# Savings Calculator

#### Personal Savings Calculator

I have had several requests for a personal rate of savings calculator, similar to the one used in the 4 physicians posts. You may enter your own numbers in the gray boxes to determine your net and gross savings rates.

Some people choose to count principal payments on a mortgage and / or student loans in the savings rate. If you choose to do so, there are entries for them. If you choose not to count it, leave those blank. I included “Other investments in both pre-tax and post-tax investments to make the sheet flexible to suit your needs.

I don’t think there’s a right or a wrong way to calculate your savings, this is just a tool to give you a better idea of how much you are saving (and spending) each year. Spending is calculated automatically. The spreadsheet assumes that all dollars unaccounted for elsewhere are spent, so **this savings calculator doubles as a spending calculator**.

The “Required Nest Egg for FI multiplies your calculated Annual Spending by 25. If you plan to have lower spending in retirement than you do now, enter your own anticipated retirement spending on the “Annual Spending” line.

**To download all the PoF calculators, return to the main calculators page.**

is this file downloadable?

I have made all calculators downloadable in one eel file on the main calculators page.

Great post. Where do you find the FICA taxes to include in your table? I know 1040, line 63 shows you the federal tax but how about the FICA taxes. Doesn’t 7k on 300k salary seem low. I thought it was 6.25% (SS) up to 118.5k and then 1.45 (Medicare) up to 250k and then 0.9 additional on top. To me, those numbers seem much higher than the 7k reported. Did I miss something?

Good catch. SS tax would be $7347 in 2016, but I didn’t include the medicare tax, which is on gross earnings (no deductions, not even for tax deferred investments). For $300,000 in gross earnings, an employee’s medicare tax is $4350. If you are self-employed and paying full tax (i.e. not taking some earnings as a distribution), it’s $8034.45.

You can enter your own SS + Medicare taxes in the FICA line above. I’ve updated the chart with $12,000 (rounded up) as the baseline.