Calculators are very helpful when planning for your retirement. Nowadays, the development of various softwares and applications are used for different purposes. Through the use of the Internet, you can accomplish almost anything.
The advancement of technology has paved the way for many excellent online retirement tools that are free to use in computing information in just a snap. The best tools will effectively help you in understanding these things more easily.
The following are available online retirement tools that are free to use:
- Personal Capital’s Retirement Planner
Personal Capital’s Retirement Planner is the first retirement calculator option on the list. It’s developed by Personal Capital and a part of its financial dashboard is free to use. When investment accounts have been added to its financial dashboard, Retirement Planner will take all available data and will automatically run 5,000 investment scenarios.
No entry of data is needed. Different calculations such as life expectancy, inflation, and social security can be changed and results will be displayed in both table and graph formats.
- Fidelity MyPlan Snapshot
Fidelity MyPlan Snapshot is a retirement calculator that allows you to see your retirement finances within seconds. You just need to input a few numbers such as: your age, annual income, annual savings and your total amount of investment.
This tool will generate a graphical image of your estimated assets. Fidelity customers are allowed to take the projected data from snapshot to create a more comprehensive retirement plan.
- The Flexible Retirement Planner
For people who don’t want to spend an hour with a retirement calculator, The Flexible Retirement Planner is a great choice! This retirement tool enables detailed inputs. You can set a taxable portfolio, tax-free portfolio and a tax deferred portfolio.
You can also configure the sensitivity analysis of the Monte Carlo simulator and your portfolio’s asset allocation. The result will be presented as a graph of future fund values of retirement and probability of your retirement portfolio’s success.
- The Ultimate Retirement Calculator
The Ultimate Retirement Calculator lets you enter typical data like annual contributions and retirement savings. This retirement calculator is different from others for various reasons:
- It allows the entry of one-time privileges that you will receive such as inheritance.
- You can input social security income or pension.
- Set annual cost of living adjustments.
Your results are displayed in table formats and you can email them to yourself for further analysis.
- Vanguard – Retirement Nest Egg Calculator
Vanguard’s Retirement Nest Egg Calculator is the final retirement calculator on the top 5 free excellent retirement calculators that you can use online. This is a retirement tool specifically designed for you to know if there are existing odds with your nest egg.
It only needs 4 inputs such as (1) years of portfolio, (2) current balance in the portfolio, (3) annual spending, and (4) asset allocation. For example, a $1M portfolio has 86% chance to produce $45K annually in income within 30 years with 60% stock allocation.
If you are in need of help with planning your retirement, contact The Retirement Planning Group today.