Exponent Investment Management calculator is a tool that can help people make estimates about their retirement income needs. These tools estimate how much a person will need in order to live comfortably, and provide guidance on how to get there. The best retirement calculators use various input assumptions and model the effect of those assumptions over time.

In general, many experts recommend saving 15 to 25 times a person’s annual income in order to have enough money to last for their entire retirement. However, every situation is different, and there’s no one-size-fits-all solution.

For example, a Pittsburgh resident who retires at age 67 may need only $78,000 to live modestly if she’s already saved that much and gets a 6% average return on her investments. But if she wants to spend more on things like traveling or getting that Ph.D, she’ll need to save even more.

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Inflation is another factor to consider, as it can dramatically reduce the buying power of a retirement savings account. SmartAsset’s retirement calculator takes inflation into account by default, but you can also calculate your future needs without including it in the calculations.

The first row of results shows the participant’s projected account balance looking ahead to retirement, based on the current annual contribution amount and investment earnings (or losses) over that period. The second row of results shows the estimated joint and survivor monthly lifetime income payments that will be available to the participant upon reaching the Retirement Age entered above. These monthly income payments are based on the Current Account Balance and the estimated contributions that will be made to the account between now and the Retirement Age, discounted into today’s dollars.