Planning for retirement is a crucial step towards financial security in your later years. A retirement savings calculator can help you estimate how much you need to save to achieve your desired retirement lifestyle. By inputting your current savings, expected contributions, investment growth rate, and retirement age, you can get a clearer picture of your projected retirement nest egg.
Understanding your retirement needs involves considering various factors such as your current age, the age you wish to retire, your current retirement savings, and how much you plan to save annually. The expected rate of return on your investments plays a significant role in how quickly your savings grow. A higher rate of return can lead to a larger nest egg over time, assuming consistent contributions and market performance.
It's also important to factor in inflation, which erodes the purchasing power of money over time. While this calculator provides an estimate based on a specific growth rate, actual returns may vary. Regularly reviewing and adjusting your retirement plan is essential to stay on track.
Retirement Savings Projection
Your Estimated Retirement Savings:
$0.00
function calculateRetirementSavings() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContribution = parseFloat(document.getElementById("annualContribution").value);
var investmentGrowthRate = parseFloat(document.getElementById("investmentGrowthRate").value) / 100; // Convert to decimal
var retirementAge = parseInt(document.getElementById("retirementAge").value);
var currentAge = parseInt(document.getElementById("currentAge").value);
if (isNaN(currentSavings) || isNaN(annualContribution) || isNaN(investmentGrowthRate) || isNaN(retirementAge) || isNaN(currentAge)) {
document.getElementById("projectedSavings").innerText = "Please enter valid numbers for all fields.";
return;
}
var yearsToRetirement = retirementAge – currentAge;
var projectedSavings = currentSavings;
for (var i = 0; i < yearsToRetirement; i++) {
projectedSavings += annualContribution;
projectedSavings *= (1 + investmentGrowthRate);
}
// Format the output to two decimal places
document.getElementById("projectedSavings").innerText = "$" + projectedSavings.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}