Retirement Goal Calculator

Calculate the goal amount required for the whole retirement period such that user can retire comfortable with the estimated retirement amount

Request Data

NameData TypeTechnical DescriptionMandatorySample ValueList of possible valuesNo. of decimalsRemarks
annualRetirementIncomeNumberAnnual Retirement IncomeY95106.6>02The value comes from Retirement Monthly Expenditure Calculator API where annualRetirementIncome value is equivalent to 12*totalFutureDollarMonthlyExpenditure
retirementAgeNumberRetirement Age of userY650This comes from Country Service. If client wants their own value, then hardcode it in the Front End. Endpoint - country/v2/rates?countryCode=US field - retirementAgeMale
genderStringGender of userYMale'Male', 'Female'Gender is either "Male" or "Female". if we are not asking for the user's gender, we assume he is a guy. Male
lifeExpectancyMenNumberMale Life ExpectancyY81>RetirementAge2Male Life Expectancy can either be hardcoded as per client's request or can be obtained from the "Country rates APIs by the country code" field to use - lifeExpectancyMale
lifeExpectancyFemaleNumberFemale Life ExpectancyY86>RetirementAge2Female Life Expectancy can either be hardcoded as per client's request or can be obtained from the "Country rates APIs by the country code" field to use - lifeExpectancyFemale
annualisedSavingsAcctIntRNumberAnnualised Saving Account Interest RateY0.0056"savings_account_interest_rate" of a specific country can be used from the Country Rates APIs to populate this field "Country rates APIs by the country code" field to use - savingsAccountInterestRate Default: 0.005
annualizedInflationRateNumberAnnualized Inflation RateY0.036"inflation_rate_long_term" of a specific country can be used from the Country Rates APIs to populate this field "Country rates APIs by the country code" field to use - inflationRateLongTerm Default : 0.03
compoundsPerYearNumberNumbers of Compounds Per YearY1>10The number of compounds per year by default to be hardcoded to 1 in the FE. The reason for the CompoundsPeryear field is to convert the interest rate value (Annual Percentage Rate) to the Effective Annual Rate. For more information - https://www.fool.com/knowledge-center/what-are-the-differences-between-apr-ear.aspx Default: 1
periodStringPeriodYend'beg', 'end'Period can be either of the 2 values only 'beg' or 'end'. 'beg' assumes the first cash infusion starts at the beginning of the first period. 'end' assumes the first cash infusion starts at the ending of the first period. Default : end
countrystringalpha-2 country codeY“US”
additionalSourcedictionarycapture additional source of income that can contribute to retirementNadditionalSource field is only applicable for country: “US”. It is In Progress for other country
retirementSavingsNumberThe amount of savings for retirement. This parameter assumes a lump-sum amountY if additionalSource exist10000
socialSecurityBenefitNumberGovernment-guaranteed monthly retirement incomeY if additionalSource exist1500
pensionNumberMonthly retirement income from employerY if additionalSource exist1000
colaRateNumberCost of Living Adjustment Rate (COLA) is an increase in Social Security benefits to counteract inflationY if additionalSource exist0.024Default value: 0.024

Response Data

NameDataTypeTechnical DescriptionSample ValuesNo. of decimalsNotes
goalAmountNumberTarget amount that user would need for the retirement goal1180867.392This is the Lump Sum Amount the user will need to achieve when he retires, defined by the retirement age. If Period = "end": Goal Amount = Annuity If Period = "beg": Goal Amount = Annuity Payment + (Annuity (1 + Inflation Rate)) Annuity Annuity = (Annuity Payment / (Interest Rate - Inflation Rate)) (1 - ( (1 + Inflation Rate) / (1 + Interest Rate) ) ^ Compounding Periods) Annuity Payment Annuity Payment = Annual Retirement Income / Number Of Compounds Per Year
totalRetirementExpenditureNumberTotal estimated amount of expenditure required to cover your whole retirement period1725470.872
workingPeriodNumberNumber of remaining working years until retirement age120
yearsToDecumulateNumberNo. of years between life expectancy and retirement age160The number of years from the day you retire till the day you die. Years To Decumulate = Life Expectancy (f(Gender)) - Retirement Age
retirementAssetsDictionaryList of assets that can cover your retirement{ "totalSocialSecurityBenefits": 314211.14, "totalPension": 217709.92, "totalRetirementSavings": 12682.42, "totalAssets": 544603.48 }
totalSocialSecurityBenefitsNumberTotal amount of Social Security Benefits received from the start of retirement until life expectancy age314211.142
totalPensionNumberTotal amount of pension received during retirement period217709.922
totalRetirementSavingsNumberTotal amount of savings during retirement period12682.422
totalAssetsNumberSummation of all assets544603.482
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