Estitame your Savings

Estimate Your Retirement Savings Goal

How much might you need to retire? Use this worksheet to help target a total accumulation goal.

Example You
1. How much is your current income? $50,000
2. Multiply this amount by .80. This is an estimated annual income in retirement, in today’s dollars, based on 80% of your current income. (Or enter a different amount, if you choose. Most experts suggest 70% to 100% of your current annual income.) $40,000
3. How much might you receive from Social Security each year, in today’s dollars? Visit to estimate your Social Security income. $20,000
4. How much might you receive each year from other sources, in today’s dollars, such as pension income? $0
5. Add lines 3 and 4. This is your total estimated annual income, in today’s dollars, from other sources. $20,000
6. Subtract line 5 from line 2. This is your estimated income gap, which you will need to make up from your retirement savings. $20,000
7. How many years until you retire? 20 years
8. Find the corresponding factor from Table A below and enter it here. 1.81
9. Multiply line 6 by line 8. This is the amount that your savings will need to generate in year one of your retirement. $36,200
10. How long do you expect your retirement to last? 25 years
11. Find the corresponding number from Table B below and enter it here. 22.32
12. Multiply line 9 by line 11. This is the target amount you may need to accumulate by the time you retire. $807,984

This worksheet assumes that inflation rises at an average of 3% per year both before and during retirement. It also assumes that your investments grow at an average of 6% per year before retirement, and 4% per year during retirement. Such assumptions are hypothetical and cannot be guaranteed.

This worksheet is not meant as advice, but as a way to provide a general estimate for illustrative purposes. Your specific goal should take into consideration your total family income, your current and expected assets, and other unique circumstances. A financial professional can help you calculate a goal that is specific to your particular situation.

Table A

Years until retirement 5 10 15 20 25 30 35 40
Factor 1.16 1.34 1.56 1.81 2.09 2.43 2.81 3.26

Table B

Years in retirement 5 10 15 20 25 30 35 40
Factor 4.90 9.58 14.03 18.27 22.32 26.17 29.84 33.34

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