Exponent Investment Management calculator is a great way to get an idea of how much income you may need in order to retire at the time and in the manner you want. You’ll need to consider factors such as your desired retirement age, expenses, supplemental income from Social Security or pensions, and of course how long you expect to live. As a rule of thumb many experts recommend that you save enough to generate an annual income of 25 times your estimated expenditures in retirement.

How much you’ll need to save will depend on your personal situation, however it’s important to keep in mind that certain expenses- such as commuting costs- may decline in retirement, while others-such as healthcare and travel- are likely to rise. You’ll also need to consider the effect of inflation and what rate of return you might receive on your investments.

How Financial Advisors Help You Plan for the Future

A good place to start is by filling out the fields below and then adjusting the default assumption information as needed. Once you’ve done this click the “calculate” button to see your results.

To calculate how much you need to save for retirement, enter your current age, expected retirement age, and the amount of yearly supplemental income that you plan to receive from sources such as a pension, Social Security, or part-time work. Then, enter your annual pre-tax household income and the amount you plan to contribute each year to your retirement savings accounts such as a 401(k), IRA or other employer-sponsored retirement plans.