Here are two planning tools that may help you determine your need for savings. 

•  [1] Basic Goal Planner from Janus.com
• This simple tool allows you to input your savings goal, your current balance, how much you plan to contribute each month, how long you have before needing those funds, and your expected rate of return.  Based on that input, the calculator will give you recommendations, like how much more or less your contribution needs to be to reach your goal on time, or what rate of return you could earn and still meet your goal.

• [2] Time Value of Money Utility
• This time value of money calculator is slightly more advanced, with the same functions as many financial calculators.  You can use it to solve more complicated planning questions, like how many monthly payments you could draw out of an account holding $5,000 and earning 5%.