Calculate how much to save each month to set up a fund to finance your retirement.
This tool allows you to calculate how much you should save periodically for your retirement, taking into account the frequency with which you plan to make the contributions and the amount you want to accumulate. In the calculations, the number of years remaining for your retirement is taken as the saving period. On the other hand, it is considered that the accumulated savings are producing interests that are accumulated to the capital.
Suppose you are 30 years old and plan to retire at 65. You have calculated that you will need to have saved 100000€ for your retirement but, for the time being, you only have 20,000€. Assuming that your savings have a return in the form of 2% interest, how much should you contribute each month until you retire?
To make the calculations the following data must be introduced: Current age: 30; Retirement age: 65; Amount to save: 100000€; Current savings: 20000€; Interest: 2%. Frequency: Monthly.
The result will be the following: Contribution (monthly): 99.11€; Total Capital (Amount of contributions made until retirement): 61625.98€ ; Total Interests (return on savings until retirement): 38374.02€.
- Indicate your current age and when you plan to retire.
- Enter the amount to save, that is, the amount you want to have saved for when you retire.
- Enter the amount of savings you have made up to today’s date.
- Indicate the type of interest to which your savings are remunerated.
- Select the frequency of your contributions.
- The results are automatically shown with the following information: amount of the contribution to be made periodically (Contribution), total contributions until retirement (Total Capital), interest generated by savings until retirement (Total Interest).