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Calculator
# Retirement Calculator
Use our free retirement calculator to estimate how much money you’ll have in retirement.
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Editor in Chief
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## How Our Retirement Calculator Works
Our retirement calculator uses the information you have now to see where you’ll be when you retire. That way, you can see if you’re saving enough money to meet your retirement goals or if you need to make some changes. If you’re already , you can calculate how long your retirement savings will last. You can view how your savings can grow year by year, even accounting for less predictable factors like inflation and market performance. Using industry-tested equations and projection models, we estimate what your savings will look like before you retire, at your desired retirement age, and up to 40 years into your retirement.
## How to Use the Retirement Savings Calculator
To make the process as easy as possible, you’ll need to input a few pieces of information: what you ***know*** and what you ***assume***.
**What You Know**
* Your age
* Your annual income
* Spouse’s annual income (if applicable)
* Current retirement savings
* Desired retirement age
* Years of retirement income
* Future  benefits
**What You Assume**
* Expected annual inflation rate
* Income replacement percentage
* Pre- and post-retirement investment return
Your assumptions can make things a bit trickier, since they aren’t set in stone, but here’s some additional information to consider:
* **Inflation:** Between 1980 and 2022, the U.S. saw an average annual inflation rate of 3.43 percent1; regardless of the inflation rate you set, our calculator uses this number to anticipate increases in your future income.
* **Income replacement percentage:** This term refers to the percentage of your current income that you would need to live comfortably in retirement; many experts recommend between 70 and 90 percent for retirees, though you may choose to adjust this figure based on your own needs and preferences.
* **Pre- and post-retirement investment return:** Retirement savings and investment portfolios tend to be more aggressive while you’re young and more conservative as you age; you can generally use higher pre-retirement earnings and lower post-retirement earnings for your calculations, especially if you plan to move your savings into less risky investment vehicles.
Once you input all of your information and click “Calculate,” you’ll get a summary of your results. For a spreadsheet that breaks down your data year by year, be sure to click the “Detailed Results” button.
FYI:
**FYI:** If you’re concerned about the cost of  or medical care during retirement, consider acquiring a long-term care insurance plan.
## Tips to Boost Your Retirement Savings
It’s never too late to start saving for retirement, but the earlier you can invest in your future, the better. Here are a few tips to boost savings in the years leading up to retirement:
* Set a saving schedule that makes sense for you. It may be tempting to put as much toward savings as possible, but if it takes away from the funds you need to pay your bills now, you could do more harm than good. If you need to withdraw funds earlier than expected to make ends meet, you may incur a penalty for early withdrawal.
* If your employer offers a match on contributions, do your best to maximize your own contributions up to the yearly limit for your account. If you don’t contribute the maximum for a given year, you’re essentially leaving free money on the table.
* Anticipate your cost of living during retirement by studying how much you spend now; while many expenses will remain the same, others will change. If you’re like most seniors, you might see higher health care bills2 and lower housing costs (especially if you’ve paid off a ).
Pro Tip:
**Pro Tip:** Feeling unsure about your finances? Check out our  for help.
**>> Related Calculator**: 
## FAQ
* When should I retire?
  Several factors impact the decision to retire, including your health, job type, income, and savings. Many people aim to retire at age 65, but more and more people are retiring later, especially since full  for new retirees don’t kick in until age 67 for those born in 1960 or later.3
* How much money should I have saved to retire at 65?
  This all depends on what kinds of expenses you anticipate during retirement. As a general rule, you should aim to save at least eight to 10 times your annual salary. So, if you currently make $100,000 per year, you should try to save between $800,000 and $1 million by the time you turn 65. Read our guide on  to learn more.
* What is the $1,000-a-month rule for retirement?
  Many experts believe that you should save $240,000 for every $1,000 of monthly income you want in retirement. For example, if you want to have $5,000 of monthly retirement income (not including Social Security and other benefits), you’ll need to save $1.2 million by the time you retire.
Citations
1. U.S. Bureau of Labor Statistics. (2023). .
2. AARP. (2023). .
3. SSA. (2023). .
Written By:
Matthew Jones
Matthew is a freelance writer who has written on a wide range of topics, from personal finance to nutrition. Over the past three years, Matthew has worked extensively on articles and guides for seniors related to Medicare, insurance, and finance…. 
Reviewed By:
As Editor-in-Chief of the personal finance site MoneyTips.com, Jeff produced hundreds of articles on the subject of retirement, including preventing identity theft, minimizing taxes, investing successfully, preparing for retirement medical costs, protecting your credit score, and making your money last… 
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# Social Security Calculator 2025
Use our free Social Security calculator to estimate how much you’ll receive in Social Security benefits.
## How Does a Social Security Calculator Work?
The calculation for  benefits is pretty simple. While the laws surrounding Social Security could always change in the future, the SSA currently bases your benefits on a few things:
* Current age
* Average income over a 35-year period
* The number of years you paid Social Security tax
* Your desired retirement age
While past earnings are used as the basis for calculating Social Security benefits, it’s also important to consider the timing of your . Depending on when you retire, you could potentially increase or decrease your monthly Social Security check.
Money Tip:
**Money Tip:** Need help managing your funds before and during retirement? Check out our  for our top tips and tricks.
## When To Start Collecting Social Security
Workers who have paid Social Security tax on income for at least 10 years, as well as their spouses, widows, and ex-spouses, can generally begin collecting Social Security at 62. If you start collecting Social Security before your full retirement age, which is 67 for those born in 1960 or later, you won’t get 100% of your benefits.
While some people may prefer to start receiving their benefits as soon as possible, others might want to wait as long as possible to secure higher monthly payments. The table below will give you an idea of what to expect if you were born in 1960 or later and have an average annual income of $60,000. In this example, your spouse will be earning benefits based on your work history and collecting Social Security at the same age as you.
| Retirement Age | Full Retirement Age | Monthly Benefit | Spousal Benefit |
| --- | --- | --- | --- |
| 62 | 67 | $1,281 | $640 |
| 63 | 67 | $1,372 | $686 |
| 64 | 67 | $1,464 | $732 |
| 65 | 67 | $1,586 | $793 |
| 66 | 67 | $1,708 | $854 |
| 67 | 67 | $1,830 | $915 |
| 68 | 67 | $1,976 | $988 |
| 69 | 67 | $2,123 | $1,061 |
| 70 | 67 | $2,269 | $1,134 |
Keep in mind that your benefits will not increase past age 70, so it is generally best to start collecting Social Security as soon as it reaches the maximum benefit.
**>> You Might Also Like**: 
## How to Use Our Social Security Calculator
Our Social Security calculator makes it easy to estimate benefits for yourself and your spouse (if applicable). You just need to input the following information:
* Anticipated retirement age
* Average annual income
* Social Security inflation rate
* Spouse’s current age
* Spouse’s retirement age
* Spouse’s average annual income
Your “anticipated retirement age” actually refers to the age at which you plan to start collecting Social Security, not the age that you stop working. If you plan to retire at 60, for example, but don’t want to collect your Social Security until you’re 67, you should input 67. The same is true for your spouse’s retirement age.
Did You Know?
**Did You Know?** In 2024, the average monthly Social Security retirement benefit is $1,867.83.1
You can provide a ballpark figure for average annual income based on your income during your highest earning years. Alternatively, if you want the most accurate results, you can pull out the tax returns and find the average from your highest-earning period of employment.
The only assumption you have to make for this calculation is the Social Security inflation rate. Fortunately, the SSA provides annual calculations of its inflation rates via the Cost-of-Living Adjustment (COLA), which can make your  a bit easier. Between 2023 and 2024, Social Security benefits increased by 3.2% to keep up with inflation.2
## FAQs About Social Security Benefits
* How much will I get from Social Security if I make $100,000?
  If $100,000 is your average income over 35 of your highest-earning working years and you plan to max out your benefits by collecting when you turn 70, you can expect to get about $3,253 per month from Social Security.
* What is the highest Social Security payout possible?
  As of 2024, the highest monthly benefit you could get from Social Security is $4,873. Most older adults do not qualify for this amount, as it requires you to make an average income above $160,200 over a 35-year period.
* What is the #1 reason to take Social Security at 62?
  If you’re struggling to pay bills, particularly medical bills, you might want to consider collecting Social Security as soon as it becomes available (at age 62). It’s generally not the best long-term strategy, but if these funds could help you live more comfortably without taking on a lot of , consider taking Social Security at 62.
1. Social Security Administration. (2024). .
2. Social Security Administration. (2023). .