While there’s no substitute for a good financial advisor, retirement calculators can be an easy way to determine if you are on the right track for your retirement goals. There are many retirement calculators out there, so let’s take a look at our top 2 picks. We’ve chosen these calculators based on ease of use and how accurate they are. Some online calculators can be confusing, so we set out to find the top ones that can be used even if you aren’t particularly internet-savvy.
SmartAsset has a variety of helpful financial calculators including paycheck, tax, and retirement calculators. Their easy-to-use retirement calculator asks questions like, “how much are you saving each month,” “do you have a 401(k) or pension?,” and “what is your income.” The questions are simple enough and you most likely know the answers without having to check your accounts or find the information.
Once you input the info that they request, SmartAsset then breaks down how much you need to save each month to reach your financial retirement goals. You can adjust the age you are hoping to retire, and the calculator automatically changes how much you will need to save accordingly. Additionally, they provide key takeaways that include how much money you need to retire, your estimated annual income needed in retirement, and estimated social security benefits.
Try the SmartAsset Retirement Calculator today.
Another easy to use retirement calculator that we love is by Bankrate. Similar to the SmartAsset retirement calculator, you plug in your info and it helps to guide you and provide advice for a successful retirement. Input your information like age, age of retirement, household income, current retirement savings, expected income increase, and more. After that, Bankrate will give you all of the information you need.
Not only does Bankrate help you with the numbers, it also breaks down and explains the financial requests that they ask for. For example, are you confused about the expected rate of inflation? No problem, they explain that expected rate of inflation is:
“this is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2016 the CPI has a long-term average of 2.9% annually. Over the last 40 years, the highest CPI recorded was 13.5% in 1980. For 2016, the last full year available, the CPI was 1.1% annually as reported by the Minneapolis Federal Reserve.
With these key terms broken down into digestible information, you can make the best financial decisions for your future. Try the Bankrate Retirement Calculator today.
There are many retirement calculators circulating on the internet, but many are not intuitive and can be confusing. The above calculators are easy to use, adjustable, and provide clear, concise detail. Once you’ve gotten your information from the calculator, take it to your financial advisor and work to come up with a plan to help you meet that goal.
With our trusted network of advisors, we’ll connect you with up to three established planners in your area.
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