When should I begin saving for retirement?

See how much delaying your retirement savings by even one year can cost you by the time you retire.

Savings

Current age ?

Your age today.

Anticipated retirement age ?

The age at which you plan to stop working and start drawing on savings.

Annual savings amount ?

How much you plan to save each year, starting today.

Advanced options 1

Annual saving increases ?

How much you expect to raise your yearly savings amount, on average, each year.

Assumptions

Before-tax return on savings ?

The annual growth rate you expect your investments to earn before taxes.

Table of Historic Rates of Return. Inflation 2.9%, U.S. Treasury Bills 3.3%, Long-term Government Bonds 5.0%, U.S. Large-Company Stocks 10.4%, and U.S. Small-Company Stocks 11.8%. Past performance is no guarantee of future results. Source: Ibbotson SBBI 1926-2024

Advanced options 2

Marginal tax bracket ?

Your current marginal tax rate, used to estimate after-tax growth.

Table of Federal Income Brackets and Rates. Tax Rate For Single Filers For Married Individuals Filing Joint Returns For Heads of Households 10% $0 to $11,925 $0 to $23,850 $0 to $17,000 12% $11,925 to $48,475 $23,850 to $96,950 $17,000 to $64,850 22% $48,475 to $103,350 $96,950 to $206,700 $64,850 to $103,350 24% $103,350 to $197,300 $206,700 to $394,600 $103,350 to $197,300 32% $197,300 to $250,525 $394,600 to $501,050 $197,300 to $250,500 35% $250,525 to $626,350 $501,050 to $751,600 $250,500 to $626,350 37% $626,350 or more $751,600 or more $626,350 or more.

Compounding/savings frequency ?

How often your savings are added and interest is compounded.

Enter your values and select Calculate.

The headline figure shows what one year of delay can cost you: the difference in projected retirement value between starting to save now and starting a year from now, with everything else held the same. It does not account for taxes changing over time, fees on your investments, or inflation eroding the purchasing power of the final balance — it is a clean comparison of time and compounding, nothing more.

Two inputs drive this number more than any other: how many years remain until retirement, and the before-tax return you expect to earn. A longer runway or a higher assumed return makes each year of delay more costly, because compounding has more time to work — or to be missed. Your annual savings amount and the marginal tax bracket also shape the after-tax figure, since taxes reduce the effective growth rate you keep.

The table and chart above extend this same idea further out, showing how the projected value falls the longer you wait to begin. Treat these numbers as a way to think about trade-offs, not a forecast — actual markets do not return a steady rate every year, and your own savings amount will likely change as your income and priorities do.

It is worth revisiting this calculation whenever your income changes, when you get a raise you could redirect into savings, or simply once a year as a check-in. The point of this exercise is not the exact dollar figure but the direction it points you in: starting sooner, even modestly, tends to matter more than waiting for a larger amount later.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.