Use these best retirement calculators to find out how much you need during your sunset years.
In this article:
- Why Use a Retirement Calculator
- Best Retirement Calculators You Can Find Online
13 Best Retirement Calculators for IRA Investments 2019
Why Use a Retirement Calculator
The best retirement calculators on the market come in a wide variety. These retirement calculators help you predict and plan financially for retirement.
They also help you maximize your retirement savings, retirement income, and Social Security benefits.
More than being wise and planning ahead, such concerns are rendered more relevant than ever, thanks to life expectancy developments, inflation rate, and other factors.
Do take note results may vary with every calculator and user’s financial situation and retirement goals. Some calculators also provide savings assessments and predictions for both you and your partner.
Best Retirement Calculators You Can Find Online
How much do you need to retire? These calculators can help:
1. Fidelity myPlan Snapshot
The good thing about this calculator is it computes your retirement finance result in seconds. All you need to do is encode your annual savings, age, the total of your investment portfolio, and pre-retirement income.
It then shows you the generated assets projection in graphs. What’s best is that this is a free retirement calculator!
2. T. Rowe Price
T. Rowe Price computes your retirement finance result in seconds. All you need to do is encode your annual savings, age, the total of your investment portfolio, and annual income.
Then, it will show you the generated assets projection in graphs. This calculator is also free!
3. Flexible Retirement Planner
A free retirement calculator is handy for those who spend hours calculating their retirement savings. What’s good with Flexible Retirement planner is you can put in very detailed information.
Set up your different portfolios accordingly (taxable, tax-free, tax-deferred, and your Roth IRA, too) for a more accurate reading.
Aside from that, the calculator also allows the configuration of sensitivity analysis through the Monte Carlo simulator. This includes asset allocation inside your portfolio.
What is the Monte Carlo simulator? It is a tool used to calculate the probability of various outcomes that may be difficult to predict due to random variables.
4. ESPlanner Basic
ESPlanner Basic is available at no cost. It takes charge of your financial planning.
That includes your spending cycles, savings, and suggestions for life insurances. It’s also ranked #1 by Money Magazine.
5. Vanguard Retirement Nest Egg Calculator
The Vanguard Retirement Nest Egg Calculator is easy to use. It is also free and designed to predict the odds up until retirement for the nest egg. You only need to put in four variables:
- Your portfolio’s balance
- Years it will last
- Allocation of assets
- Yearly expenses
Be in the know early and beef up your savings before you hit retirement age for optimum enjoyment!
6. AARP Retirement Calculator
This free calculator is among the best retirement calculators. This tool provides a personal snapshot of predictions about your future finances, allowing better asset allocation.
At first, you need to answer a few questions. The questions are about your retirement savings such as Traditional IRA or 401(k), salary, and status of your household.
You can include other information such as:
- Your pension and Social Security
- Roth IRA
- Intended duration of work until retirement
- Retirement spending or lifestyle status
7. The Ultimate Retirement Calculator
One of its special features is it allows you to leave part of your investment with your estate in the event of your death. It also includes putting in any inheritance you may receive.
There’s also a field for your Social Security and pension, providing adjustments to your cost of living per year.
The FINRA retirement calculator asks for recent and future tax rates, expected income from savings, and the expected rate of inflation. It will also request your Social Security income estimation.
You may need to adjust the data you enter depending on marital status.
9. Personal Capital’s Retirement Planner
The retirement planner released by Personal Capital is free of charge. To use the calculator, you need to input your investment accounts.
The retirement planner takes charge of consolidating all available data. It provides up to 5,000 investment scenarios.
You can view the results through graphs and tables.
Schwab is among the best retirement calculators on the market. However, some adjustments need to be done.
For example, you will have to manually compute retirement if you want a projection for you and your partner.
11. New Retirement
The New Retirement’s Simple Retirement Calculator gives you an estimate based on recent retirement savings. This will give you predictions for how long your money will last.
It bases its results on marital status and by setting a particular spending level. It also asks for your Social Security income upon retirement and pension.
You can also customize your income, assets, and spending after retirement. It also allows refining your retirement plan by including assets and income in full detail.
13. FIRECalc Calculator
This retirement calculator can help identify any probable challenges in your retirement plan. FIRECalc calculator bases the results on the history of the market’s volatility.
This will help you assure that the financial plan you currently have can withstand the market’s shifts, offering you tangible savings for the future.
These are the best retirement calculators currently available. It is advisable to try more than one, especially the free retirement calculators.
This will help you choose the best retirement calculator that suits your needs and goals. Choosing the right calculator tailored to your situation can ensure precise results.
Indeed, retirement planning need not be a chore or a sore spot. Get ahead and improve your retirement income and beat the inflation rate. All of these will enhance your savings in the long run!
Which among the best retirement calculators provided would you like to try out? Share your answers and let’s discuss in the comments section below.
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Editor’s Note: This post was originally published on April 16, 2018, and has been updated for quality and relevancy.