Our retirement calculator with pension and social security is a simple tool that helps you estimate the amount of savings you need to meet your desired retirement income. It accounts for variables like expected inflation and investment returns. To use the tool, answer a few questions about your financial situation and goals. Then, see how you can improve your retirement plan strategy to help reach your goal. Find out ex-ponent.com

Current Annual Household Income: Your annual pre-tax income (if married, enter your spouse’s annual salary as well). Annual Savings for Retirement: The total current balance of your 401(k) plans, individual retirement accounts (IRAs) and other investment accounts earmarked for retirement. We recommend setting this number as either a dollar amount or a percentage of your income. Expected Annual Salary Increases: How much do you anticipate your salary will grow each year, before taxes? We assume 2%, but you can adjust this to your own expectations. Anticipated Monthly Budget in Retirement: We assume you’ll spend 70% of your pre-retirement income. You can also choose to include your anticipated Social Security benefits, if you are a married couple. Social Security payments are calculated on a sliding scale, depending on your income and your age when you retire. Including your spouse’s income increases your benefits, up to the maximum benefit.

What is the best Retirement Planning Tool?

We recommend reviewing the results of your analysis periodically, as a change in any of the inputs may affect your projected retirement savings. Remember that investing involves risk, including the potential loss of principal. It’s impossible to predict future investment results with certainty. That’s why it’s important to work with a trusted advisor who can help you develop a long-term strategy for your savings, investments and retirement.