Based on the inputs you provided, to provide the inflation-adjusted retirement income you desire, you may potentially need to save 6.9% of your yearly income (less any employer match, if applicable). This year, for example, the amount would be $2,170 or $181 a month. The total amount needed for retirement, including amounts already saved, is $1,033,090, based on the current assumptions provided.If you wait just one year to start saving for retirement you may need to save 7.5% of your annual income, which amounts to $2,361 in the first year. <div id="chart1Container">Chart will load here</div> <script type="text/javascript">  </script> <ul><li><a href="ret01">How will retirement impact my living expenses?</a></li><li><a href="retirement-calculator">How much will I need to save for retirement?</a></li><li><a href="are-my-current-retirement-savings-sufficient">Are my current retirement savings sufficient?</a></li><li><a href="social-security-retirement-income-estimator">Social security retirement income estimator</a></li><li><a href="ret05">How does inflation impact my retirement income needs?</a></li><li><a href="i-am-retired-how-long-will-my-savings-last">I'm retired, how long will my savings last?</a></li><li><a href="ret07">When should I begin saving for retirement?</a></li><li><a href="ret08">Should I convert discretionary expenses to savings?</a></li><li><a href="ret09">How much retirement income may my 401(k) provide?</a></li><li><a href="ret10">Compare a Roth 401(k) to a Traditional 401(K)</a></li></ul><table class='pure-table pure-table-bordered' role='grid'><tr><th scope="col">Age</th><th scope="col">Annual Salary Increasing @ 3.00%</th><th scope="col">Beginning Retirement Balance</th><th scope="col">Earnings<br/>Pre-Ret 8.00%<br/>Post-Ret 8.00%</th><th scope="col">Estimated Annual Savings </th><th scope="col">Retirement Income Replace <br/>75.00%</th><th scope="col">Annual Social Security Income</th><th scope="col">Annual Retirement Account Withdrawal</th><th scope="col">Ending Retirement Balance</th></tr><tr><td role="rowheader" scope="row">22</td><td>$31,546</td><td>$0</td><td>$0</td><td>$2,170</td><td>$0</td><td>$0</td><td>$0</td><td>$2,170</td></tr><tr><td role="rowheader" scope="row">23</td><td>32,492</td><td>2,170</td><td>174</td><td>2,235</td><td>0</td><td>0</td><td>0</td><td>4,579</td></tr><tr><td role="rowheader" scope="row">24</td><td>33,467</td><td>4,579</td><td>366</td><td>2,302</td><td>0</td><td>0</td><td>0</td><td>7,248</td></tr><tr><td role="rowheader" scope="row">25</td><td>34,471</td><td>7,248</td><td>580</td><td>2,371</td><td>0</td><td>0</td><td>0</td><td>10,199</td></tr><tr><td role="rowheader" scope="row">26</td><td>35,505</td><td>10,199</td><td>816</td><td>2,443</td><td>0</td><td>0</td><td>0</td><td>13,457</td></tr><tr><td role="rowheader" scope="row">27</td><td>36,570</td><td>13,457</td><td>1,077</td><td>2,516</td><td>0</td><td>0</td><td>0</td><td>17,050</td></tr><tr><td role="rowheader" scope="row">28</td><td>37,667</td><td>17,050</td><td>1,364</td><td>2,591</td><td>0</td><td>0</td><td>0</td><td>21,005</td></tr><tr><td role="rowheader" scope="row">29</td><td>38,797</td><td>21,005</td><td>1,680</td><td>2,669</td><td>0</td><td>0</td><td>0</td><td>25,354</td></tr><tr><td role="rowheader" scope="row">30</td><td>39,961</td><td>25,354</td><td>2,028</td><td>2,749</td><td>0</td><td>0</td><td>0</td><td>30,132</td></tr><tr><td role="rowheader" scope="row">31</td><td>41,160</td><td>30,132</td><td>2,411</td><td>2,832</td><td>0</td><td>0</td><td>0</td><td>35,374</td></tr><tr><td role="rowheader" scope="row">32</td><td>42,395</td><td>35,374</td><td>2,830</td><td>2,917</td><td>0</td><td>0</td><td>0</td><td>41,120</td></tr><tr><td role="rowheader" scope="row">33</td><td>43,666</td><td>41,120</td><td>3,290</td><td>3,004</td><td>0</td><td>0</td><td>0</td><td>47,414</td></tr><tr><td role="rowheader" scope="row">34</td><td>44,976</td><td>47,414</td><td>3,793</td><td>3,094</td><td>0</td><td>0</td><td>0</td><td>54,301</td></tr><tr><td role="rowheader" scope="row">35</td><td>46,326</td><td>54,301</td><td>4,344</td><td>3,187</td><td>0</td><td>0</td><td>0</td><td>61,832</td></tr><tr><td role="rowheader" scope="row">36</td><td>47,716</td><td>61,832</td><td>4,947</td><td>3,283</td><td>0</td><td>0</td><td>0</td><td>70,062</td></tr><tr><td role="rowheader" scope="row">37</td><td>49,147</td><td>70,062</td><td>5,605</td><td>3,381</td><td>0</td><td>0</td><td>0</td><td>79,048</td></tr><tr><td role="rowheader" scope="row">38</td><td>50,621</td><td>79,048</td><td>6,324</td><td>3,482</td><td>0</td><td>0</td><td>0</td><td>88,854</td></tr><tr><td role="rowheader" scope="row">39</td><td>52,140</td><td>88,854</td><td>7,108</td><td>3,587</td><td>0</td><td>0</td><td>0</td><td>99,549</td></tr><tr><td role="rowheader" scope="row">40</td><td>53,704</td><td>99,549</td><td>7,964</td><td>3,695</td><td>0</td><td>0</td><td>0</td><td>111,208</td></tr><tr><td role="rowheader" scope="row">41</td><td>55,315</td><td>111,208</td><td>8,897</td><td>3,805</td><td>0</td><td>0</td><td>0</td><td>123,910</td></tr><tr><td role="rowheader" scope="row">42</td><td>56,975</td><td>123,910</td><td>9,913</td><td>3,920</td><td>0</td><td>0</td><td>0</td><td>137,742</td></tr><tr><td role="rowheader" scope="row">43</td><td>58,684</td><td>137,742</td><td>11,019</td><td>4,037</td><td>0</td><td>0</td><td>0</td><td>152,799</td></tr><tr><td role="rowheader" scope="row">44</td><td>60,445</td><td>152,799</td><td>12,224</td><td>4,158</td><td>0</td><td>0</td><td>0</td><td>169,181</td></tr><tr><td role="rowheader" scope="row">45</td><td>62,258</td><td>169,181</td><td>13,534</td><td>4,283</td><td>0</td><td>0</td><td>0</td><td>186,998</td></tr><tr><td role="rowheader" scope="row">46</td><td>64,126</td><td>186,998</td><td>14,960</td><td>4,411</td><td>0</td><td>0</td><td>0</td><td>206,369</td></tr><tr><td role="rowheader" scope="row">47</td><td>66,049</td><td>206,369</td><td>16,510</td><td>4,544</td><td>0</td><td>0</td><td>0</td><td>227,423</td></tr><tr><td role="rowheader" scope="row">48</td><td>68,031</td><td>227,423</td><td>18,194</td><td>4,680</td><td>0</td><td>0</td><td>0</td><td>250,297</td></tr><tr><td role="rowheader" scope="row">49</td><td>70,072</td><td>250,297</td><td>20,024</td><td>4,821</td><td>0</td><td>0</td><td>0</td><td>275,141</td></tr><tr><td role="rowheader" scope="row">50</td><td>72,174</td><td>275,141</td><td>22,011</td><td>4,965</td><td>0</td><td>0</td><td>0</td><td>302,118</td></tr><tr><td role="rowheader" scope="row">51</td><td>74,339</td><td>302,118</td><td>24,169</td><td>5,114</td><td>0</td><td>0</td><td>0</td><td>331,401</td></tr><tr><td role="rowheader" scope="row">52</td><td>76,569</td><td>331,401</td><td>26,512</td><td>5,268</td><td>0</td><td>0</td><td>0</td><td>363,181</td></tr><tr><td role="rowheader" scope="row">53</td><td>78,867</td><td>363,181</td><td>29,054</td><td>5,426</td><td>0</td><td>0</td><td>0</td><td>397,661</td></tr><tr><td role="rowheader" scope="row">54</td><td>81,233</td><td>397,661</td><td>31,813</td><td>5,588</td><td>0</td><td>0</td><td>0</td><td>435,062</td></tr><tr><td role="rowheader" scope="row">55</td><td>83,670</td><td>435,062</td><td>34,805</td><td>5,756</td><td>0</td><td>0</td><td>0</td><td>475,623</td></tr><tr><td role="rowheader" scope="row">56</td><td>86,180</td><td>475,623</td><td>38,050</td><td>5,929</td><td>0</td><td>0</td><td>0</td><td>519,602</td></tr><tr><td role="rowheader" scope="row">57</td><td>88,765</td><td>519,602</td><td>41,568</td><td>6,107</td><td>0</td><td>0</td><td>0</td><td>567,276</td></tr><tr><td role="rowheader" scope="row">58</td><td>91,428</td><td>567,276</td><td>45,382</td><td>6,290</td><td>0</td><td>0</td><td>0</td><td>618,948</td></tr><tr><td role="rowheader" scope="row">59</td><td>94,171</td><td>618,948</td><td>49,516</td><td>6,478</td><td>0</td><td>0</td><td>0</td><td>674,942</td></tr><tr><td role="rowheader" scope="row">60</td><td>96,996</td><td>674,942</td><td>53,995</td><td>6,673</td><td>0</td><td>0</td><td>0</td><td>735,611</td></tr><tr><td role="rowheader" scope="row">61</td><td>99,906</td><td>735,611</td><td>58,849</td><td>6,873</td><td>0</td><td>0</td><td>0</td><td>801,332</td></tr><tr><td role="rowheader" scope="row">62</td><td>102,903</td><td>801,332</td><td>64,107</td><td>7,079</td><td>0</td><td>0</td><td>0</td><td>872,518</td></tr><tr><td role="rowheader" scope="row">63</td><td>105,990</td><td>872,518</td><td>69,801</td><td>7,292</td><td>0</td><td>0</td><td>0</td><td>949,611</td></tr><tr><td role="rowheader" scope="row">64</td><td>109,170</td><td>949,611</td><td>75,969</td><td>7,510</td><td>0</td><td>0</td><td>0</td><td>1,033,090</td></tr><tr><td role="rowheader" scope="row">65</td><td>0</td><td>1,033,090</td><td>82,647</td><td>0</td><td>84,334</td><td>0</td><td>84,334</td><td>1,031,404</td></tr><tr><td role="rowheader" scope="row">66</td><td>0</td><td>1,031,404</td><td>82,512</td><td>0</td><td>86,864</td><td>0</td><td>86,864</td><td>1,027,053</td></tr><tr><td role="rowheader" scope="row">67</td><td>0</td><td>1,027,053</td><td>82,164</td><td>0</td><td>89,470</td><td>0</td><td>89,470</td><td>1,019,747</td></tr><tr><td role="rowheader" scope="row">68</td><td>0</td><td>1,019,747</td><td>81,580</td><td>0</td><td>92,154</td><td>0</td><td>92,154</td><td>1,009,173</td></tr><tr><td role="rowheader" scope="row">69</td><td>0</td><td>1,009,173</td><td>80,734</td><td>0</td><td>94,918</td><td>0</td><td>94,918</td><td>994,989</td></tr><tr><td role="rowheader" scope="row">70</td><td>0</td><td>994,989</td><td>79,599</td><td>0</td><td>97,766</td><td>0</td><td>97,766</td><td>976,822</td></tr><tr><td role="rowheader" scope="row">71</td><td>0</td><td>976,822</td><td>78,146</td><td>0</td><td>100,699</td><td>0</td><td>100,699</td><td>954,269</td></tr><tr><td role="rowheader" scope="row">72</td><td>0</td><td>954,269</td><td>76,342</td><td>0</td><td>103,720</td><td>0</td><td>103,720</td><td>926,891</td></tr><tr><td role="rowheader" scope="row">73</td><td>0</td><td>926,891</td><td>74,151</td><td>0</td><td>106,831</td><td>0</td><td>106,831</td><td>894,211</td></tr><tr><td role="rowheader" scope="row">74</td><td>0</td><td>894,211</td><td>71,537</td><td>0</td><td>110,036</td><td>0</td><td>110,036</td><td>855,712</td></tr><tr><td role="rowheader" scope="row">75</td><td>0</td><td>855,712</td><td>68,457</td><td>0</td><td>113,337</td><td>0</td><td>113,337</td><td>810,832</td></tr><tr><td role="rowheader" scope="row">76</td><td>0</td><td>810,832</td><td>64,867</td><td>0</td><td>116,737</td><td>0</td><td>116,737</td><td>758,961</td></tr><tr><td role="rowheader" scope="row">77</td><td>0</td><td>758,961</td><td>60,717</td><td>0</td><td>120,240</td><td>0</td><td>120,240</td><td>699,438</td></tr><tr><td role="rowheader" scope="row">78</td><td>0</td><td>699,438</td><td>55,955</td><td>0</td><td>123,847</td><td>0</td><td>123,847</td><td>631,546</td></tr><tr><td role="rowheader" scope="row">79</td><td>0</td><td>631,546</td><td>50,524</td><td>0</td><td>127,562</td><td>0</td><td>127,562</td><td>554,508</td></tr><tr><td role="rowheader" scope="row">80</td><td>0</td><td>554,508</td><td>44,361</td><td>0</td><td>131,389</td><td>0</td><td>131,389</td><td>467,479</td></tr><tr><td role="rowheader" scope="row">81</td><td>0</td><td>467,479</td><td>37,398</td><td>0</td><td>135,331</td><td>0</td><td>135,331</td><td>369,547</td></tr><tr><td role="rowheader" scope="row">82</td><td>0</td><td>369,547</td><td>29,564</td><td>0</td><td>139,391</td><td>0</td><td>139,391</td><td>259,720</td></tr><tr><td role="rowheader" scope="row">83</td><td>0</td><td>259,720</td><td>20,778</td><td>0</td><td>143,572</td><td>0</td><td>143,572</td><td>136,925</td></tr><tr><td role="rowheader" scope="row">84</td><td>0</td><td>136,925</td><td>10,954</td><td>0</td><td>147,880</td><td>0</td><td>147,880</td><td>0</td></tr></table><h2>Further Resources</h2><ul style="list-style: unset !important;"><li>Read <a href="https://www.moneyhelpcenter.com/article/basics-retirement-planning/" target="_blank">the basics of retirement planning.</a></li><li>Calculate <a href="https://www.moneyhelpcenter.com/retirement/calculate/much-retirement-income-may-401k-provide/" target="_blank">how much retirement income your 401K may provide.</a></li><li>Discuss <a href="https://www.moneyhelpcenter.com/how-much-to-contribute-to-ira/" target="_blank">how much you should contribute to an IRA.</a></li><li>Calculate your <a href="https://www.moneyhelpcenter.com/retirement/calculate/social-security-retirement-income-estimator/" target="_blank">estimated Social Security retirement income.</a></li><li>Discuss how the <a href="https://www.moneyhelpcenter.com/article/changes-living-expenses-retirement/" target="_blank">changes in living expenses in retirement can affect your retirement needs.</a></li></ul><br><span style="padding-bottom:2px;background-color:#eee;line-height:1.45em;border-bottom:1px dotted;border-top:1px dotted;"><span style="color:#81A41E;font-size:100%;font-weight:700;"> FINANCIAL PLANNERS</span> <span style="color:#000;font-size:100%;font-weight:normal;">– <a href="http://www.plannerportal.com" target="_PP_WINDOW">Affordable Financial Planning Software</a> – <a href="http://www.plannerportal.com" target="_PP_WINDOW">www.PlannerPortal.com</a></span>  </span>