Financing options to help you get more out of life.

Online BankingOnline Banking Log-in Get Info

 
Retirement Calculator
You are here: Home > Loans & Rates > Calculators > Retirement Calculator
Use our handy retirement calculator to find out how much you need to save in order to reach your retirement goals, or, if you are already retired, you can find out how much income you can safely draw out each year.
Retirement Calculator
 

Enter your information in the boxes below. Please do not include commas or dollar signs. When you click "Calculate," the amount you need to save each year will appear below.
Help with terms used on the calculator
 
Current Age Current Savings Retirement Age Desired Income Age Savings Run Out

Inflation Rate PRE-RETIREMENT POST-RETIREMENT
Rate of Return Tax Rate Rate of Return Tax Rate
  

Retirement Calculator Help
  Current Age
Your current age.
back to top

Current Savings
The amount of savings you currently have.
back to top

Retirement Age
The age at which you wish to retire.
back to top

Desired Income
Your desired annual retirement income. (Most experts recommend approximately 70% of your current income.)
back to top

Age Savings Run Out
The age at which your savings have run out, and you no longer can draw any income.
back to top

Inflation Rate
Your guess as to the average future inflation rate. A figure between 3.0 and 5.0 would be a reasonable guess. (Note that you do not have to include the % sign.) You will quickly discover that changing this rate vastly changes the calculator's results.
back to top

Rate of Return
Your guess as to the rate at which your savings will grow in the future. The default pre-retirement rate of 8.0% is based on experts' opinion as to the long-term rate on equity investments. The default post-retirement rate of 6.0% is based on the long-term rate of tax-free municipal bonds.
back to top

Tax Rate
The tax rate on your investments. This calculator presumes 28% on pre-retirement investments which is quite high (basically it means that you are investing in CDs or mutual funds which pay dividends/interest each year; you should instead be holding investments long-term or in IRAs or 401(k)s in which case your taxes would be deferred). The post-retirement rate of 0% presumes that you have invested your assets in non-taxable instruments.
back to top

Calculate
When you press the Calculate button, the calculator will compute the amount of savings you may require to meet the retirement income level you have set. Results display below the calculator. Please do not use commas, decimal points, or dollar signs.
back to top

 

 Less than perfect credit loan program

   
RATES
 

Get the latest rates on all our products
Enter ZIP code: