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