The T. Rowe Price Retirement Income Calculator is a free web tool for exploring retirement readiness. It estimates the probability of reaching a retirement goal and indicates whether the result falls within its Confidence Zone. The calculation uses Monte Carlo analysis across 1,000 hypothetical market scenarios and reports a Confidence Score. Inputs include age, marital status, state, employment, income, retirement balances and savings, and intended investment allocation. Users can enter details for a planning partner and anticipated retirement cash income, then adjust retirement age, expenses, savings, and expected income on the results screen to explore scenarios. The tool offers hypothetical conservative, moderate, and aggressive allocations of 30/70, 60/40, and 90/10 equity/bonds, respectively, with annual rebalancing assumed. Unless users indicate they are ineligible, it estimates Social Security from retirement age and current salary, assumes benefits begin at age 70, and increases them annually with 3% inflation. This is an educational tool, not a source of personalized investment advice. Results depend on inputs and assumptions, are not guarantees, and omit some factors, including current retirement plan and IRS contribution or distribution limits, inherited retirement assets, and Roth accounts.
Who it is for
This tool suits people evaluating retirement readiness or exploring changes to savings and expected income. It is intended for general education, not personalized investment advice or recommendations.
What is good
- Models 1,000 hypothetical market scenarios.
- Allows adjustments to retirement age, expenses, savings, and income.
- Supports planning-partner details and anticipated cash income.
- Includes Social Security estimates unless users indicate ineligibility.
What to know first
- Results are hypothetical, not guarantees.
- Does not account for current contribution or distribution limits.
- Omits inherited assets and Roth accounts.
- Does not provide personalized investment advice.
Verdict
The calculator lets users explore retirement scenarios and see how selected changes affect a projected probability of success. Its estimates are educational and depend on assumptions, with several account and contribution factors omitted.
Get started with T. Rowe Price Retirement Income Calculator
- Open the calculator on the T. Rowe Price website.
- Enter personal, employment, income, savings, balance, and allocation details.
- Add planning-partner information and anticipated retirement cash income if relevant.
- Review the Confidence Score and retirement Confidence Zone.
- Adjust retirement age, expenses, savings, or anticipated income on the results screen.
Limits to know first
The methodology excludes current retirement plan and IRS contribution or distribution limits, inherited retirement assets, Roth IRAs, and Roth savings in workplace plans. Projections depend on user inputs and assumptions and are not guarantees.
Questions about T. Rowe Price Retirement Income Calculator
Does the calculator cost anything?
It is free to use.
What platforms does it support?
The calculator is presented as an online tool on the T. Rowe Price website.
How does it estimate retirement outcomes?
It uses Monte Carlo analysis to generate 1,000 hypothetical market scenarios and reports a Confidence Score.
Can I change assumptions after seeing results?
Yes. The results screen lets users adjust retirement age, expenses, savings, and anticipated retirement income.
Does it model Social Security?
Unless users indicate they are ineligible, it estimates benefits using retirement age and current salary, assumes benefits begin at age 70, and increases them annually with 3% inflation.
Does it give investment advice?
No. It is for general educational purposes and does not provide personalized investment advice or recommendations.
Compared on retirement planning software
- Free plan
- Yes
- Income projection
- Yes
- Savings growth projection
- Yes
- Withdrawal planning
- Yes
- Tax modeling
- detailed
- Social Security modeling
- Yes
- Scenario analysis
- Yes
- Account synchronization
- read_only
