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Retirement Calculator — How Much More Should You Save?

Estimate the extra monthly savings needed to cover your target retirement spending after Social Security and your current savings plan.

Quick answer: This calculator turns your retirement spending target into an extra monthly savings amount. It subtracts expected Social Security, projects your current savings plan to retirement, and converts any remaining income gap into a monthly contribution.

Extra Monthly Needed
$0/mo
Extra Monthly Needed
$0/mo
Annual Income Gap
$0/yr
Portfolio Gap at Retirement
$0
Years at Current Pace
0.0 years
Annual Retirement Income Plan
$60,000target income
Social Security$21,600
Current Savings Plan$38,400
Total$60,000
Your Retirement Number
$960,000
Social Security Covers
$21,600/yr
Current Savings Plan Covers
$38,400/yr
Projected Savings at Retirement
$1,124,683
Diagnostic

You need about $0 more per month to cover a $0 annual retirement income gap.

Save this plan to Money Map and revisit it when your income, Social Security estimate, or retirement date changes.

Track this in Money Map
What to do next

You have already reached your retirement number. Consider whether your withdrawal rate is conservative enough for your expected lifespan.

Your action plan
  1. 1

    Set the target and timeline for this plan

    Calculate how much extra to save each month so your retirement income plan reaches your spending target.

  2. 2

    Check the assumptions before using the result for a high-stakes decision

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

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This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Calculator action path

Turn this result into a decision

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Frequently Asked Questions

Everything you need to know.

How much do I need to retire comfortably?
The general rule is 10–12× your final salary, or 25× your annual retirement expenses (the 4% rule). On $80,000/year in retirement, you need $2 million. Social Security typically covers 30–40% of pre-retirement income, so your portfolio needs to cover the rest.
What is the 2026 401(k) contribution limit?
The 2026 401(k) contribution limit is $23,500 per year ($31,000 for those 50 and over). IRA contribution limit is $7,000 ($8,000 if 50+). Maxing both gives you $30,500/year in tax-advantaged retirement savings.
Should I prioritize 401(k) or IRA?
First, contribute to 401(k) up to the employer match — that is a 50–100% instant return. Then max an IRA (Roth if eligible). Then go back and max the 401(k). This order captures the free money first while getting better investment options from an IRA.
Is the Retirement Calculator — How Much More Should You Save? free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the Retirement Calculator — How Much More Should You Save? affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to explore ira options, or run Money Map to compare this investing & retirement decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (ira) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

A retirement target is useful only if it becomes an action. This calculator shows how much annual income Social Security and your current savings path can cover, then translates any gap into the extra monthly savings needed today.

How to Use It

  1. 1Enter your annual spending target in retirement
  2. 2Add your current retirement savings and years until retirement
  3. 3Set your current monthly contribution, expected return, Social Security estimate, and withdrawal rate
  4. 4Use the extra monthly savings result to adjust your plan
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Retirement Calculator — How Much More Should You Save? | SwitchWize