How Much Do I Need to Save for Retirement? - Salt Lake Financial Planning

Introduction: The Real Human Problem

Determining your ‘retirement number’ is the first step toward financial independence. For families in South Jordan and Murray, this number is unique—it depends on your current age, target retirement age, and desired retirement lifestyle. A retirement savings goal calculator translates your future lifestyle goals into a monthly savings target today.

Planning for your future in the Wasatch Front requires a strategy that accounts for local cost of living and specific lifestyle desires. Whether you enjoy skiing at Alta, hiking in the Cottonwood canyons, or raising a family in South Jordan, your financial roadmap should be built around your life—not just a generic set of numbers.

Open Retirement Savings Goal Calculator in a new tab

How This Calculator Works (Simply Explained)

To get the most out of this tool, it is helpful to understand the key inputs that drive the results:

Current Age and Target Retirement Age: The number of years you have to save.
Desired Retirement Income: The percentage of your current income you want to replace in retirement.
Social Security & Pensions: Other income sources that reduce the amount you need to save yourself.

By adjusting these inputs, you can model different financial scenarios to see how subtle shifts in your savings rate or portfolio return can impact your long-term wealth.

Scenario: The Power of Planning in Action

Consider this hypothetical scenario: A 35-year-old marketing manager in South Jordan, UT, wants to retire at 65 with a lifestyle that requires a hypothetical $8,000 per month in today’s dollars. Factoring in inflation, expected Social Security benefits, and a hypothetical 7% investment return, the retirement savings goal calculator shows she needs to accumulate a hypothetical $1.8 million by age 65, requiring a monthly savings rate of $1,100. This provides a clear benchmark to track.

This scenario highlights how consistent actions and a clear timeline can remove the guesswork from your finances, transforming abstract goals into a concrete roadmap.

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FAQ – Frequently Asked Questions

How do I calculate how much I need for retirement?

You calculate your retirement goal by estimating your annual expenses, subtracting guaranteed income like Social Security, and multiplying the remainder by 25 (under the 4% rule).

What percentage of my income should I replace in retirement?

Most planners recommend replacing 70% to 85% of your pre-retirement income, depending on whether you plan to travel, pay off your mortgage, or downsize.

How does my current age affect my savings goal?

Starting younger allows compound interest to do the heavy lifting, meaning you can save a much smaller monthly amount to reach the same retirement goal.

Beyond the Numbers: Why Fiduciary Advice Matters

While this calculator provides a helpful baseline, it only tells part of the story. Static online tools cannot account for:

Tax Location Strategies: Maximizing the balance between Roth, Traditional, and taxable brokerage accounts.
Utah-Specific Tax Rules: How state income tax and retirement exclusions impact your bottom line.
Asset Allocation vs. Risk Tolerance: Aligning your investments with your actual comfort level.

At Salt Lake Financial Planning, we specialize in providing fee-based fiduciary financial planning and investment management that looks at your entire financial life. We help you move past basic calculator math to build a personalized, tax-efficient strategy.

We worked with Dallas for a comprehensive financial plan. He took the time to understand all aspects of our current finances and our goals and dreams. He helped us see where we were doing well and how we could improve. Knowing the full picture and how to proceed so that we can reach our goals gave us peace of mind and confidence. Thank you so much Dallas!

Travis G

Dallas has consistently been an incredible resource, from everything from car insurance to budgeting to retirement planning. He truly cares & has a great way of communicating options & suggestions. I refer him to people all the time.

Jenelle K

These statements are testimonials by clients of the financial professional as of 05/30/2026. The clients have not been paid or received any other compensation for making these statements. As a result the clients do not receive any material incentives or benefits for providing the testimonials. These views may not be representative of the views of other clients and are not indicative of future performance or success.

Ready to take control of your financial roadmap? Schedule an Initial Strategy Meeting with Dallas Price today to discuss your goals in Sandy, Draper, or South Jordan.

Compliance Disclosures

Any perceived advice is general and broad in nature and not meant to substitute direct consultation and advising. Please contact the applicable professional to go over your situation. Schedule an Initial Strategy Meeting if you’d like more 1-1 advice.

Calculations are for illustrative purposes only, do not represent actual performance of any investment, and do not reflect taxes or advisory fees, which would lower returns.