Home Money Retirement Savings Calculator: How Much Should I Contribute?

Retirement Savings Calculator: How Much Should I Contribute?

by Charles
yearly-retirement-savings-calculator

If you change your contribution amounts to your savings/retirement accounts multiple times throughout the year, then I think you’ll agree with me in saying how annoying it is to constantly try and figure out how much to set aside each paycheck for retirement. I created a Retirement Savings Calculator so you can change up your retirement savings goals for the end of the year, and know exactly how much to take out of your paycheck for each account.

I’m constantly change my contribution amounts, whether it be some extra money I made on the side or I want to prioritize my money towards one account over the other. I created an excel spreadsheet to quickly recalculate my new contribution amounts. Then I got to thinking others might want to have access to something similar.

How to use the Retirement Savings Calculator

  1. Enter how much you make per pay check or pay period. This will vary if you get paid once a month, twice a month, or maybe even weekly. If you have irregular income, then I’d recommend using your average income every month.
  2. Next enter how many remaining pay periods you have left in the year. This number will vary based on your pay frequency.
  3. The next section breaks down your retirement savings goals for the end of the year. Enter how much you want saved in each account by the end of the year.
  4. You need to fill in how much money you’ve accumulated in each account during the year. Since we are dealing with retirement accounts there is usually a cap to the amount we can contribute each year.

That’s it! The results automatically calculate when you fill in your numbers. It will show you how much money to set aside in your paycheck for your 401K, IRA, HSA, and any other retirement or savings accounts you have.

4 comments

Scott @ Simplifinances June 24, 2018 - 3:20 pm

Thanks for sharing this calculator, Charles! It’s super helpful!

Reply
Charles June 24, 2018 - 3:52 pm

You bet! Glad you found it useful Scott.

Reply
Mrs. Farmhouse Finance June 25, 2018 - 7:57 am

This is great! Thanks for sharing! I want to up my 403b contribution next year, so I’ll definitely be coming back to this.

Reply
Charles July 9, 2018 - 9:23 pm

Of course! Hope it helps you with upping your contributions.

Reply

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