Want the best online retirement planning calculator or retirement income calculator? That could be a difficult choice because there are so many elements involved in the circumstances for each person.
I have examined a number of online retirement planning calculators during the period leading up to my retirement and researched many more since then. Numerous calculators are available, but many may not answer the question that you are interested in.
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You have heard the saying before – “You get what you pay for.” That holds true regarding any retirement calculator. Your payment is your time. If you spend more time putting data and details into a form for the calculation, you are more likely to get more accurate results from the provider.
There seems to be two major categories of calculators:
So here are my recommendations:
Input tables are available for Income, Spending, Not Retired Yet, Spending Models, Your Portfolio, Portfolio Changes, Investigate.
FIRECalc is the best online retirement planning calculator that I have seen.
It was developed as a Decision Support Systems to illuminate retirement planning. This tool provides guidance in pre-retirement and post-retirement planning. It also allows the user to run the program in a Simulation Mode to calculate after-tax, inflation adjusted money that can be used for spending each year. It also shows flow of money into and out of retirement savings accounts.
The second mode of operation is the Monte Carlo Risk Assessment Mode that demonstrates how your set of choices behave under certain economic environments. This is an interesting tool with lots of flexibility.
It provides numerous data input fields for the user which provides more accurate results than using averages or general assumptions. It also identifies 15 questions that a person may want to ask about their retirement and provides a calculator for each of those 15 questions.
This site also provides articles regarding how to plan for retirement, other savings calculators to help you determine how to get out of debt faster. Their blog on retirement provides some interesting comments.
This online retirement planning calculator runs around 1,000 market simulations under a monte carlo analysis to help you figure if your retirement portfolio will stand up under various market conditions. You can determine how much you may have available to you for your expenses each month. It determines the chances of your portfolio lasting throughout your retirement. Should you have a shortfall, it provides you with options to make the difference
Since there are several tables which need to be filled in for this calculator, its answers tend to more accurate that the short table form for other sites. So you will spend 10 minutes or so for input. That’s a good thing.
It provides for tax-deferred and non-deferred savings as well as detailed worksheets underlying several of the input fields. It has been considered a valuable calculator for a number of years.
If you have lots of data that varies by date, then you may want to evaluate VestingPoint.com as an online retirement planning calculator. It allows you to input as much data as you want or take a more simple approach. It gives you a simple answer of the percentage chance you have of succeeding in meeting your retirement goal to retirement or to the end of your plan. The 7-day trial version is free, but one must pay an annual charge of $18 to use it whenever you choose. This is a newer tool that was released in 2009.
Mark L. Fox, the creator of Nestegg Retirement Planning Software gave us an interview on his background and the develop of his calculator. Read it all here.
Consider the Social Security Retirement Calculator
Of course, one thing that we must all do is to visit the Social Security Retirement Calculator at its site to determine the benefits that you may receive from Social Security.
It provides a high level view of your benefits, but you can download a more detailed approach to the calculation by using their Detailed Calculator.
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