Exponent Investment Management calculators are useful tools for estimating the amount of money you may need to retire comfortably. They can help you determine how much to save and when to do so. In addition, they can help you estimate how much you might receive from Social Security in retirement.

Start by entering your current income and the percentage you plan to save toward retirement. You can also enter your estimated future contributions to your 401(k), 457(b) or IRA accounts, as well as your total savings in non-retirement accounts. Then select the desired age at which you plan to retire and if you want your savings to increase with inflation (the Consumer Price Index).

Why You Need a Financial Advisor for Retirement Planning

The tool uses conservative historic investment return data to calculate your results. However, you can use the options to experiment with other assumptions to personalize your results.

Input the amount you plan to receive each year from your pension and other sources of income in retirement. Check the box if you plan to include Social Security benefits in your calculations (the default is no). Then click the Calculate button.

While no tool can predict how you will fare in retirement, a well-planned budget and regular savings can help make the transition easier. And if you discover that you are behind schedule, you have time to catch up by saving more or working longer. By tracking your progress with a calculator, you can gain the confidence to make big financial decisions with a clear path ahead of you.