Hand holding eyeglasses on desk mid conversation

Saving for retirement: How much will you need?

As a rule of thumb, count on spending 70 – 80% as much as you did while working. Some retirees, though, say they spend even more than when they were working. If you can anticipate what you’ll spend in retirement, you can take actions to prepare yourself for those costs when the time arrives.

This calculator can help you start to estimate your potential annual retirement expenses so you can see how much you’ll likely need to save by the time you retire.


Try this calculator to get a comparison

Compare these figures with or without help from Social Security

Annual retirement expenses (80% of current income):
  • In today's money
  • In 2039 money

Assets you will need at the beginning of retirement

What you will need to save approximately each year
This example assumes an annual inflation rate of 3% and an annual return on investment of 7%. This is not a prediction of what will happen – there are many factors that can change between now and your retirement. The main point is that it’s smart to cover your essential expenses with guaranteed income from pensions, annuities and Social Security.