THERE ARE MANY DIFFERENT TYPES of retirement calculators available. The ones listed here are web-based and free. Many of them were assessed by Darrow Kirkpatrick of caniretireyet.com in a terrific article called The Best Retirement Calculators (first posted in 2014 but updated since; the site is good too).
Two calculators that provide more sophisticated estimates of retirement income are the Ultimate Retirement Calculator by Financial Mentors and the Personal Capital Retirement Planner.
Sample Retirement Income Calculators |
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ARRP |
Easy to use with different scenario planners for lifestyle. |
Bloomberg |
Nice interface, very simple to use but not particularly complex; only one income, no life-changing income or expenses. |
CalcXML Retirement Savings * |
Simple input. Income replacement. Social Security estimate/ override. Spouse. Graphical/tabular output. PDF report. |
cFIREsim * |
Spouse. Asset allocation including gold. Rebalancing. Financial events. Spending policies. Graphical/tabular output. Dip analysis. Investigate scenarios. Save data. Support forum. |
Chase Retirement Calculator* |
Nice interface. Simple input. Social Security estimate. Spouse. Graphical/tabular output. Explore Options offers more parameters and simple scenario comparison. |
CNN Money |
Very simple and fast calculator, no bells and whistles. |
Dinkytown.net Retirement Planner* |
Nice interface. Income replacement. Social Security estimate. Retirement work. Graphical/tabular output. Well documented. |
Fidelity Retirement Income Planner* |
Nice interface. Detailed expenses. Social Security estimate/ override. Spouse. Multiple accounts. Asset allocation. Rebalancing. Real estate. Financial events. Retirement work. Scenarios. Tax calculations. RMDs. Annuities. Graphical/tabular output. Today's dollars option. Save data. Well documented. (Requires signup.) |
Simple input. Social Security override. Financial events. Retirement work. Tabular output. Computes savings/ contributions needed to fully fund plan. |
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New Retirement * |
Nice interface. Simple input. Social Security override/ optimization. Spouse. Multiple accounts. Real estate. Financial events. Retirement work. Scenarios. Tax calculations. RMDs. Annuities. Graphical/tabular output. Save data. Well documented. (Requires signup.) |
Personal Capital Retirement Planner * |
Nice interface. Simple input. Social Security override. Spouse. Multiple accounts. Asset allocation. Real estate. Financial events. Retirement work. College saving. Annuities. Graphical/tabular output. Today's dollars. Save data. Well documented. (Requires signup.) |
Scottrade Retirement Savings Calculator* |
Nice interface. Simple input. Social Security override. Multiple accounts. Retirement work. Graphical output. Today's dollars. Well documented. |
SmartAsset Retirement Calculator * |
Nice interface. Simple input. Social Security estimate. Multiple accounts. Tax calculations. Graphical output. |
T. Rowe Price Retirement Income Calculator * |
Nice interface. Simple input. Social Security estimate/override. Spouse. Asset allocation. Rebalancing. Scenarios. Graphical output. Today's dollars. Save data. Well documented. |
Vanguard Retirement Nest Egg Calculator* |
Nice interface. Simple input. Asset allocation. Graphical output. Well documented. |
Sources * Review taken from The Best Retirement Calculators, Darrow Kirkpatrick, on the Can I Retire blog, November 22, 2014 (caniretireyet.com/the-best-retirement-calculators;) aarp.org/work/retirement-planning/retirement_calculator.html/ |
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