Retirement can cause a tremendous amount of anxiety. When the subject comes up, you might start to think about how much (or little) you have saved, whether you’ll be able to leave the workforce on time and whether you’ll outlive your savings. Although it’s normal to be a little anxious, playing guessing games won’t help you reach your goal any faster.
One way you can take charge of your retirement planning is to use a retirement calculator. This doesn’t take the place of getting sound advice from a financial professional, but a retirement calculator can help you see how you’re doing so you can stay on track with savings.
Are you unsure of how to get in control of your retirement savings plan? We’ve got you covered. Here are eight of the best retirement calculators.
1. The Fidelity Retirement Score
The Fidelity Retirement Score (www.fidelity.com) assesses your progress based on factors such as your age, annual income, monthly savings, and total investments. Based on your answers, you’ll get a score (from zero to 150) telling you where you stand with your retirement savings. The score allows you to see how you compare with others in your age and salary range, as well as and all other retirement savers. After you take a quick survey, you can sign up to get a more detailed view of your retirement finances and suggestions for a strategy to help you improve savings.
Next: This calculator has added features.
2. The Ultimate Retirement Calculator
The Ultimate Retirement Calculator (financialmentor.com) allows you to include more financial factors than many of the other calculators out there. Missing a critical detail could significantly affect retirement savings, so this proves to be a superior calculator. In addition to basic data, such as age, income, and current retirement savings, you can add details such as the value of your estate. Furthermore, you can include windfalls, such as an inheritance or cash received from selling a business. There is also space to add income from a pension or Social Security benefits. Results can be arranged to reflect an annual cost of living adjustment.
Next: This calculator allows you to calculate future income.
3. T. Rowe Price Retirement Income Calculator
The T. Rowe Price retirement income calculator will assist you with calculating future retirement income. This is a good tool to use if you’re worried about the possibility of outliving your savings. This tool helps you figure out how much you’ll have left to spend each month in retirement. It also predicts how long your retirement nest egg will last.
Next: This tool includes educational features.
4. SmartAsset Retirement Calculator
The SmartAsset Retirement Calculator gives a thorough view of how your retirement savings accounts, pension, and Social Security benefits might affect your savings and expenses during retirement. After you input details such as your income and current retirement savings, the calculator provides a comparison between your current plan and what SmartAsset recommends. SmartAsset also includes information on investment topics to help you learn more about retirement planning.
Next: This calculator is from a widely trusted source.
5. AARP Retirement Calculator
The AARP Retirement Calculator presents a personalized view of what your finances could look like when you adjust savings. Answers to questions about your household, salary, lifestyle, and current savings will help you figure out a plan that works best for you. Once you answer the questionnaire, you’ll see a customized graph of how much you will have saved if you continue with your current plan and how much you need to save to be able to retire comfortably.
Next: This tool will show you how to beef up savings.
6. Kiplinger Retirement Savings Calculator
The Kiplinger Retirement Savings Calculator will assist you with figuring out if you need to beef up your retirement savings. It can also help you calculate exactly how much more you need to sock away each month to reach your retirement savings goal. The calculator considers how much you’ve already saved, Social Security, pension benefits, and any money you expect to draw from home equity, such as through a home sale, for example.
Next: This tool will help you curb spending.
7. ESPlanner Basic
When you input sources of income such as Social Security, pensions, and savings, you’ll get an estimate of how much money you’ll need to save from today throughout your retirement. These estimates will give you an idea of how to maintain spending at your set target during retirement. ESPlanner Basic (basic.esplanner.com) is a good tool to use so you can see how much you need to curb your pre-retirement spending. In addition, this tool calculates details that are often missed such as tax payments and life insurance.
Next: This tool includes next steps.
8. New Retirement
The New Retirement website contains several calculators and resources for retirement planning. Once you create a profile and enter information about your financial goals, you’ll be given suggestions. Results are provided in a format that is goals focused, with a timeline showing how close or far you are from exiting the workforce within your specified time horizon. There are also suggestions for next steps in addition to a thorough analysis of your retirement situation.
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