Retirement Savings Calculator 2026

The 2026 401(k) contribution limit is $24,500 for individuals under age 50. If you are 50 or older, you can contribute an additional $8,000 catch-up contribution, for a total of $32,500. Employer matching contributions do not count toward your individual limit.

Social Security calculates your Primary Insurance Amount (PIA) using your highest 35 years of earnings, adjusted for wage inflation (AWI). The formula applies three bend points: 90% of the first $1,174 (2026 estimate), 32% of earnings between $1,174 and $7,078, and 15% above $7,078. Your benefit at full retirement age (67) is your PIA.

The 4% rule, developed by William Bengen in 1994, suggests withdrawing 4% of your retirement portfolio in the first year, then adjusting for inflation annually. Historical backtesting shows this strategy succeeded in providing 30 years of income in most market scenarios. Some experts now recommend 3.5-3.8% for longer retirements or lower expected returns.

Generally, contribute enough to your 401(k) to capture the full employer match first (free money), then max out your IRA ($7,000 in 2026) for investment flexibility, then return to max out your 401(k) ($24,500). Roth vs. traditional depends on your current vs. expected retirement tax bracket.

You can start at 62, but benefits are reduced by up to 30%. Full retirement age is 67 for those born 1960+. Delaying to 70 increases benefits by 8% per year after FRA, up to 124% of PIA. The breakeven age is typically around 80-82. Consider health, life expectancy, and other income sources.

Financial planners recommend saving 15-20% of your income starting in your 20s. By 30, aim for 1x your salary saved; by 40, 3x; by 50, 6x; by 60, 8x. These are Fidelity benchmarks. Use our calculator to project your specific situation based on your age, income, and savings rate.