Use this calculator to estimate if your combined retirement savings are on track to meet your desired retirement lifestyle.
Retirement Readiness Summary
Enter your details and click "Calculate" to see your retirement projections.
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.calculator-results #result p {
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.status-on-track {
background-color: #d4edda;
color: #155724;
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.status-shortfall {
background-color: #f8d7da;
color: #721c24;
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.status-surplus {
background-color: #cce5ff;
color: #004085;
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@media (max-width: 600px) {
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}
function calculateRetirement() {
// Get input values
var currentAge1 = parseFloat(document.getElementById('currentAge1').value);
var retirementAge1 = parseFloat(document.getElementById('retirementAge1').value);
var lifeExpectancy1 = parseFloat(document.getElementById('lifeExpectancy1').value);
var currentAge2 = parseFloat(document.getElementById('currentAge2').value);
var retirementAge2 = parseFloat(document.getElementById('retirementAge2').value);
var lifeExpectancy2 = parseFloat(document.getElementById('lifeExpectancy2').value);
var currentIncome = parseFloat(document.getElementById('currentIncome').value);
var desiredIncomePercentage = parseFloat(document.getElementById('desiredIncomePercentage').value);
var currentSavings = parseFloat(document.getElementById('currentSavings').value);
var annualContribution = parseFloat(document.getElementById('annualContribution').value);
var preRetirementReturn = parseFloat(document.getElementById('preRetirementReturn').value) / 100;
var postRetirementReturn = parseFloat(document.getElementById('postRetirementReturn').value) / 100;
var inflationRate = parseFloat(document.getElementById('inflationRate').value) / 100;
// Validate inputs
if (isNaN(currentAge1) || isNaN(retirementAge1) || isNaN(lifeExpectancy1) ||
isNaN(currentAge2) || isNaN(retirementAge2) || isNaN(lifeExpectancy2) ||
isNaN(currentIncome) || isNaN(desiredIncomePercentage) || isNaN(currentSavings) ||
isNaN(annualContribution) || isNaN(preRetirementReturn) || isNaN(postRetirementReturn) ||
isNaN(inflationRate) ||
currentAge1 <= 0 || retirementAge1 <= 0 || lifeExpectancy1 <= 0 ||
currentAge2 <= 0 || retirementAge2 <= 0 || lifeExpectancy2 <= 0 ||
currentIncome < 0 || desiredIncomePercentage < 0 || currentSavings < 0 || annualContribution < 0) {
document.getElementById('result').innerHTML = 'Please enter valid positive numbers for all fields.';
return;
}
if (retirementAge1 < currentAge1 || lifeExpectancy1 < retirementAge1 ||
retirementAge2 < currentAge2 || lifeExpectancy2 0) {
fvAnnualContributions = annualContribution * ((Math.pow(1 + preRetirementReturn, yearsUntilFirstRetirement) – 1) / preRetirementReturn);
} else { // Handle 0% return for contributions
fvAnnualContributions = annualContribution * yearsUntilFirstRetirement;
}
var totalProjectedSavings = fvCurrentSavings + fvAnnualContributions;
// Calculate desired retirement nest egg
var desiredAnnualIncome = currentIncome * (desiredIncomePercentage / 100);
var inflationAdjustedDesiredIncome = desiredAnnualIncome * Math.pow(1 + inflationRate, yearsUntilFirstRetirement);
// Determine the longest retirement duration for either partner
var retirementDuration1 = Math.max(0, lifeExpectancy1 – retirementAge1);
var retirementDuration2 = Math.max(0, lifeExpectancy2 – retirementAge2);
var longestRetirementDuration = Math.max(retirementDuration1, retirementDuration2);
// Ensure a minimum duration for calculation if one partner retires much later
if (longestRetirementDuration === 0 && (retirementAge1 > lifeExpectancy1 || retirementAge2 > lifeExpectancy2)) {
longestRetirementDuration = 1; // Assume at least 1 year if life expectancy is just retirement age
} else if (longestRetirementDuration === 0) {
longestRetirementDuration = 1; // Default to 1 year if both retire at life expectancy
}
var realPostRetirementReturn = ((1 + postRetirementReturn) / (1 + inflationRate)) – 1;
var nestEggNeeded = 0;
if (realPostRetirementReturn > 0.0001) { // Positive real return
nestEggNeeded = inflationAdjustedDesiredIncome * ((1 – Math.pow(1 + realPostRetirementReturn, -longestRetirementDuration)) / realPostRetirementReturn);
} else if (realPostRetirementReturn 0 && longestRetirementDuration > 0) {
if (realPostRetirementReturn > 0.0001) {
projectedAnnualIncomeFromSavings = totalProjectedSavings / ((1 – Math.pow(1 + realPostRetirementReturn, -longestRetirementDuration)) / realPostRetirementReturn);
} else if (realPostRetirementReturn = 0) {
statusClass = 'status-on-track';
statusMessage = 'On Track!';
if (gapOrSurplus > 0.05 * nestEggNeeded) { // More than 5% surplus
statusClass = 'status-surplus';
statusMessage = 'Surplus!';
}
} else {
statusClass = 'status-shortfall';
statusMessage = 'Shortfall!';
}
// Format results
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 0,
maximumFractionDigits: 0
});
var resultHTML = `
Years until Partner 1 retires: ${Math.max(0, retirementAge1 – currentAge1)} years
Years until Partner 2 retires: ${Math.max(0, retirementAge2 – currentAge2)} years
Estimated Annual Income Needed in Retirement (inflation-adjusted): ${formatter.format(inflationAdjustedDesiredIncome)}
Estimated Total Nest Egg Needed at Retirement: ${formatter.format(nestEggNeeded)}
Projected Total Savings at First Retirement: ${formatter.format(totalProjectedSavings)}
Retirement Gap/Surplus: ${formatter.format(gapOrSurplus)}
Projected Annual Income from Savings (in retirement): ${formatter.format(projectedAnnualIncomeFromSavings)}
Your Retirement Status: ${statusMessage}
`;
document.getElementById('result').innerHTML = resultHTML;
}
Understanding Your Couple's Retirement Readiness
Planning for retirement as a couple involves unique considerations. Unlike individual planning, you need to account for two sets of ages, retirement goals, and life expectancies, all while managing shared finances. This calculator is designed to give you a clearer picture of whether your combined efforts are sufficient to achieve your desired retirement lifestyle.
Why Couple's Retirement Planning Matters
When you're part of a couple, your financial decisions are intertwined. Retirement planning should reflect this synergy. Key reasons to plan together include:
Shared Goals: You likely have common dreams for retirement, whether it's travel, hobbies, or simply enjoying time together. A joint plan ensures both partners are working towards these shared aspirations.
Varying Timelines: Partners often have different current ages, desired retirement ages, and life expectancies. This calculator helps you visualize how these differences impact your overall financial runway.
Optimizing Savings: By pooling resources and strategizing together, couples can often optimize their savings and investment strategies, potentially reaching their goals faster or with less individual burden.
Healthcare and Longevity: Longer life expectancies mean more years in retirement, and potentially higher healthcare costs. Planning as a couple helps ensure funds last for both individuals throughout their lives.
Income Replacement: Determining the percentage of your current income you'll need in retirement is crucial. This calculator allows you to set a joint target, ensuring your desired lifestyle is maintained.
How the Calculator Works
This calculator takes into account several critical factors to project your retirement readiness:
Personal Timelines: It considers each partner's current age, desired retirement age, and expected life expectancy to determine the duration of your pre-retirement savings period and your post-retirement spending period.
Current Financial Snapshot: Your current annual household income, existing retirement savings, and annual contributions form the baseline of your financial health.
Future Income Needs: You specify your desired retirement income as a percentage of your current income. The calculator then adjusts this for inflation to estimate what that income will be worth in future dollars.
Investment Growth: It applies your expected pre-retirement investment return to project how much your current savings and future contributions will grow by the time the first partner retires.
Retirement Nest Egg Calculation: Using your desired inflation-adjusted income, your post-retirement investment return, and the longest expected retirement duration (between both partners), the calculator estimates the total lump sum (nest egg) you'll need to support your lifestyle.
Readiness Assessment: Finally, it compares your projected savings at retirement with the estimated nest egg needed, revealing any surplus or shortfall and providing a clear status of your retirement readiness.
Interpreting Your Results
"On Track" / "Surplus": Congratulations! Your current savings and contributions, combined with your investment assumptions, appear sufficient to meet or exceed your retirement goals. Consider reviewing your plan periodically to ensure it remains aligned with your evolving goals.
"Shortfall": This indicates that, based on your current inputs, you may not have enough saved to support your desired retirement lifestyle. Don't panic! This is an opportunity to make adjustments. Consider:
Increasing your annual savings contributions.
Delaying one or both partners' retirement ages.
Adjusting your desired retirement income percentage.
Exploring options to increase your investment returns (while being mindful of risk).
Reducing your expected life expectancy (if it's overly conservative).
Important Considerations
This calculator provides an estimate based on the information you provide. Real-world scenarios can be more complex. Here are a few things to keep in mind:
Assumptions: The calculator relies on your assumed investment returns and inflation rates. These are estimates and actual results may vary.
Social Security & Pensions: This calculator does not explicitly include Social Security benefits or private pensions. If you expect these income sources, you can adjust your "Desired Retirement Income (% of current)" downwards to reflect the portion your savings need to cover.
Healthcare Costs: Healthcare expenses can be significant in retirement. Ensure your desired retirement income accounts for these potential costs.
Taxes: The calculator does not account for taxes on withdrawals from retirement accounts. This can impact your net retirement income.
Unexpected Events: Life is unpredictable. Building in a buffer for unexpected expenses or changes in circumstances is always a good idea.
Use this tool as a starting point for your couple's retirement planning discussions. For personalized advice, consult with a qualified financial advisor.