Planning for retirement is a crucial step towards financial security. This calculator helps you estimate how much you might need to save to achieve your retirement goals. By inputting your current savings, expected contributions, desired retirement age, and estimated investment returns, you can get a clearer picture of your potential retirement nest egg.
function calculateRetirementSavings() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContribution = parseFloat(document.getElementById("annualContribution").value);
var expectedReturn = parseFloat(document.getElementById("expectedReturn").value);
var retirementAge = parseInt(document.getElementById("retirementAge").value);
var currentAge = parseInt(document.getElementById("currentAge").value);
var resultElement = document.getElementById("retirementResult");
resultElement.innerHTML = ""; // Clear previous results
if (isNaN(currentSavings) || isNaN(annualContribution) || isNaN(expectedReturn) || isNaN(retirementAge) || isNaN(currentAge)) {
resultElement.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (retirementAge <= currentAge) {
resultElement.innerHTML = "Desired retirement age must be greater than current age.";
return;
}
var yearsToRetirement = retirementAge – currentAge;
var rate = (expectedReturn / 100);
var futureValue = currentSavings;
for (var i = 0; i < yearsToRetirement; i++) {
futureValue = futureValue * (1 + rate) + annualContribution;
}
resultElement.innerHTML = "