These free tools can help you determine if you're on the right path to retirment.
Are you worried you're not prepared for retirement?
Will you have enough money for food? Will your savings last? Should you sell your current home or downsize? How many years will your savings last? How much money can you really expect to spend in your retirement?
These are all good questions and you don't have to wonder about them any longer. There are some easy to use online tools you can use to get some answers.
Check out these top retirement planning tools and calculators to get a better idea of your retirement situation.
Retirement Savings Calculator
This one's a two-for-one. Use this calculator to help you determine how much you need to save for retirement and how long it will take to reach your goal. There are several companies that offer similar calculators, but this one is tax-specific. That's a huge plus for helping you get a better idea of what deductions to claim during retirement.
How Much Can I Expect to Spend in Retirement?
This calculator by T. Rowe Price offers a more comprehensive view of what your life might look like after you retire. It offers some great tips on reducing expenses in retirement and predicts at what age you might have to take money out of your retirement funds.
Our Recommended Retirement Planning Tools
A retirement planner is by far the best tool to use.
With our retirement planning tool you can forecast your income and expenses for the next 40 years!
Retirement Planner Instant Retirement Calculator My Retirement Plan Our calculator helps you to get started with retirement planning. Calculate how much you need to save for retirement. Calculates how much income your investments will generate in retirement. Calculates how much money you will need to save for retirement. Calculates how much you will need to save for retirement. Click here to use our Retirement Planner.
Retirement Resources for 2019
A great way to learn more about retirement planning and other home related topics is to visit the resources below:
IRS.gov is the United States Internal Revenue Services Official Site.
The United States Internal Revenue Services Official Site. Medicare.gov is the Official Site of Medicare offered by the U.S. Government for Senior Citizens.
Official Site of Medicare offered by the U.S. Government for Senior Citizens. IRS.gov/retirement has a wealth of information that can help you in your retirement years.
That can help you in your retirement years. Insurance.gov is the official site of the U.S. Government, Federal Trade Commission, that provides information about retirement resources.
Personal Capital's Retirement Planner
Favored by the finance community, Personal Capital is an excellent option if you're looking for an all-in-one financial dashboard. After just a few short minutes of answering a few questions, Personal Capital will be able to create a "Wealth Checkup", a complete analysis of your financial situation that will show exactly how you're doing in five different financial areas. This analysis also calculates your progress against a customized benchmark that Personal Capital creates based on your goals and situation.
The first area Personal Capital analyzes is your assets. In this section, you will see a comprehensive view of your entire portfolio, including all of your accounts like your checking, savings, retirement, and various other investment accounts.
The second area covered is your goals, which include your retirement goal, short-term goals, and estate planning. Personal Capital will show you how close you are to your goal and how much time and money you will need to make up any shortfall.
The third area is your debt, specifically your mortgage and credit card debt. Like any good financial dashboard, Personal Capital will show when each of your loans were taken out, what your interest rates are, and how much you're paying in interest and fees. Personal Capital will also show you how much you have paid on each student loan as well.
Betterment's Retirement Savings Calculator
What’s the most important number to track in retirement planning?
Experts say it’s your savings rate, or how much of your income each year you put away. But it’s hard to figure out your savings rate. Do you count your pre-tax savings? Your after-tax savings? What about that 5% match your company offers?
We created this calculator to help you draw a better picture of your savings rate. We’ll show you how much income, from all sources, you’ll have in retirement.
Then you can add in estimates of how much income you expect from Social Security, pensions, and any other sources.
And if you’re unsure about what your life will look like after you retire, you can choose a range of scenarios.
You’ll end up with a detailed portrait of your future, and you can call off the search for that ideal retirement calculator.
Stash's Retirement Calculator
Stash is a service for those that want a better understanding of what their options are when it comes to their financial life.
It is personalized based on your current income, savings, and investments. It will then give you a number of suggestions for things you can do to reach your target and recommendations for more information you can use depending on what it is suggesting. It is all designed to help you reach financial security and independence throughout your retirement.
This is not a free service, but they offer a free trial to let you see if it is worth it for you. They use your information to analyze things like your risk tolerance and design an asset allocation plan that is customized for you. They also have recommendations for what types of investments and accounts you should hold, and they can provide more information for you if it seems interesting.
From there, you can see where things currently stand and see how to make adjustments based on setting goals and deciding what you want in your life. It is not just projections of what may happen, it truly helps you plan out how to live.
Charles Schwab's Retirement Savings Calculator
Charles Schwab is a huge name in the financial planning arena, and it’s easy to see why with tools like their retirement calculator. While the company may have started as a financial services company, it later began to offer a wide range of consumer services, including investment advice and retirement calculators. This calculator determines how much money you need for retirement and how much of your paychecks you should be saving to get there. It is also possible to adjust your income, spend, and savings rate and see what effect it would have on your retirement. You can view this calculator online or download it to your PC.
Fidelity's myPlan Snapshot
MyPlan Snapshot is a financial planning starter tool that is developed by leading financial comparison site, Fidelity. It's a great tool to help you take a closer look at your current financial situation and how you can improve and achieve your financial goals. Download the tool today.
Pros:
+myPlan Snapshot uses a familiar concept, which is investing. It gives people of every age and economic demographic a way to figure out how much they may need to retire. It can also help you feel like you're adding to your savings.
+myPlan Snapshot includes a number of default portfolios, which are based on age, time horizon and risk appetite. Each portfolio's age-based allocation is the same.
+myPlan avoids lengthy financial jargon, by providing visual cues of your plan. Once you answer a few questions, you can get an overall dashboard of your finances, including income, assets, debts and goals.
Cons:
+myPlan Snapshot only includes investing. Therefore, this tool doesn't necessarily allow investors to prepare for a comprehensive financial plan, which can include things like Social Security income, the stock market and home ownership.
+myPlan Snapshot's performance (such as investment choice and allocation) is based on the S&P 500 Index. As an investor, you can still diversify your portfolio with other stocks.
Vanguard's Retirement Nest Egg Calculator
A Vanguard retirement calculator is a valuable tool for assessing your retirement savings, which could be a significant part of your nest egg. Vanguard's tools are considered top of the line when it comes to retirement-planning tools.
The calculator measures retirement allocation results by age and provides estimated account values for every allocation for given age and return rate ranges. The Vanguard calculator additionally provides a snapshot of your future income stream and its dependency on asset allocation and yearly contributions.
By providing various results based on different interest rate performances and age/income ranges, the Vanguard calculator prepares you for every possible retirement scenario. We found the Vanguard calculator to be easy to use and quite accurate.