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Retirement Age Calculator

Find the age at which your savings reach a target amount, given your monthly contributions and an assumed return.

What this tool does

Find the age at which your savings reach a target amount, given your monthly contributions and an assumed return. You fill in these fields: Your current age, Current savings, Monthly contribution, Assumed annual return, and Savings target. Some fields are optional. It shows age you reach your target, years to go, total you contribute, and growth from returns.

Inputs

  • Your current age (years): A number. Accepts 0 to 100.
  • Current savings (USD): A number. Must be at least 0. Optional.
  • Monthly contribution (USD): A number. Must be at least 0. Optional.
  • Assumed annual return (%): A number. Accepts 0 to 100. A nominal yearly rate, compounded monthly. It is an assumption, not a forecast.
  • Savings target (USD): A number. Must be at least 0.01.

How to use

  1. Enter your current age in years.
  2. Enter the current savings in USD. This one is optional.
  3. Enter the monthly contribution in USD. This one is optional.
  4. Enter the assumed annual return as a percentage.
  5. Enter the savings target in USD.
  6. Read the result: age you reach your target, years to go, total you contribute, and growth from returns. It appears once every required field has a valid value.

Worked examples

Example 1. Inputs:

  • Your current age: 30 years
  • Current savings: 100,000 USD
  • Monthly contribution: 1,000 USD
  • Assumed annual return: 0%
  • Savings target: 400,000 USD

Results:

  • Age you reach your target: 55.0 years old
  • Years to go: 25.0
  • Total you contribute: $400,000.00
  • Growth from returns: $0.00

How this is worked out: No return: months = (goal - savings) / deposit = (400000 - 100000) / 1000 = 300 months = 25 years, so the age is 30 + 25 = 55. Contributions are 100000 + 300 x 1000 = 400000 and growth is 0.

Example 2. Inputs:

  • Your current age: 40 years
  • Monthly contribution: 1,000 USD
  • Assumed annual return: 12%
  • Savings target: 12,682.5 USD

Results:

  • Age you reach your target: 41.0 years old
  • Years to go: 1.0
  • Total you contribute: $12,000.00
  • Growth from returns: $682.50

How this is worked out: Monthly rate r = 0.12 / 12 = 0.01. Deposits at month end after n months: 1000 x ((1.01^n - 1) / 0.01). For n = 12, 1.01^12 = 1.126825, so the balance is 1000 x 0.126825 / 0.01 = 12682.50, which is the goal. n = 12 months = 1 year.

Example 3. Inputs:

  • Your current age: 60 years
  • Current savings: 500,000 USD
  • Monthly contribution: 500 USD
  • Assumed annual return: 5%
  • Savings target: 400,000 USD

Results:

  • Age you reach your target: 60.0 years old
  • Years to go: 0.0
  • Total you contribute: $500,000.00
  • Growth from returns: $0.00
  • Note: Your current savings already meet the target.

How this is worked out: Savings of 500000 are already at or above the 400000 target, so no time is needed and the age stays 60. Contributions counted are just the 500000 already saved.

Example 4. Inputs:

  • Your current age: 50 years
  • Current savings: 10,000 USD
  • Monthly contribution: 1,000 USD
  • Assumed annual return: 12%
  • Savings target: 23,950.75 USD

Results:

  • Age you reach your target: 51.0 years old
  • Years to go: 1.0
  • Total you contribute: $22,000.00
  • Growth from returns: $1,950.75

How this is worked out: Savings and deposits together at a positive return. Monthly rate 0.01, 12 months: 1.01^12 = 1.126825. Savings grow to 10000 x 1.126825 = 11268.25. Month-end deposits grow to 1000 x 0.126825 / 0.01 = 12682.50. Total 23950.75, which is the goal, so it takes 12 months = 1 year and the age is 51. Contributions are 10000 + 12 x 1000 = 22000 and growth is 23950.75 - 22000 = 1950.75.

Limitations

  • The return is a fixed rate every year. Real returns vary, and the tool does not model taxes, fees or inflation.
  • The target is in today's dollars only if you choose a return that already has inflation taken out.
  • Contributions stay level for the whole period.

FAQs

Q: How is the age worked out?
A: The tool finds how many months of level monthly contributions, growing at your assumed return compounded monthly, it takes for your savings to reach the target. It adds that time to your current age.
Q: Why is the age shown with a decimal?
A: The answer is not forced to a whole year. 55.5 means about six months after your 55th birthday, counting your current age as of your last birthday.
Q: Are contributions added at the start or end of the month?
A: At the end of each month.
Q: What if my savings never reach the target?
A: If the contributions and return can never get there, the tool says so instead of showing an age.

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