Preparing for retirement is not just about saving money, it’s also about knowing how much you will need in retirement and creating a plan that will help you get there. In fact, the Employee Benefit Research Institute found that workers who do the math and know their retirement goal are far more confident about achieving a secure retirement than those who do not take this important step. The good news is that there are plenty of great, free resources available to help you figure out your goal.
There are many retirement planning calculators online to choose from, but here are a few of WISER’s favorites:
Please Note: WISER is not being paid to promote any of the following resources, nor does it endorse any specific financial company, product or services. These tools were selected based on ease of use and information offered. They are free for anyone to use and do not require providing any personal contact information or sign-up/login to see the calculated results.
Retirement Income and Investment Calculators
WISER’s Your Future Paycheck(R) Calculator (annuities)
The Department of Labor’s, Taking the Mystery out of Retirement, is detailed but easy-to-understand. It is geared toward people 10-15 years away from retirement, and comes with several worksheets you can fill out. The guide also offers information on saving and investing.
Longevity and Health Expense Calculators
To know what you will need in retirement, it is helpful to take an educated guess as to how long you might live.
Bluezones Vitality Compass can give an estimate of how long you will live, and also includes your virtual age (your body’s age based on your health).
Health care costs are a significant cost facing older Americans. The Fidelity health care calculator is not overly detailed, but it provides an estimate that can be useful in budgeting for future healthcare costs.
Other Planning Calculators
WISER also encourages everyone to sign up for your my Social Security online account through the Social Security Administration. With this account you can get estimates of future benefits and check your earnings record for any errors. It is also a good security measure to make sure no one else attempts to sign up for an account for you.
RetireOnYourTerms.org also has links to a variety of planning calculators.