You can use online retirement calculators to find out when you can retire based on your current savings, income, monthly contributions, expected rates of return, and your retirement goals. Here are some types of calculators and what they do:
- Pension Benefit Calculators: These estimate your pension benefits based on your service and earnings, such as the NY State Comptroller's Benefit Projection Calculator if you are a member.
- Retirement Age Calculators: These help calculate the age you can retire by estimating how your savings grow over time with investments and contributions. For example, Fort Pitt Capital's Retirement Age Calculator uses your current age, savings, investments, and retirement goals to estimate your retirement age.
- General Retirement Savings Calculators: Tools like NerdWallet's retirement calculator allow you to input your current savings, income, monthly contributions, and retirement budget to see if you're on track and when you could retire, considering factors like inflation, returns, and life expectancy.
- Early Retirement Calculators (FIRE calculators): These focus on how long it will take you to save enough to retire based on your income, spending, saving rates, and expected investment returns.
- Social Security Retirement Calculators: Provided by SSA, these estimate your monthly Social Security benefits and show how your retirement age affects your benefits.
If you want, I can guide you to a specific calculator to try or help with the inputs to estimate your retirement age more precisely. Let me know your preferences or if you want a recommendation.