What is it for ?
The Retirement Savings Magic Number Calculators are designed to help you evaluate and plan for your financial goals by estimating two key figures:
- Projected Retirement Wealth
- Required Annual Savings
These tools aim to identify your “Magic Number”—the amount of savings required to retire comfortably—empowering you to make informed decisions and take actionable steps toward financial security.
Kofinity™ Annual
Required Annual Savings
This calculation determines the annual savings needed to reach your desired total wealth by retirement. It factors in your current age, planned retirement age, existing savings, and expected rate of return to calculate a realistic savings goal.
Calculator
Future
Projected Retirement Wealth
This calculation estimates the total wealth you could accumulate by your target retirement age. It takes into account factors such as your current age, planned retirement age, existing savings, expected annual contributions, and anticipated rate of return.
Calculator
Target Savings: What is the total amount of money you aim to have saved by your planned retirement age to ensure a comfortable lifestyle?
- Current Age: How old are you right now?
- Retirement Age: At what age do you plan to stop working and transition into retirement?
- Current Savings: How much money do you currently have saved or invested toward your retirement goals?
- Annual Savings: How much money do you plan to save or invest each year toward your retirement goals?
- Yield on Savings (%): What is the average annual rate of return (as a percentage) you expect your savings or investments to generate over time?