Retirement Calculators: A Must for Planning

Retirement calculators have grown in popularity as a vital tool in the preparation for retirement. They will tell you about how much money you can expect to have at retirement age based on your current age, the retirement programs you’re currently using, and the number of years you’ll have for it to accumulate at its current rate. There is no need to wonder if you’ll be able to make it financially. Just use a retirement calculator and see where you stand. If you’re not standing where you’d like to be then you know you have to change it. 

Bloomberg.com has a free one available that’s pretty straightforward with simple explanations for the eleven boxes you’ll fill out with information such as: current age; household income; rate of return before retirement, age you plan on being when you retire, etc. None are too difficult, however if you’re one of those people that really wants nothing to do with figures whatsoever, then there are a multitude of businesses waiting to receive your call.

 It only makes good sense to know exactly how much you need to put away from every paycheck in order to live the way you want to come retirement. It’s a heartbreaking story to see people that have worked so hard all their lives only to get to retirement and find they live below the poverty line because they were unaware of the amount needed weekly from their checks once inflation was added in. 

Of course, working with an organization, whether paid or your own bank, will help you to understand your own particulars based on income, investments if any, and to chart a course of security for your future. If you prefer an organization like Fidelity, TD Ameritrade, Ameriprise etc, then you can count on them helping you to plan on investments along with balancing those investments between aggressive and passive investments based on your age and current financial status. It should be noted that Ameriprise has built a strong reputation, but only you can make the decision on which one is right for you. 

There’s an area most would prefer not to think about or look at and that’s the fact that either you or your spouse may be in need of a nursing home facility.  Although admittedly not the most pleasant thought, good retirement planning should include the possibility on the outside chance that care may be needed.  Cost of nursing home care or assisted living should be included in calculating retirement needs.  

 http://www.bloomberg.com/invest/calculators/retire.html

 http://www.ssa.gov/retirement/

 http://www.ameriprise.com