Planning for retirement is a crucial step towards financial security. This calculator helps you estimate how much you might need to save and how long it will take to reach your retirement goals. Factors like your current savings, expected rate of return, and desired retirement income play a significant role.
.calculator-container {
font-family: sans-serif;
border: 1px solid #ccc;
padding: 20px;
border-radius: 8px;
max-width: 600px;
margin: 20px auto;
background-color: #f9f9f9;
}
.calculator-inputs {
display: grid;
grid-template-columns: repeat(auto-fit, minmax(250px, 1fr));
gap: 15px;
margin-bottom: 20px;
}
.input-group {
display: flex;
flex-direction: column;
}
.input-group label {
margin-bottom: 5px;
font-weight: bold;
font-size: 0.9em;
color: #333;
}
.input-group input {
padding: 10px;
border: 1px solid #ddd;
border-radius: 4px;
font-size: 1em;
}
.calculator-container button {
padding: 12px 20px;
background-color: #4CAF50;
color: white;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 1.1em;
transition: background-color 0.3s ease;
}
.calculator-container button:hover {
background-color: #45a049;
}
.calculator-result {
margin-top: 25px;
padding: 15px;
background-color: #e7f3fe;
border-left: 6px solid #2196F3;
border-radius: 4px;
font-size: 1.1em;
color: #333;
}
.calculator-result p {
margin: 0 0 10px 0;
}
.calculator-result strong {
color: #2196F3;
}
function calculateRetirement() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContribution = parseFloat(document.getElementById("annualContribution").value);
var expectedReturn = parseFloat(document.getElementById("expectedReturn").value) / 100;
var retirementAge = parseInt(document.getElementById("retirementAge").value);
var currentAge = parseInt(document.getElementById("currentAge").value);
var desiredRetirementIncome = parseFloat(document.getElementById("desiredRetirementIncome").value);
var inflationRate = parseFloat(document.getElementById("inflationRate").value) / 100;
var resultDiv = document.getElementById("result");
resultDiv.innerHTML = ""; // Clear previous results
if (isNaN(currentSavings) || isNaN(annualContribution) || isNaN(expectedReturn) || isNaN(retirementAge) || isNaN(currentAge) || isNaN(desiredRetirementIncome) || isNaN(inflationRate)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (currentAge >= retirementAge) {
resultDiv.innerHTML = "Your current age is already at or past your desired retirement age. Please adjust the ages.";
return;
}
var yearsToRetirement = retirementAge – currentAge;
var futureValue = currentSavings;
var projectedRetirementSavings = 0;
// Calculate projected savings at retirement, considering inflation for contributions
for (var i = 0; i < yearsToRetirement; i++) {
futureValue = futureValue * (1 + expectedReturn) + annualContribution * Math.pow(1 + inflationRate, i);
}
projectedRetirementSavings = futureValue;
// Calculate the lump sum needed at retirement to sustain desired income, considering inflation
var yearsInRetirement = 30; // Assuming an average retirement duration of 30 years
var neededLumpSum = 0;
for (var i = 0; i < yearsInRetirement; i++) {
var inflationAdjustedIncome = desiredRetirementIncome * Math.pow(1 + inflationRate, i);
neededLumpSum += inflationAdjustedIncome / Math.pow(1 + expectedReturn, i + 1); // Discount back to retirement point
}
var output = "
Retirement Projection
";
output += "Years until retirement: " + yearsToRetirement + "";
output += "Projected retirement savings at age " + retirementAge + ": $" + projectedRetirementSavings.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,') + "";
output += "Estimated lump sum needed at retirement to fund $" + desiredRetirementIncome.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,') + " annual income for " + yearsInRetirement + " years (adjusted for inflation): $" + neededLumpSum.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,') + "";
if (projectedRetirementSavings >= neededLumpSum) {
output += "Congratulations! Based on these assumptions, your projected savings are sufficient to meet your desired retirement income.";
} else {
var shortfall = neededLumpSum – projectedRetirementSavings;
var additionalSavingsNeededPerYear = shortfall / yearsToRetirement;
output += "Important: Your projected savings may not be enough to meet your desired retirement income. You might have a shortfall of approximately $" + shortfall.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,') + ".";
output += "To potentially bridge this gap, consider increasing your annual contributions by roughly $" + additionalSavingsNeededPerYear.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,') + " per year.";
}
output += "Note: These are projections and actual results may vary based on market performance, inflation, and changes in your personal financial situation. It's advisable to consult with a financial advisor.";
resultDiv.innerHTML = output;
}