Retirement Matters
Retirement Calculators
- How much do I need?
- How will my savings grow?
- Will I be able to retire?
- Future Value Calculator

Online Workshops

Saving for retirement

Investment basics

What you need to know if you’re changing jobs

Determining your investing style

 Helpful Hints: READ FIRST
 
•  To make the most of this calculator, you'll need the following information:
  1)  The amount you've already saved within your U of M retirement plans.
  2)  The amount you've already saved outside of your U of M retirement plans.
  3)  Your annual contributions to the U of M's voluntary retirement plans (dollar or percent).
•  Have a calculator handy for minor arithmetic.
 
•  Any values you see are defaults and may be changed to fit your individual situation.
 
•  Some fields (in color) provide links to additional helpful information.
 
•  This calculator is best viewed using the latest version of Microsoft's Internet Explorer or Netscape. Click here for more information on browser requirements.
 
•  You can print the page to save for future reference, but your data will not be saved online.
 

 

How much do I need?
Retirement Calculator

This interactive retirement calculator provides you with a quick way to estimate how much money you might need for retirement. The calculator uses a number of factors which you input based on your individual situation. Of course, you can change the scenarios and use the calculator over and over again. In fact, it is a good idea to periodically use this calculator to evaluate your progress while saving for retirement. The calculator cannot guarantee you will achieve your retirement goals nor can it ensure that your retirement account(s) will achieve any specific return.

  
Please enter the following information:  
Primary University Retirement Plan  
Date of Birth (format mm/dd/ccyy)  
Current Salary  
Annual Salary Growth Rate
 (whole percent between 0% and 5%)		  
Desired Retirement Age  
Years in Retirement  
Expected Return of money AFTER retirement
 (whole percent between 0% and 10%)

 
Replacement ratio at retirement
(whole percent between 70% and 100%)		  
Retirement savings today (your account balances):   Other U of M Plan Providers
  Faculty 403(b) (Prior to July 1, 1989)  
  Faculty 401(a) (After July 1, 1989)  
  Optional 403(b)  
  457 Deferred Comp  
  Other
(e.g. SEP, IRA, Roth IRA, spouse/partner savings, any other pre- or post-tax retirement savings)		  
Total retirement savings today      
Annual Contributions into Voluntary Plans    
Percent (%) Dollars ($)
    Deferral Percentage per Year:  
Annual MSRS Benefit at Retirement  
Other annual income in retirement (e.g. part-time work)  
Include Social Security?
(Only applies if your retirement age is 62 or older)		  
Funds you wish to leave at death  
 
   
NOTE: Inflation is factored into this calculation and is assumed to be 3% per year, based on the long-term average of the Consumer Price Index (CPI-U) from the U.S. Department of Labor.  
 
 
 
Results
Projected salary at retirement  
Estimated annual income needed at retirement
 		  
     Less MSRS annual benefit  
     Less other annual income in retirement  
     Less annual Social Security benefit  
Annual Income Needed from Savings at Retirement  
Desired amount remaining at end of life  
Total Savings Needed at Retirement  
Rate of Return Needed to Achieve Savings Goal  
 

 

 

 

 
 
 
 
 

» Go to the How will my savings grow? calculator

  
 

» Return to top