Finance
Calculator for retirement savings
Project wetin your current retirement assets and monthly contributions go worth when you retire.
Add to workspaceYour numbers
Result dey update as you type; no Calculate button dey. All calculation dey run inside your browser.
Projected balance when you retire
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Wetin dey inside the projection
| Amount | |
|---|---|
| Current amount after growth | — |
| Contributions after growth | — |
| All contributions wey you pay | — |
| Projected balance | — |
Wetin make up the projection
We scale bars to the projected balance. The grown-contributions bar include growth on the contributions; the paid bar show cash wey you actually contribute, so you fit compare dem.
Balance for every five years
| Age | Projected balance |
|---|
You dey contribute at the end of each month and the rate stay fixed. The table dey move in five-year steps from your current age to retirement.
Formula
Months = (retirement age − current age) × 12. Balance wey we project = current amount × (1 + monthly rate)months + contribution × [(1 + monthly rate)months − 1] ÷ monthly rate. Monthly rate = annual rate ÷ 12.
Example wey show the calculation
From age 35 to retirement at 60 na 25 years (300 months). Current $100,000 at 5% dey grow to $348,129.05; $1,000 every month dey grow to $595,509.71, with $300,000 paid in. Balance wey we project at retirement: $943,638.75.
Where e fit work and limits
Rate stay constant; we no include withdrawals, employer match, fees, taxes or inflation adjustment, so the figure na future nominal dollars. Real market returns dey vary, contributions usually dey change as career progress, and we no model retirement spending, taxes or lifespan here.
Questions wey people dey ask often
Na this amount I fit spend after retirement?
No. Na balance when you retire, before tax and before any withdrawals. How long e go last depend on spending, returns after retirement and lifespan.
This one include employer matching contribution?
Na only if you put the employer match inside the monthly contribution. Enter the combined amount to model am.
Why the figure dey in future dollars?
Because we no adjust for inflation. The same balance go buy less in today's purchasing power after 25 years of inflation.
What if I retire earlier or later?
Change retirement age. Every extra year dey add twelve contributions plus another year of growth on the whole balance. Na why those last years dey make big difference.
Which rate I suppose assume?
Use a cautious assumption for long-term returns and test lower rates too. One fixed rate dey hide how real market returns vary from year to year.
Other tools wey relate to dis
- Calculator for compound interest — the same growth maths without ages
- Calculator for savings target — find monthly amount wey go reach target
- Calculator for yearly compounded return — change total growth to yearly rate
Results na estimates; dem no replace advice from qualified professional.