Retirement Savings Goal Calculator
The nest egg you need and the monthly saving to get there — sized from the income you want in retirement, not a generic round number.
Your details
Rough figures are fine — you can refine later.
How we calculate this
We size the nest egg from spending, then solve for the monthly saving.
1. Target. Annual retirement spending ÷ safe withdrawal rate (4% → 25×).
2. Grow current savings. Today's balance compounded at your expected return for the years remaining.
3. Monthly saving. The gap between target and grown balance, solved with the future-value-of-an-annuity formula at your monthly return. If today's savings already clear the target, the monthly figure is zero.
Assumptions: constant return and contributions, spending in today's dollars with a real return. This is a planning estimate, not financial advice — markets vary and your plan should be reviewed periodically.
Primary sources
- Bengen (1994), "Determining Withdrawal Rates Using Historical Data"
- Trinity Study, Cooley/Hubbard/Walz (1998)
- IRS Publication 590-B, Distributions from IRAs
How much do you actually need to retire?
Most "number to retire" headlines are useless because they're someone else's number. What you need depends on one thing: how much you want to spend each year once you stop working. This calculator starts there, turns it into a nest-egg target, and tells you the monthly saving that gets you from where you are to there.
Enter your desired annual retirement spending, what you've saved so far, your years to retirement, an expected return, and a safe withdrawal rate. You get the target and the monthly number.
The 25× rule, explained
The target comes from the safe withdrawal rate — the share of your nest egg you can pull in the first year of retirement (rising with inflation after) with little risk of running out. The classic figure is 4%, which is just another way of saying you need 25 times your annual spending saved. Want $60,000 a year? That's a $1.5M target. Prefer a more conservative 3.5%? The target rises. This tool lets you set the rate.
Why your current savings do a lot of the work
Money you've already saved keeps compounding until you retire, so it counts for far more than its face value. The calculator grows your current balance at your expected return over your time horizon, then only asks you to save enough to cover whatever gap remains. If today's balance is already on track to clear the target, the monthly number is zero — you're there.
We suggest thinking in real (after-inflation) returns — commonly 5–7% — and entering spending in today's dollars. That keeps the whole answer in today's dollars, which is far easier to reason about than inflated future figures.
The freelancer angle
Freelancers have no pension and no automatic workplace 401(k), so every dollar of this is self-directed — which is the scary part. The upside is real, though: self-employed retirement accounts let you shelter far more than a typical employee plan. A Solo 401(k) or SEP can absorb a large monthly contribution tax-deferred, and an IRA and HSA stack on top. Once this tool gives you the monthly number, route it through those accounts so the tax code helps you hit it.
What this is
A planning model that assumes steady returns and contributions — real markets don't move in straight lines, so revisit it every year or two. It's an estimate to aim with, not financial advice. For a plan tailored to your situation, talk to a fee-only advisor.
Common questions
How much do I need to retire? + −
A common rule of thumb: your nest egg should be about 25× your annual retirement spending, which corresponds to a 4% safe withdrawal rate. This calculator turns the spending you enter into that target, then works out the monthly saving needed to reach it given your current balance, time horizon, and expected return.
What is a safe withdrawal rate? + −
It is the percentage of your nest egg you can withdraw in the first year of retirement (adjusting for inflation thereafter) with a low risk of running out. The classic figure is 4%, implying a 25× target. A lower rate is more conservative and requires a larger nest egg.
Why does this matter more for freelancers? + −
Freelancers have no employer pension or automatic 401(k), so the entire retirement burden is self-directed. On the upside, self-employed shelters (Solo 401(k), SEP IRA) allow much larger tax-advantaged contributions than a typical employee plan — use them to hit the monthly number this tool gives.
Should I use a real or nominal return? + −
This tool works cleanest if you enter spending in today’s dollars and use a real (after-inflation) return, commonly 5–7%. That keeps the target in today’s dollars too. If you prefer nominal figures, inflate your spending target accordingly.
Keep going
Prepared for tax year 2026. Every rate and cap on this page cites a primary IRS or SSA source. Estimates only — not tax or financial advice. — for planning purposes only, not tax, legal, or financial advice.