Free Retirement Tool

Find Your Exact Retirement Number Today

Stop guessing. Use our free calculator to figure out exactly how much you need to retire — factoring in inflation, healthcare, Social Security, and every income source you have.

7
Step Framework
60 sec
To Your Number
100%
Free to Use
The Process

How to Calculate Your Retirement Number

Most people guess at their retirement number. Here is the 7-step method that actually works.

01
Start With What You Spend Today
Your current annual spending is the foundation. Be honest. Look at real bank statements, not estimates.
02
Remove Expenses That Go Away
Mortgage payments and debt payments you plan to have paid off by retirement get subtracted from your baseline.
03
Add Healthcare Back In
Healthcare inflates at ~6% per year. Most people skip this step. It can change your target by hundreds of thousands.
04
Inflate Your Number Forward
A dollar today is not a dollar in 25 years. We project your costs to your actual retirement date in future dollars.
05
Stack Up Your Income Sources
Social Security, pension income, and rental income all reduce the amount your portfolio needs to cover.
06
Find Your Gap
Subtract your total income from your inflation-adjusted spending. What's left is what your portfolio funds each year.
07
Apply the Withdrawal Rate
Divide your annual gap by your withdrawal rate. That is your retirement number. Now you have a real target.
The Calculator

Calculate Your Retirement Number

Enter your details below. Every field matters. The more accurate your inputs, the more accurate your number.

Your Timeline
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Your age today. This determines how many years you have to build toward your retirement number. The longer the runway, the smaller your monthly savings need to be.
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The age you plan to stop working full time. The earlier you retire, the larger your portfolio needs to be — and the more years it has to last.
Your Spending Today
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Everything you spend in a year — housing, food, transportation, entertainment, subscriptions, travel. Pull this from real bank and credit card statements, not estimates. Most people undercount by 15-20%.
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If you plan to have your mortgage paid off by retirement, enter your current monthly payment here. This amount is already included in your annual spending above — the calculator removes it so you are not double-counting an expense that will be gone.
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Car loans, student loans, personal loans, and credit card minimums. If these debts will be paid off by retirement, enter the total annual amount here. Like the mortgage, these are already in your annual spending — we remove them because they will not follow you into retirement.
Inflation & Healthcare
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The general rate at which prices rise each year. This compounds your spending forward to your retirement date so you are planning for future dollars, not today's dollars. 3-4% is a reasonable long-term assumption.
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Healthcare costs rise faster than general inflation — typically 5-7% per year. This rate is applied only to your healthcare costs, separate from your other spending, so the calculator captures the true impact on your retirement budget.
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The average Medicare retiree spends about $583/month on healthcare. Early retirees on private insurance before age 65 can pay $1,000 to $2,000+/month. Use your best estimate based on your planned retirement age.
Your Income Sources in Retirement
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Your estimated monthly Social Security benefit. Go to SSA.gov and create a free account to see your personalized estimate based on your actual earnings history. Every dollar here reduces how much your portfolio has to cover.
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If you plan to take your full benefit, enter 100%. If you plan to retire before age 62 or expect a reduced benefit, lower this percentage. Most people entering a standard retirement enter 100%.
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A fixed monthly payment from a former employer's defined benefit pension plan. Most people enter $0. If you have a pension, enter the monthly amount you expect to receive at retirement.
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Monthly cash flow from investment properties you plan to own in retirement. Use your net amount after expenses like property taxes, insurance, maintenance, and any property management fees.
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Any other income you expect in retirement — dividend income, royalties, a part-time business, consulting, or any passive income stream that does not fit into the categories above.
What You Already Have
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The total value of everything you have saved and invested today — 401(k), IRA, Roth IRA, brokerage accounts, and any other investment accounts. Do not include your home equity or cash savings. This gets compounded forward to your retirement date.
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The average annual growth rate you expect on your investments. A diversified stock portfolio has historically returned 7-10% per year before inflation. 7% is a conservative and reasonable long-term assumption.
Withdrawal Strategy
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The percentage of your portfolio you withdraw each year in retirement. 3% is conservative and gives strong protection against outliving your money. 4% is the traditional rule of thumb. Lower is safer, especially if you retire early.
Your Retirement Number

Your Projected Savings at Retirement
Monthly Savings Needed to Close the Gap

This number should be recalculated every year. Your life changes, and your target should change with it.

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© 2026 Master Money. All rights reserved. This calculator is for educational purposes only and does not constitute financial advice.