You can use this calculator to estimate when you would be able to retire based off of your current retirement savings and savings rate.
1. Enter your current age.
2. Enter your current total retirement savings (add up all of your/your spouse’s accounts).
3. Enter the amount you contribute to retirement accounts, long term savings and investments each month.
4. Enter your growth rate as the Annual Interest Rate (somewhere between 5-7% growth is probably best to stay conservative) – real rates could be higher or lower.
5. Enter the desired amount to have saved for retirement.
6. Click on the ‘Calc’ button.
The results will show you an estimate for the size of your how much you need to invest between now and retirement, the number of monthly contributions between now and your retirement age, how much you will have invested, how much your investments have grown, and an estimated total at retirement.
The ‘Savings Schedule’ will display a monthly and annual summary for your estimated savings and investment growth.