How to use the Retirement Savings Calculator
- Enter your age, retirement age and the age to plan until.
- Enter your monthly expenses in today's money.
- Enter your savings so far, monthly saving, expected return and inflation.
- See your savings at retirement, the money you will need and any gap.
How it's calculated
Show the formula
Savings at retirement = current savings and monthly savings grown at your return
Money needed = expenses (raised by inflation) paid monthly until your planning age, with the rest still earning
Money needed = expenses (raised by inflation) paid monthly until your planning age, with the rest still earning
Grows your savings until retirement, raises today's expenses by inflation, then works out the money needed to pay them until the age you plan for, assuming savings keep earning after retirement. Returns are never guaranteed, so review your plan every year.
Worked example
These are the example numbers the calculator opens with. Change any of them above to see your own result.
You enter
| Current age | 30 |
|---|---|
| Retirement age | 60 |
| Plan until age | 80 |
| Monthly expenses today | Rs 80,000 |
| Savings so far | Rs 5,00,000 |
| Monthly saving | Rs 40,000 |
| Expected return (per year) | 12% |
| Inflation (per year) | 7% |
You get
| Savings at retirement | Rs 15,77,73,386 |
|---|---|
| Status | On track |
| Money you will need | Rs 9,56,39,876 |
| Monthly expenses at retirement | Rs 6,08,980 |
| Surplus | Rs 6,21,33,510 |
| Years to retirement | 30 |
Tips
- Small changes early make a big difference: start or raise your saving now.
- Plan to a generous age such as 80 or 85 so you don't outlive your savings.
- Review your plan every year as your income and expenses change.
Frequently asked questions
What return and inflation should I use?
Use realistic long-term numbers. Returns only a few points above inflation are safer for planning than optimistic figures.
Does this include pension or EOBI?
No. If you will receive a pension, subtract it from the monthly expenses you enter.
Why is the money needed so large?
Inflation raises your future expenses a lot over 20–30 years, and the savings have to cover many years of retirement.