Retirement calculators are an essential tool that can make retirement planning easier and more convenient. They help you foresee how much you will need to save and how much you should expect to receive by the time you retire. If you’re looking for the best retirement calculator available online to help you with your retirement planning, check out the list below.
Retirement Calculators for Your Retirement Planning Needs
1. Vanguard Retirement Income Calculator
The Vanguard Retirement Calculator is one of the most user-friendly and simple retirement calculators available. It allows you to input your current age, the retirement age you desire, and your current yearly salary using slider bars. You can also choose the current amount of your retirement savings and the return rate of your investments. This also includes how much retirement fund you would like to have based on your goals.
2. Bankrate Retirement Calculator
Bankrate offers a wide range of financial calculators, and this retirement calculator is one excellent tool. It allows users to input the current balance of your retirement portfolio including yearly contributions, desired retirement age, and current age upon its use. Then, it’ll create a detailed report that shows your retirement income per month adjusted according to inflation.
3. NewRetirement Simple Retirement Calculator
The simple retirement calculator from NewRetirement is easy and quick to set up. It contains sophisticated tools that show results similar to those provided by a financial advisor. Useful charts are also one of its features that give you an in-depth analysis of your current financial situation. It will also show you different possible retirement scenarios and instant answers to all your retirement queries.
4. Fidelity Retirement Calculators & Tools
Fidelity offers different types of retirement calculators and tools. The list includes the Social Security Benefits Calculator, the Fidelity Retirement Score, and many more. All these tools can help you come up with a rough estimate of how much to save. They will also assist you in coming up with an income strategy that best fits your needs.
5. AARP Retirement Calculator
With this retirement calculator from AARP, you can get a personalized snapshot how your future will look like financially. All you need to do is to answer questions pertaining to the status of your household and retirement savings. These are savings in a 401(k) or IRA from your salaries. You can also include in your retirement portfolio other sources of retirement income such as Social Security benefits or a pension.
6. Personal Capital Retirement Planner
When it comes to your retirement needs, you may find Personal Capital’s Retirement Planner helpful in calculating the amount of retirement income you desire. It also allows you to connect all your financial accounts. This includes bank accounts, mortgages, investments, and credit cards. Personal Capital’s Retirement Planner will then use all the data in your financial accounts to show you if you’re ready for retirement based on your targeted retirement date.
7. Financial Mentor Ultimate Retirement Calculator
This Ultimate Retirement Calculator from Financial Mentor can process up to 3 post-retirement income types. This includes pension and income from part-time jobs and Social Security. The tool can also show the duration of growth of these incomes as well as one-time benefits. Examples of one-time benefits are a home or a business sale or an acquired inheritance.
Although retirement calculators cannot provide you exact calculations, they will give you an idea about the trajectory of your finances upon retirement. They will also help you realign your financial goals and save up based on your current financial situation. Once you have all the resources you need, you can maximize them to start planning early for your retirement.
What other helpful retirement calculators can you add to this list? Do let us know in the comments section below.