Secure your future with our Retirement Savings Calculator. Input your current savings, monthly contributions, expected return, and years to retirement to see your future savings, total contributions, and growth table – created by Mr. Dhananjoy Ghosh.
What is a retirement savings calculator?
It’s a tool to estimate how much your savings will grow by retirement based on current savings, contributions, and expected returns.
How is retirement savings calculated?
It combines compound interest on current savings (FV = PV × (1 + r)^t) and the future value of monthly contributions using the annuity formula: FV = PMT × [((1 + r)^t - 1) / r], where r is the monthly rate and t is the number of months.
What’s the growth table?
It’s a table showing your savings, contributions, interest, and total value year by year.
Can I adjust the return rate?
Yes, input your expected annual return based on your investment strategy.
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