Merrill Lynch makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other subsidiaries of Bank of America Corporation (BofA Corp.). MLPF&S is a registered broker-dealer, member SIPC and wholly owned subsidiary of BofA Corp.
Investment Products:
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
 
©2017 Bank of America Corporation. All rights reserved ARW34B7D | 02/2017

Retirement Planning Calculator

Step 1 of 6

Tell Us About Yourself

Click icon to include a spouse/partner's information

$

This is your estimated annual Social Security benefit at full benefit age1:

$

Total annual retirement income from regular sources

(Discounted to reflect early retirement)

$

1Source: https://www.ssa.gov/news/press/factsheets/colafacts2016.html, January 2016. Calculation assumptions are: estimates based on the mid point of the range individual has consistently had earnings at current level (allowing for inflation based on the SSA index) individual will continue to have earnings at the current levels (allowing for inflation based on the SSA index) the estimates are capped at 2016 FICA wage base of $118,500.
Step 1 of 6

Your Company Pension

If you expect to receive pension benefits, enter the annual amount below. Click "Next" if you don't expect to receive pension benefits.

$

Total annual retirement income from regular sources

(Discounted to reflect early retirement)

$

* adjusted to convert pension value to a present value replacement income equivalent
Step 1 of 6

How Much Retirement Income Could You Have?

$
$

*Annual income from work in retirement after discounting to reflect that it's only for a portion of your retirement

$

Total annual retirement income from regular sources

(Discounted to reflect early retirement)

$

* average annual expenses that this income will reflect in retirement
Step 2 of 6

How Much Have You Saved Toward Retirement?

$

Estimated value of current savings at retirement

$

$

Estimated value of future savings at retirement

$

Estimated total value of savings at retirement

$

(Examples include an inheritance or net proceeds from the sale of a home or business)

$
$
Step 3 of 6

What's Your Total Retirement Income?

Estimated annual income from lifetime sources

$

Estimated annual retirement income for your total savings, investments and other assets

$

Estimated total annual retirement income from all sources

$

Replacement ratio

%

Step 4 of 6

What's Your Retirement Goal?

Now you may specify how much total annual income you would like to have in retirement. We have assumed below that 90% of your total current income will be sufficient for your retirement needs.


Calculate your income goal as 90% of your current annual income

$

To specify the total annual income you want in retirement, enter your own income goal below.

$
Step 5 of 6

Do You Need To Save More?

Your annual retirement income shortfall, if any

$

Estimated additional funds needed at retirement to cover shortfall

$

Estimated additional annual savings needed to cover shortfall

$

Estimated additional annual savings needed as a percent of your current income

%

Step 6 of 6

Implement Your Strategy

Take The Next Step

Increase your contributions now Call (888) 363-2389 to speak with a Retirement Education Specialist and get a free retirement income analysis. Representatives are available from
8 a.m. to 7 p.m. (ET)
Monday through Friday

 

  • Maximize your contributions to your employer's plan.
  • Supplement your savings outside of work with other tax-advantaged options like IRAs and annuities.
  • Consolidate retirement accounts from former employers as well as IRAs.
  • Consider working with a Financial Advisor to develop an effective investment strategy.
  • Monitor your long-term strategy and revisit your retirement income goal if your circumstances change.
  • Get a free retirement income analysis if you are nearing or living in retirement.

Notice: This interactive tool requires an HTML 5 compatible browser.

This retirement planning calculator is simply a tool to help you get an estimate of how well prepared you are for retirement. It should not be considered a retirement plan and we encourage you, particularly if you are within 5 to 10 years of retirement, to consult with a financial advisor. A qualified financial advisor can utilize sophisticated analytical tools to take into account a much greater range of possible scenarios to help personalize a plan for you as well as work with you to provide customized solutions to help meet your plan.

All financial factors use the following assumptions: They assume the salary, savings, pension and Social Security amounts you enter and a 6% annual effective rate of return adjusted for a 2.5% rate of inflation. Contributions while working are assumed to be at the beginning of the month and withdrawals in retirement are assumed to be monthly at the beginning of the month. Life expectancies are assumed to be age 90 for single individuals and 95 for married individuals.

Hypothetical results are for illustrative purposes only and are not meant to represent the past or future performance of any specific investment vehicle. Investment return and principal value will fluctuate and when redeemed the investments may be worth more or less than their original cost. Taxes are due upon withdrawal from your tax-deferred account(s). If you take a withdrawal from your tax-deferred account prior to age 59½, you may also be subject to a 10% additional federal tax. Setting a target level of retirement income: Many financial planners estimate that you will need to replace about 90% of your annual after-tax, pre-retirement income each year after you stop working to live comfortably in retirement. The income you need may depend a great deal on personal factors. You may be in a lower income tax bracket, have decreased work related expenses, paid off a mortgage, and so on. However, expenses such as health care, travel and hobbies may increase. Be sure to be realistic.

This retirement planning calculator is provided for educational purposes only and is not meant as legal, tax, estate planning or investment advice. You may want to review your overall plan with a financial advisor or tax professional. The results of these calculations are estimates based solely on user input and the assumptions of the calculator. All examples are hypothetical and intended for illustrative purposes only.

Retirement Education Specialists do not provide investment advice or recommendations with regard to retirement plans.

+ Show disclaimer

You do not have JavaScript enabled in your web browser. This application required JavaScript in order to run. Please enable JavaScript in your browser settings and then refresh this page.