Retirement Savings Goal Calculator


How long will it take to save money for early retirement?

If you wish to retire early, this online retirement goal calculator is just for you. It will help you calculate how long it will take to save the desired amount that will allow you to retire early.

cartoon drawing of old man in front of a pile of money

To calculate how long it will take to reach your retirement goal, just fill out the form above and click Calculate. The calculator will show you the exact number of months needed to reach your goal. Of course, if you follow your savings plan. 

How to use a retirement savings goal calculator?

Usage of this tool is pretty simple, but to avoid any misunderstanding below, we describe each field with some helpful saving tips.

Goal amount

Here you should type the amount of money you need to have to be able to retire early. If you have no idea, you may use this calculator to estimate the amount needed for your retirement.

Initial amount

If you already have some savings, type this amount into this field. The calculator will treat them as seed investments and take them into account while calculating interest earned each month.

Monthly savings

Here you should type the amount of money you are willing to save each month. 

Annual increase

Our tool could take into account your potential pay raises. So in order to be more realistic, type in here some percentage that will simulate your future salary increases. 

Interest rate

Thanks to the compound interest, you may reach your goal faster. Type here the average annual return rate you expect to make on your investments. Try not to be over-optimistic and stick to the average return rates the different asset classes may provide. 


The compounding frequency determines how often the interest earned is added to the savings balance. Our retirement goal calculator will allow you to choose between monthly, quarterly, and annually compounding frequency.  

Tax rate

The income tax rate for your interest earnings. If you save using a tax-protected plan like 401k or similar, you may type here 0%. 

How much money do I need to retire early?

The simple answer is that you need to have a portfolio of assets able to generate enough interest each month to cover all your living expenses like housing, food, bills, etc.

What’s more, most financial advisors suggest that you should calculate such a number using a 4% interest rate or even less. 

If you follow this rule, you may never run out of money during your retirement. However, people that are about to retire later in their 50s or 60s may live not just from their interests earnestly but from accumulated capital as well. 

If you wish to learn more about this topic, check out our analysis: Is $500k enough to retire early, or if you have a larger pocket, check a similar report for 1 million dollars

How much should you save for retirement each month?

If you plan to retire early, the answer is as much as possible. In fact, people dedicated to reaching early retirement save up to 70% of their monthly income. 

If you wish to know how much you should be saving, play with the different settings of our calculator to find the balance between saving rate and saving difficulty. 

Note that in order to create a feasible plan, you cannot push too hard. Otherwise, you will fail. 

Visit our early retirement calculator to discover the most effective methods to increase your net worth and attain financial freedom, giving you the ability to retire early and live life on your own terms.

Similar calculators

On our portal, Calcopolis, you may find other tools in the savings category. For example, the regular monthly savings calculator will let you find out how much you are able to save during a fixed period of time.  

Another useful tool is living off savings calc that will help you determine how long your savings last in retirement


Created by Lucas Krysiak on 2022-06-11 18:47:09 | Last review by Mike Kozminsky on 2022-06-23 17:10:28

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