How to Calculate Retirement Age
What is Retirement Age?
A retirement age calculator projects when savings will reach a target pot based on current balance, monthly contributions, and expected growth rate.
Formula
Approximate retirement age = Current age + (Retirement savings target − Current savings) / (Annual savings rate + Investment returns)
- Age
- Current age (Years)
- Target
- Retirement savings goal (Currency)
- Current
- Current retirement savings (Currency)
- AnnualSave
- Annual savings rate (Currency)
Step-by-Step Guide
- 1Project balance monthly: B × (1 + r/12) + contribution
- 2Count months until balance ≥ target
- 3Target = desired annual income × 25 (4% rule)
- 4Higher contributions = earlier retirement date
Worked Examples
Input
Age 35, $50k saved, $1,200/mo, 7% growth, $1M target
Result
Retirement at approximately age 56 (21 years)
Frequently Asked Questions
How much do I need to retire?
Rule of thumb: 25–30x annual expenses (4% safe withdrawal rule). If spending $50k/year, need $1.25M–1.5M. Adjust for health, life expectancy, inflation.
Can I retire early?
Yes, if you have sufficient savings and low spending. FIRE (Financial Independence, Retire Early): $1M target. But healthcare costs, inflation over 40-year retirement are big risks.
When should I claim Social Security?
62 = 70% benefit (immediate); 67 = 100%; 70 = 124–130%. Longevity bet: live past 80? Delay claiming. Live to 75? Claim early. High earners often delay.
Ready to calculate? Try the free Retirement Age Calculator
Try it yourself →