Savings Calculator
Enter your income, taxes, and expenses below. All figures update in real time.
| Year | Annual Savings | Investment Growth | Year-End Balance |
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How is my Annual Savings figure calculated?
We start from Gross Income and subtract estimated federal income tax, FICA payroll taxes (Social Security and Medicare), and state & local income tax to get Net Income. Annual Expenses are then subtracted from Net Income — whatever is left is your Annual Savings, which is what compounds in the projection below.
Standard vs. itemized deduction — which should I use?
The standard deduction is a fixed amount based on your filing status. Itemizing lets you enter your actual eligible deductions (mortgage interest, property tax, charitable gifts, etc.) instead — only worth it if that total exceeds your standard deduction. If you're not sure, standard is the simpler and more common choice.
What tax rates and figures does this assume?
Approximate 2025 federal tax brackets by filing status, Social Security (6.2% up to the annual wage base) and Medicare (1.45%, plus 0.9% on income above the filing-status threshold), and a simplified flat-rate estimate for state & local income tax by ZIP code. This is a planning estimate, not a tax return — see the disclaimer below.
What if my expenses exceed my net income?
Annual Savings will show as negative, meaning the projection draws down your Current Savings each year instead of growing it. That is a signal to revisit your expenses or income assumptions rather than a calculator error.
Does this account for inflation, raises, or changing expenses?
No — Gross Income, Annual Expenses, and the investment return rate are all assumed constant for the full projection period. Re-run the numbers periodically as your income or spending changes.