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Top 4 financial calculators for retirement planning

There are several useful retirement calculators available easily, but finding the perfect calculator seems to be difficult. It is essential to do proper research and read the reviews of the various financial calculators for retirement planning to get a better idea. Retirement planning is not all about finances but also comprises determining factors such as the time you retire, the location where you reside, and your overall lifestyle. These are instrumental in deciding what kind of income you will receive in your retirement years.

When you learn or know more about your retirement options, it will help you to pick and invest in the right financial products. Once you take a right decision, you will enjoy more monetary freedom as well as fulfillment that is a necessary part of any retirement plan.

Below are the 5 popular retirement calculators and apps.

  • AARP Retirement Calculator
    The AARP Retirement Calculator is available free of cost, and it has been developed for every type of individual, as well as married couples and domestic partners who are planning for their retirement. You will have to offer the basic details regarding the amount that you require in order to get retired whenever you need. Users will have to answer queries regarding household status, as well as their income, age, general expenses and provide details about their current retirement savings account, along with the social security and lifestyle. The calculator later displays whether users are on the right track for the retirement or not and after that provides various options for you to choose. This is one of the excellent free calculators over the internet that assists you to take a decision.
  • iMaximize Social Security
    The iMaximize Social Security calculator is available in Android, as well as iOS smartphones, and is free of cost. However, to access its upgraded version, you have to shell out $9.99 which has some extended features. This has been established to assist every type of consumer who is intending to retire in a few years. It allows exploring the right strategies to double the benefits of the Social Security. The app ordinarily uses a proprietary (business) calculation model that generates results based on your specific financial scenario. It certain factors into account like individual life history, age, as well as Personal Insurance Amount (PIA), which also includes marital status and current filing status. Users will have to answer a few questions in order to receive a snapshot of the Social Security Income for absolutely free or either receive minimum five detailed reports of worth $9.99 that consists of a list of filing strategies, and also gross lifetime benefits including top strategies that depend on the user’s inputs.
  • RetirePlan
    RetirePlan is an iPad app which uses an iOS Platform and costs for about $4.99. Usually, this app assists to answer your questions regarding retirement such as ‘when should I retire?’ and ‘how much money can I save yearly?’ While, the users can quickly research several scenarios by entering numerical data including current age, and the desired retirement age, as well as data of the current savings. The input even includes average yearly savings and the expected retirement income (yearly). You will find the sliders in this app, and you can simply change a value to view various outcomes. You can include a spouse too, and also add or remove the Social Security. The app lets you make changes in inflation, interest rates, pension, upcoming expenses, additional rates of return, and other details.
  • Vanguard Retirement Nest Egg Calculator
    The Vanguard Retirement Nest Egg Calculator comes free of cost on an online platform. It even calculates the probability, as a percentage. Like all the apps mentioned above, it also uses your personal information and current financial data coupled with your retirement expectations.

The top 5 financial calculators for financial planning are a great way to get organized. However, such calculators and apps merely calculate the probabilities depending upon the information which you have entered in the form. Some makers have gone the extra mile and have included factors such as future IT returns, tax rates, and inflation to create more accurate and customized reports.
However, always ensure to do some extra homework in order to plan appropriately for your own retirement, and you can lead a better lifestyle. Such financial calculators for retirement planning can offer you some insight into the initiatives and direction you are taking, but your retirement savings largely depend on the fluctuating market conditions and economic policies. Therefore, after assessing your financial state, hire a good financial advisor who can help you plan lucratively for the future.

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