Retirement Planning Calculators and What They Mean For You
There are lots of different types of information out there regarding retirement and how you should save your
money effectively. Some people prefer to just save their money by having it automatically taken from their
paycheck every month and placed into their 401(k) or savings account without ever doing the math to see if
it’s enough, and some people prefer to use certified financial advisors to determine what’s right for their
scenario. Retirement planning calculators can help you realize what kind of help you need and give you a
ballpark idea of what needs to be in your bank account when you finally stop working. There are a multitude
of different types of retirement calculators online and here’s a few that can help you find that magic
number.
The FinancialMentor Ultimate Retirement Calculator
This online
retirement calculator from FinancialMentor is straight forward, simple, and compact. The interface is
a single form located on one web page so you don’t need to go through several pages to input all of your
information. It shows very simple results and gives you a more generalized idea as to what you need to have
ready by retirement in order to stop working and maintain your lifestyle.
The SmartMoney Retirment Planner
The online calculator from Dow Jones and the Wall Street Journal is another great
single-page calculator for a generalized overview of your financial needs, although it has someone of a
detailed advantage as it has the option for more advanced inputs for your earnings and spending. The graphic
interface is much more attractive than most online calculators, utilizing beautiful graphs and user
experience design. The sliding scales and graphs make changing your values.
The T. Rowe Price Retirement Income Calculator
As one of the more popular options online, this retirement calculator makes
great use of its interface to collect your information so you don’t need to search around for where to input
your answers. The calculator takes your information and compiles it into a comprehensive big picture of what
your retirement would be like. You can compare your situation against different scenarios and you’re able to
change your parameters once you get to the last screen. It’s a nice and simple approach to getting a very
round and generic view at retirement financials without getting too specific.
Just like most information you get regarding information about financials and retirement that’s not from a
certified retirement or financial advisor, the figures presented by these calculators are very general and
can’t give you specific information regarding your unique situation. What they offer is a great start to
thinking about your nest egg and how you should approach long-term financial success, but be sure to talk to
a certified professional about how your life goals and situation are being affected by your savings and
retirement plans. No two situations are alike and finding the right balance is something you can only
achieve by exploring your options with someone that can understand what’s important to you.
Retirement Research Group is dedicated to helping plan sponsors and businesses connect with the right
financial and retirement advisors to achieve their goals.