Retirement Planning Calculator

Retirement Planning Calculator

Estimate your expected total retirement savings based on your annual contributions. Saving enough? Let’s find out. Use the calculator linked below to plug in some information about yourself and your retirement plans, and we’ll show you what you need to save to make reality meet your expectations. Test out different scenarios to see how your results change.

https://www.schwab.com/retirement-planning-tools/retirement-calculator

What Information is Needed

• Personal Information
  • Current Age
  • Retirement Age
  • Investment Style = Low risk to high risk
• Financial Information
  • Current household income
  • Current retirement savings
  • Estimated annual savings each year for retirement
• Social Security
  • Will you receive Social Security?
    • Check online at SSA.gov
  • Age Social Security will start
• Retirement Spending
  • How much do you plan on spending each year in retirement?
    • Estimate a dollar amount or percentage of current income

Retirement Analysis

• The Retirement Analysis shows how much savings is needed in future dollars and will also show any extra savings you may have and any additional amount you will need.
• You can then adjust your plan by changing your Retirement Age, Annual contributions, and Annual Spending and see the impact those changes have on your Retirement Analysis.

You also may find a retirement income projection calculator on the website or app of your retirement plan record-keeper that links to your account.