Retirement Income Calculator        Retire With Confidence®

Our award-winning retirement planner can assist you in calculating how much you may be able to spend each month and how long your savings will last. Use our retirement calculator to better manage your financial assets and get the most value from your retirement savings.


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Welcome to the T. Rowe Price Retirement Income Calculator
  Retirement Planner—Overview

Retirement Planner—Overview


Do you have a plan for retirement?

Explore your options in 10 minutes or less.

1. Begin by telling us some information about yourself.
2. Evaluate your financial situation.
3. Gain an interactive view of your retirement savings and income plan.

It's that simple. Through your use of the tool and based on your inputs, we'll suggest next steps for you to consider, including products and services from the T. Rowe Price family of companies that can help you meet your goals.

Don't forget to save your progress.

Register as a guest.
Save your settings and easily review and update your results anytime.

Already a customer?
Include your account information in the calculation—automatically.
  About You

About You


Let's start with some questions about you.

Do you want to include a partner or spouse in your calculations?
    You   Your Partner
When were you born? /   /

Where are you in the retirement process?

Please select the category below that best describes your situation:

Next >
  Retirement Savings

Retirement Savings

   Your Partner
About how much have you saved for retirement so far? (Include balances in your 401(k), 403(b), IRA, Roth IRA, Keogh, any taxable accounts, etc.)  

How much do you currently earn per year? If you
are not working, tell us your most recent annual salary.

(Include any bonuses and commissions.)

About how much do you and your employer contribute to all your retirement savings plans?

  • Workplace contributions:
    (Include 401(k), 403(b), SEP-IRA, company matches, discretionary contributions, etc.)

% of Salary Annually
$ Annually > % of Salary >

  • Other contributions:
    (Include Traditional IRA, Roth IRA, and taxable savings earmarked for retirement.)

Next >
Asset Allocation
  Asset Allocation

Asset Allocation


Indicate how your investments are allocated.
These allocations will be tested using over 1,000 market simulations.

Next >
Living in
  Living in Retirement

Living in Retirement

At what age do you expect to retire?
What if my partner and I retire at different times?

About how much do you think you'll spend each month in retirement?
Use the worksheet as a guide to record different types of expenses.
Won't my expenses change over time?

How much additional income do you expect to receive in retirement?
  • Would you like to include an estimated Social Security
    benefit in your calculations, or provide us with what
    you believe your benefits will be?


  • Do you expect to receive a pension or other income
    in retirement?

    Include part time job, rental income, pension, etc., but not
    investment income such as dividends and interest. This will be
    calculated as part of your income from your retirement savings.
Next >
Your Results
The retirement income results are presented as a snapshot of the first month in retirement. These estimates are displayed in today's dollars and do not take any taxes into account that may be due upon withdrawal. The dollar amounts are assumed to increase by 3% each year throughout the retirement horizon.

Any Social Security estimates are based on your current annual salary, current age, and age at retirement. The accuracy of the estimate depends on the pattern of your actual past and future earnings. The estimate may not be representative of your situation. Estimates for retirement ages prior to age 62 and some spousal estimates may also be included for illustrative purposes only. Visit for more information.
Monte Carlo Simulation
Monte Carlo simulations model future uncertainty. In contrast to tools generating average outcomes, Monte Carlo analyses produce outcome ranges based on probability—thus incorporating future uncertainty.
Material Assumptions Include:
Underlying long-term rates of return for the asset classes are not directly based on historical returns. Rather, they represent assumptions that take into account, among other things, historical returns. They also include our estimates for reinvested dividends and capital gains.
These assumptions, as well as an assumed degree of fluctuation of returns around these long-term rates, are used to generate random monthly returns for each asset class over specified time periods.
The monthly returns are then used to generate 1,000 scenarios, representing a spectrum of possible return outcomes for the modeled asset classes. Analysis results are directly based on these scenarios.
Required minimum distributions (RMDs) are included. In the simulations, if the RMD is greater than the planned withdrawal, the excess amount is reinvested in a taxable account.
Material Limitations Include:
The analysis relies on return assumptions, combined with a return model that generates a wide range of possible return scenarios from these assumptions. Despite our best efforts, there is no certainty that the assumptions and the model will accurately predict asset class return ranges going forward. As a consequence, the results of the analysis should be viewed as approximations, and users should allow a margin for error and not place too much reliance on the apparent precision of the results. Users should also keep in mind that seemingly small changes in input parameters (the information the user provides to the tool, such as age or contribution amounts) may have a significant impact on results, and this (as well as mere passage of time) may lead to considerable variation in results for repeat users.
Extreme market movements may occur more often than in the model.
Some asset classes have relatively short histories. Actual long-term results for each asset class going forward may differ from our assumptions—with those for classes with limited histories potentially diverging more.
Market crises can cause asset classes to perform similarly, lowering the accuracy of our projected return assumptions, and diminishing the benefits of diversification (that is, of using many different asset classes) in ways not captured by the analysis. As a result, returns actually experienced by the investor may be more volatile than projected in our analysis.
The model assumes no month-to-month correlations among asset class returns ("correlation" is a measure of the degree in which returns are related or dependent upon each other). It does not reflect the average duration of "bull" and "bear" markets, which can be longer than those in the modeled scenarios.
Inflation is assumed to be constant, so variations are not reflected in our calculations.
The analysis assumes a diversified portfolio which is rebalanced on a monthly basis. Not all asset classes are represented and other asset classes may be similar or superior to those used.
Taxes on withdrawals are not taken into account, nor are early withdrawal penalties.
The analysis models asset classes, not investment products. As a result, the actual experience of an investor in a given investment product (e.g., a mutual fund) may differ from the range of projections generated by the simulation, even if the broad asset allocation of the investment product is similar to the one being modeled. Possible reasons for divergence include, but are not limited to, active management by the manager of the investment product, or the costs, fees, and other expenses associated with the investment product. Active management for any particular investment product — the selection of a portfolio of individual securities that differs from the broad asset classes modeled in this analysis — can lead to the investment product having higher or lower returns than the range of projections in this analysis.
Modeling Assumptions:
The primary asset classes used for this analysis are stocks, bonds, and short-term bonds. An effectively diversified portfolio theoretically involves all investable asset classes including stocks, bonds, real estate, foreign investments, commodities, precious metals, currencies, and others. Since it is unlikely that investors will own all of these assets, we selected the ones we believed to be the most appropriate for long-term investors.
Results of the analysis are driven primarily by the assumed long-term, compound rates of return of each asset class in the scenarios. Our corresponding assumptions, all presented in excess of inflation, are as follows: for stocks, 4.90%, for bonds, 2.23% and for short-term bonds, 1.38%.
Investment expenses in the form of an expense ratio are subtracted from the return assumption as follows: for stocks 0.70%, for bonds, 0.60% and for short-term bonds, 0.55%. These expenses represent what we believe to be a reasonable approximation of investing in these asset classes through a professionally managed mutual fund or other pooled investment product.
Portfolio and Initial Withdrawal Amount:
The portfolio is either determined by the user or based on pre-constructed allocations that consider the user's current age and shift throughout the retirement horizon (as displayed in the graphic "Why should I consider this?" in the Asset Allocation section).
The initial withdrawal amount is assumed to be distributed in 12 monthly payments at the beginning of each month for the year; in each subsequent year, the amount withdrawn is adjusted to reflect a 3% annual rate of inflation.
The modeled asset class scenarios and withdrawal amounts may be calculated at, or result in, a Simulation Success Rate. Simulation Success Rate is a probability measure and represents the number of times our outcomes succeed (i.e. has at least $1 remaining in the portfolio at the end of retirement).
IMPORTANT: The projections or other information generated by the T. Rowe Price Retirement Income Calculator regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. The simulations are based on assumptions. There can be no assurance that the projected or simulated results will be achieved or sustained. The charts present only a range of possible outcomes. Actual results will vary with each use and over time, and such results may be better or worse than the simulated scenarios. Clients should be aware that the potential for loss (or gain) may be greater than demonstrated in the simulations.
The Retirement Income Calculator won the 2009 Mutual Fund Education Alliance Star Award for Best Retail Online Innovation.
The results are not predictions, but they should be viewed as reasonable estimates. Source: T. Rowe Price Associates, Inc.