage to decimal
var yearsToRetirement = parseInt(document.getElementById("yearsToRetirement").value);
var desiredRetirementIncome = parseFloat(document.getElementById("desiredRetirementIncome").value);
var withdrawalRate = parseFloat(document.getElementById("withdrawalRate").value) / 100; // Convert percentage to decimal
var resultDiv = document.getElementById("calculator-result");
resultDiv.innerHTML = "; // Clear previous results
// Input validation
if (isNaN(currentSavings) || isNaN(annualContributions) || isNaN(annualInterestRate) || isNaN(yearsToRetirement) || isNaN(desiredRetirementIncome) || isNaN(withdrawalRate)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (currentSavings < 0 || annualContributions < 0 || annualInterestRate < 0 || yearsToRetirement <= 0 || desiredRetirementIncome <= 0 || withdrawalRate 0 && annualInterestRate > 0) {
futureValueContributions = annualContributions * ( (Math.pow((1 + annualInterestRate), yearsToRetirement) – 1) / annualInterestRate );
} else if (annualContributions > 0 && annualInterestRate === 0) {
futureValueContributions = annualContributions * yearsToRetirement;
}
var totalRetirementSavings = futureValueCurrentSavings + futureValueContributions;
var formattedTotalSavings = totalRetirementSavings.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
var requiredNestEgg = 0;
if (withdrawalRate > 0) {
requiredNestEgg = desiredRetirementIncome / withdrawalRate;
}
var formattedRequiredNestEgg = requiredNestEgg.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
var shortfallOrSurplus = totalRetirementSavings – requiredNestEgg;
var formattedShortfallOrSurplus = shortfallOrSurplus.toLocaleString('en-US', { style: 'currency', currency: 'USD' });
var statusMessage = "";
if (shortfallOrSurplus >= 0) {
statusMessage = "
Congratulations! You are projected to meet or exceed your retirement income goal.";
} else {
statusMessage = "
You may have a shortfall. Consider increasing contributions or adjusting your retirement plans.";
}
resultDiv.innerHTML =
"Projected Total Retirement Savings:
" + formattedTotalSavings + "" +
"Estimated Required Nest Egg:
" + formattedRequiredNestEgg + "" +
"Projected Shortfall/Surplus:
" + formattedShortfallOrSurplus + "" +
"" + statusMessage + "";
}