Planning for retirement is a crucial part of financial health. This calculator helps you estimate how much you might need to save to achieve your desired retirement lifestyle. By inputting your current savings, expected annual contributions, the number of years until retirement, and your estimated annual rate of return, you can get a projection of your potential nest egg. Remember, this is an estimate, and factors like inflation, taxes, and unexpected expenses are not explicitly factored in but should be considered in your overall financial plan.
function calculateRetirementSavings() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContribution = parseFloat(document.getElementById("annualContribution").value);
var yearsToRetirement = parseInt(document.getElementById("yearsToRetirement").value);
var annualReturnRate = parseFloat(document.getElementById("annualReturnRate").value) / 100; // Convert percentage to decimal
var resultDiv = document.getElementById("result");
// Input validation
if (isNaN(currentSavings) || isNaN(annualContribution) || isNaN(yearsToRetirement) || isNaN(annualReturnRate)) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
return;
}
if (currentSavings < 0 || annualContribution < 0 || yearsToRetirement < 1 || annualReturnRate < 0) {
resultDiv.innerHTML = "Please enter valid positive numbers. Years to retirement must be at least 1.";
return;
}
var futureValue = currentSavings;
for (var i = 0; i < yearsToRetirement; i++) {
futureValue = futureValue * (1 + annualReturnRate) + annualContribution;
}
resultDiv.innerHTML = "Estimated Retirement Savings: $" + futureValue.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 });
}