Planning for retirement is crucial, and understanding how your savings will grow over time is key. This calculator helps you estimate your future retirement nest egg based on your current savings, regular contributions, expected rate of return, and the number of years until retirement. Use this tool to set realistic savings goals and make informed decisions about your financial future.
function calculateRetirementSavings() {
var currentSavings = parseFloat(document.getElementById("currentSavings").value);
var annualContribution = parseFloat(document.getElementById("annualContribution").value);
var annualInterestRate = parseFloat(document.getElementById("annualInterestRate").value) / 100;
var yearsToRetirement = parseInt(document.getElementById("yearsToRetirement").value);
var totalSavings = currentSavings;
var resultDiv = document.getElementById("result");
if (isNaN(currentSavings) || isNaN(annualContribution) || isNaN(annualInterestRate) || isNaN(yearsToRetirement) ||
currentSavings < 0 || annualContribution < 0 || annualInterestRate < 0 || yearsToRetirement <= 0) {
resultDiv.innerHTML = "Please enter valid positive numbers for all fields.";
return;
}
for (var i = 0; i < yearsToRetirement; i++) {
totalSavings = totalSavings * (1 + annualInterestRate) + annualContribution;
}
resultDiv.innerHTML = "