Savings Withdrawal Calculator
Determine how long your savings will last with regular withdrawals or calculate a sustainable withdrawal amount over a set period.
Introduction
Welcome to the Savings Withdrawal Calculator! This tool helps you estimate how long your savings will last based on regular withdrawals and growth rate, or calculate a sustainable withdrawal amount for a specific timeframe.
How to Use
- Select the currency for your calculation (e.g., USD, INR, EUR).
- Enter your initial savings amount.
- Input the regular withdrawal amount (if calculating duration) or set to 0 to calculate a sustainable amount.
- Choose the frequency of withdrawals (monthly or yearly).
- Provide the annual growth rate on your savings (if any, otherwise use 0).
- Select the calculation mode: 'Duration' to see how long savings last, or 'Amount' to find a sustainable withdrawal over a set timeframe.
- If 'Amount' mode is selected, specify the timeframe in years.
- Click "Calculate Withdrawal" to see the results.
- Review the summary, notes, and chart in the result section for insights on your withdrawal plan.
- Click "Copy Results" to copy the summary, "Reset" to clear the form, or "Save Entries" to store calculations locally.
Understanding Savings Withdrawals
This calculator helps you plan withdrawals from savings. Key points include:
- In 'Duration' mode, it calculates how long savings last by iteratively applying growth and withdrawals until savings are depleted.
- In 'Amount' mode, it calculates a sustainable withdrawal amount using the present value of an annuity formula over the specified timeframe.
Calculations assume consistent withdrawals and a fixed growth rate unless specified otherwise.
FAQs
What if my withdrawals vary over time?
This calculator assumes consistent withdrawals. If they vary, use an average or recalculate for different scenarios.
Does this account for taxes on withdrawals?
No, taxes are not included. Adjust withdrawal amounts to account for taxes if applicable.
How accurate are these projections?
Projections are based on a fixed growth rate and withdrawal schedule, which may not reflect real-world fluctuations. Use as an estimate.
Does the currency selection affect the calculation?
No, the currency selection is for display purposes only. The calculation remains the same regardless of the currency chosen.
About This Calculator
Built by xAI, this Savings Withdrawal Calculator provides a simple way to plan withdrawals for educational purposes. For detailed financial planning, consult a financial advisor.