What does one more working year really buy you?
Move the retirement date. See how one more year can add savings, add growth, and shorten retirement.
Work longer—or make the current date work?
Move one slider at a time. The numbers and picture update together.
This example uses the same growth rate and monthly savings every year. Real returns go up and down. Taxes and fees are not included.
Why one year can make a big change
One more year does more than add your new savings. The money already saved gets another year to grow. Retirement is also one year shorter.
That is why a small change to the date can move the answer a lot. The lab shows each part of the change.
What the picture does not decide
The biggest balance is not always the best life choice. Health, family care, job risk, and time with people you love also matter.
Try zero, one, two, and three extra years. Then see if spending a little less, working part time, or changing Social Security could give you a similar result.
Verify before you act
These official resources provide background for the concepts in this illustration: