Retirement Income

Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement. Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income. View the full report to see a year-by-year break down of your retirement savings.

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Definitions

Starting balance: Current balance in your retirement accounts.
Annual contributions: The amount you will contribute to your retirement savings each year. This should reflect the total you save toward your retirement. Include any 403(b), 401(k), or 457(b) plans and your employer contributions to these plans. It should also include any other retirement accounts such as an IRA or a Roth IRA and any retirement savings in non-qualified 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 of retirement: Age you would like to retire. This calculator assumes that in the year you retire, you do not make any contributions to your retirement savings. So, if you retire at age 65, your last contribution will be when you are age 64.
Rate of return before retirement: This is the annual before-tax rate of return you expect from your investments before retirement. The actual rate of return is largely dependant on the type of investments you select. The assumed rates of return do not predict the results of any particular investments. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Rate of return during retirement: This is the annual before-tax rate of return you expect from your investments during retirement. The actual rate of return is largely dependant on the type of investments you select. The assumed rates of return do not predict the results of any particular investments. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
Current tax rate: Your current marginal income tax rate on taxable investments.
Retirement tax rate: Your expected marginal income tax rate during retirement.
To increase deposits with inflation checkbox: Check this box if wish to have your annual contribution increased each year to keep up with inflation.
Is savings is 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.

DISCLAIMER:

This calculator includes content that Genworth Financial did not write or compile. Any assumptions or opinions expressed or embodied in this item are solely those of the creator of the calculator. We do not guarantee how accurate or complete it is. The author did not create this calculator to provide investment, legal, or tax advice and we are not furnishing it to you for any such purpose; you may not use it to avoid any IRS penalty. You should ask your independent tax and legal advisors for advice based on your particular circumstances.

If this material states or implies that it was prepared or distributed to promote, market or recommend an investment plan or arrangement within the meaning of IRS guidance, or such use may be reasonably expected, then, as required by the IRS, the following also applies:

The tax information in this material was written to support the promotion or marketing of the transaction(s) or matter(s) addressed in this material.

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