Retirement Income Calculator
Use Bankrate's retirement income calculator to determine how much monthly retirement income you could generate from your savings. Your annual savings, expected rate of return and current age all impact your monthly retirement income. View the full report to see a year-by-year breakdown of retirement savings.
Retirement Income Calculator
Your Monthly Retirement Income
$3,028
Monthly income at age 68 for 27 years
Navigate retirement planning with a financial advisor
Begin by answering a few questions and get matched to the right advisor for your future in 5 minutes or less.
Popular next steps
What is retirement planning?
Retirement planning can be an overwhelming endeavor, but it’s vitally important to ensure that your financial needs are met once you’re no longer working.
Best retirement plans
How to budget for retirement
Retirement is a new chapter in your life, and your budget will need to reflect that.
Calculator Definitions
How much have you saved for retirement?
Total amount that you currently have saved toward your retirement. Include all sources of retirement savings such as 401(k)s, IRAs, and annuities.
Annual savings contributions
The amount you will contribute to your retirement savings each year. This calculator assumes that you make your contribution at the beginning of each year. This should reflect the total you save toward your retirement. This should include any retirement plans and your employer's contributions to these plans. It should also include any other retirement accounts and any retirement savings in nonretirement accounts. This calculator assumes that you make one annual contribution at the start of each year, and any withdrawals happen once per month at the beginning of each month.
Current age
Your current age.
Age you plan to retire
Age you wish to retire. This calculator assumes that the year you retire, you do not make any contributions to your retirement savings. So if you retire at age 65, your last contribution occurs when you are actually age 64. This calculator also assumes that you make your entire contribution at the end of each year.
Increase deposits with inflation checkbox
Check this box if wish to have your annual contribution increased each year to keep up with inflation.
Calculate savings to be tax-deferred checkbox
Check this box if your retirement savings is being deposited into a tax-deferred account. This includes an IRA, 401(k), 403(b), governmental 457(b), variable annuity or other tax-deferred investment.
Expected return on investments
The historical average stock market return, as measured by the S&P 500, generally hovers around 10 percent annually before adjusting for inflation, and about 6 to 7 percent when adjusted for inflation.
Current marginal tax rate
The tax rate you pay on your last dollar of income.
Retirement tax rate
The marginal tax rate you expect to pay on your investments at retirement.
Expected inflation rate
This is what you expect for the average long-term inflation rate. The Consumer Price Index (CPI) has a long term average of 3.22%. This figure represents the average annual inflation rate over several decades, providing a broader view of how prices have generally increased over time in the country.