Retirement Savings Calculator
Calculate retirement living expenses and savings goals.
은퇴까지 25년, 은퇴 후 30년 기준
노후자금 분석
Overview
The Retirement Savings Calculator estimates how much you need to save for retirement. Enter your current age, retirement age, monthly living expenses, and life expectancy to find the total required fund and monthly savings target.
Formula
Required Retirement Fund = Monthly Expenses × 12 × Years in Retirement × (1 + Inflation)^Years to Retirement. Monthly Savings Needed = Fund / (((1 + r)^n - 1) / r), where r = monthly return, n = months until retirement.
How to Use
- 1Enter your current age and target retirement age.
- 2Enter desired monthly living expenses (in today's value).
- 3Set your life expectancy (typically 85–90).
- 4Enter expected investment return rate and inflation rate.
- 5Click Calculate to view the required fund and monthly savings amount.
Tips
- ✔Subtract expected public pension benefits from the total needed, then plan personal savings for the shortfall.
- ✔Always factor in inflation — failing to do so significantly underestimates the true amount needed.
- ✔Include medical and long-term care costs separately for a more accurate retirement plan.
FAQ
Q. How much do I need for retirement?
It varies by individual, but assuming monthly expenses of KRW 2.5 million, retiring at 65 with a life expectancy of 90, you would need roughly KRW 750 million (before inflation). With inflation factored in, the actual requirement increases substantially.
Q. What is the difference between DB and DC retirement plans?
DB (Defined Benefit) plans guarantee a payout based on final salary and years of service, with the employer bearing investment risk. DC (Defined Contribution) plans have the employer contribute a set amount while the employee manages investments, so payouts depend on performance.
Q. What is an IRP (Individual Retirement Pension)?
An IRP is a personal retirement pension account that can receive rollovers from corporate retirement plans or additional contributions. You can contribute up to KRW 18 million annually and receive tax deductions of 13.2–16.5% on up to KRW 9 million (combined with pension savings).
Related Calculators
Loan Calculator
Calculate monthly payments and total interest for equal payment or equal principal loans.
Compound Interest Calculator
Calculate investment returns using compound interest.
Savings Calculator
Calculate maturity amount and interest for monthly savings deposits.
Deposit Calculator
Calculate fixed deposit maturity interest and after-tax returns.
Exchange Rate Calculator
Calculate exchange rates between KRW and major currencies.
Annuity Calculator
Calculate annuity payments and savings goals.