T Rowe Price
Retirement Income Calculator
T Rowe Price has several calculators to choose from in its Retirement Planning page. All can be helpful in evaluating your situation. The following is a list of interactive tools that are available:
For Individual Retirement
For Small Business and 403(b) Plans
- Retirement Income Calculator (discussed on this page)
- IRA Calculator
- Distribution Calculator
- Rollover Planner
- Company Stock Tool
For Required Minimum Distribution
- Small Business Plan Contribution Calculator
- Simple IRA Contribution Calculator
- 403(b) Contribution Calculator
- RMD Calculator
- RMD Navigator
As we discussed on the previous page, this Retirement Income Calculator runs around 1,000 market simulations under a monte carlo analysis
to provide data in the evaluation of the capability of your portfolio to hold up under various market conditions. This finance calculator determines how much money will be available for expenses each month and the percent chance of your money lasting the entire time period of your retirement.
Make your way through the numerous tables to input data. You can even provide more detailed data through their easily evailable worksheets on several of the tables. The end result for a sample calculation is shown below.
© T. Rowe Price Investment Services, Inc.
Click here to go to this calculator.
To me, it seems like the retirement income calculator is one of the most important for you to consider. After all, you would most likely you would not have any significant earned income at that time and would be living off of your retirement savings and social security for the most part.
Since you may need to rely on your retirement income for up to 30 years, it is well worth while to ensure that you do have enough income to support you during that period. This calculator does a good job. Of course, it is good to check out others to examine how their results may differ.
As far as financial planning for retirement is concerned, it is certainly worth evaluating these calculators to determine if they provide you with the information you need in a understandable format.
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