Simple Savings Calculator
Plan your retirement and visualize savings growth
Did you know that starting to save just 5 years earlier can nearly double your retirement savings due to compound interest?
Withdrawals (Optional)
Savings Growth Over Time
Yearly Breakdown
| Year | Age | Starting Balance | Contribution | Interest Earned | Withdrawal | Ending Balance |
|---|
How to Use This Savings Calculator
Our simple savings calculator helps you plan for retirement and visualize how your savings will grow over time with compound interest:
1. Enter Your Current Situation
Input your current savings balance, your age, and your expected annual interest rate (typical investment returns range from 4-8%). Note this calculator assumes a fixed consistent rate of return which is far from reality.
2. Set Your Contribution Plan
Enter how much you plan to contribute each year. Regular contributions are key to building wealth over time. If "Contribution Timing" is set to "Start of Year", contributions are made on first day of year and interest is accrued that year. If "Contribution Timing" is set to "End of Year", no interest is accrued on the contribution for the year of the contribution. Obviously, in both cases, contributions accrue interest in the following years.
3. Plan for Retirement (Optional)
If you want to see how withdrawals affect your savings, enter the age you plan to start withdrawing and how much you'll withdraw annually. Calculator assumes contributions stop when withdrawals start.
4. Visualize Your Growth
The chart shows your projected savings balance over time, making it easy to see the power of compound interest and plan for your financial future.
Warning: this is a simple calculator for approximating savings trajectories meant to inspire people to do more planning and saving. Many factors which are not included in this calculator can impact the performance of your savings plan (e.g. interest rates vary over time). This is not a replacement for a professional retirement planner.