Retirement Age Calculator
You have several options to save for retirement, and understanding your savings goal and retirement age can help you organize your investments with confidence.
This retirement age calculator shows you at what age you can retire based on your current savings strategy, how much money you should save for a comfortable retirement and a comparison of your current strategy and expected retirement goal.
If you’re aiming to retire early, or just want a better understanding of your retirement, start here.
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Lamia Chowdhury
Lamia Chowdhury
Financial Editor
Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.
Read More- Updated: May 15, 2023
- 6 min read time
- This page features 6 Cited Research Articles
Retirement Age Calculator
Input your finances, current savings and future investment strategies below to learn:
- When you'll have enough money to retire
- How much money you should save for retirement
- Your estimated total annual income in retirement
Tell Us About Yourself
Enter your current age.
Total income includes your regular salary, side hustles and passive income contributions.
Percentage you expect your income to increase through raises, promotions or new roles. The average worker receives a 3-5% raise each year.
How's Retirement Planning Going?
Perentage of your income invested in retirement savings accounts.
How much have you saved?
Average interest rate across your retirement accounts. 401(k)s return an average 5-8% annually.
How much money you need to retire comfortably. Experts recommend 80% of your final salary per year of retirement.
How To Calculate Retirement Age
Your retirement age is calculated considering your current savings, investment strategies and ideal savings when you retire. In this calculation, your retirement age is determined by when you can afford to retire.
Affordability is based on the recommendation to save 80 percent of your current income for each year of retirement — it’s not when retirement benefits begin, or when you reach full retirement age for Social Security.
Use the calculator above to evaluate your retirement by inputting the following information:
- Current Age
- Share your current age.
- Total Annual Income
- Include how much you make each year from your salary, side hustles and other income streams.
- Expected Annual Income Growth
- Input the average your income increases each year. The typical worker sees a 3 to 5 percent increase annually.
- Total Retirement Contributions
- Input the percentage of your income that you invest in your retirement accounts.
- Current Retirement Savings
- Share the total amount you currently have saved for retirement across investment accounts.
- Annual Interest Rate (optional)
- Input your average interest rate across investment accounts. Our default is 6 percent.
- Retirement Savings Goal (optional)
- Share the percentage of your annual income you anticipate you’ll need to retire.
Our calculator considers your inputs to determine how long it will take for you to reach your retirement goal. This calculation doesn’t consider inflation, so consult a financial advisor to get a full picture of your retirement plan.
Compare your current savings strategy to your retirement goals to evaluate and adjust your investments. The sooner you settle on your retirement strategy, the more money you can earn with compound interest.
Can You Retire Comfortably?
What Is My Retirement Age?
Full retirement age varies by the year you were born. Those born in 1960 or later reach full retirement age at 67. People with earlier birth years may receive full benefits sometime during their 66th year.
However, Social Security retirement benefits are available as early as 62. At this age, you can begin collecting Social Security, but your full payout won’t begin until your full retirement age.
Even at full retirement age, you have the option to delay your benefits further. Americans who wait until they’re 70 to receive Social Security can enjoy increased monthly benefits.
Younger Americans should be especially attentive of their personal retirement investments. Social Security benefits are expected to pay out in full through 2034, at which point the SSA expects to decrease scheduled benefit pay.
How Much Do You Need To Retire?
Experts recommend that you save enough money to cover 80 percent of your current income annually. If you make $100,000 a year before you retire, $80,000 for each year of retirement income is a good goal to start with.
How much you need to retire depends on your retirement lifestyle. Consult a financial advisor to determine the most appropriate savings goal for you and develop an investment strategy to support your goals.
Retirement Planning by Spending
It’s helpful to consider your spending habits when determining your retirement savings goals.
If you plan to enjoy retirement from the comfort of your home, spending may not fluctuate too much from your current habits. If you want to travel the world, determine how much additional retirement income you need to cover your adventures.
It’s also common for medical costs to increase with age. On the other hand, you may receive Social Security benefits and access to Medicare and Medicaid to help support those costs in your retirement.
Learn how to save for retirement and adjust your investments considering your future spending.
How Can You Increase Retirement Savings?
Evaluating and diversifying your investments to maximize your returns is the best way to increase your retirement savings.
The older you are, the more secure your investments should be to protect your retirement. Traditional retirement accounts, annuities and other secure investments are ideal.
Younger savers can enjoy the benefits of compound interest for decades and diversify their portfolio with riskier investments that offer a high rate of return.
Consider 401(k) alternatives to help you save more for retirement. Alternative investment opportunities may have higher interest rates or higher annual contribution limits, which can boost your retirement savings.
An accurate lifestyle budget will also show where you can reallocate funds to spend less and invest more.
What Are My Retirement Account Options?
A 401(k) is one of the most common retirement accounts, though there are several individual account options with a variety of benefits.
Retirement savings options include:
- 401(k)s
- This employer-offered account allows you to deposit directly from your paycheck and may include employer match benefits.
- IRAs
- Individual retirement accounts come in several forms, including Roth, traditional and SEP IRAs. Each has its own requirements and investment options.
- Personal Savings
- You can also keep your retirement savings in a personal account through a banking institution. These typically have lower returns than other investment opportunities.
- Investment Brokerage
- Instead of a retirement-specific investment, you can invest your money into brokerage accounts. You can’t defer taxes when you cash out, but there aren’t annual contribution limits.
- Real Estate
- If you invest in a real estate property, you have the option to gain income through renting or by selling the property after you’ve built equity over time.
- Annuities
- Annuities provide a guaranteed annual payout that can support your retirement if you outlive your savings.
IRAs and 401(k)s are exclusively retirement plans that provide tax benefits and safe investment opportunities. Incorporating individual investments into your savings strategy can help you increase your returns, though they may have additional risk or tax requirements.
There’s no shortage of strategies for you to save for your retirement. It’s a personal journey that varies by your income, age and retirement goals.
Understanding how your current savings strategy stacks up against your ideal retirement age allows you to better understand your finances and choose investments that are right for you.
Connect With a Financial Advisor Instantly
Our free tool can help you find an advisor who serves your needs. Get matched with a financial advisor who fits your unique criteria. Once you’ve been matched, consult for free with no obligation.
6 Cited Research Articles
Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.
- USA.gov. (2021, November 1). Retirement. Retrieved from https://www.usa.gov/retirement
- Congressional Research Service. (2021, October 15). Social Security: What Would Happen If The Trust Funds Ran Out? Retrieved from https://sgp.fas.org/crs/misc/RL33514.pdf
- SSA. (2021, August). Summary: Actuarial Status of the Social Security Trust Funds. Retrieved from https://www.ssa.gov/policy/trust-funds-summary.html
- Konish, L. (2021, June 14). One-Third of Americans plan to retire later due to Covid-19, study finds. Retrieved from https://www.cnbc.com/2021/06/14/a-third-of-americans-plan-to-retire-later-due-to-covid-19-study-finds.html
- Schroders. (2021, March 18). Just 26% of Americans Near or at Retirement Age Have Enough Saved for Retirement. Retrieved from https://www.schroders.com/en/us/private-investor/media-centre/retirement-survey-2021/
- SSA. (2020, June 15). Learn About Retirement Benefits. Retrieved from https://www.ssa.gov/benefits/retirement/learn.html
