Retirement calculators are financial planning tools that may help you make the right investment decisions. With a retirement calculator, you will be able to determine the amount you need for the period of your retirement. It is important to get this calculation done right as it will give you a basic idea of how much money you will require to get by in your retirement years.
Today, most retirement planning calculators are available as apps on your smart devices. However, to avoid keeping your data on random devices, people often prefer to use the programs that run on your personal laptop or desktop. The first step to estimating the retirement amount is using the right retirement calculator. Following are the top five calculators you can choose from:
Retirement Planner by Personal Capital
This calculator is free to use and runs a number of investment scenarios automatically. You do not need to put in any data. It runs on a number of assumptions which may be changed if you wish to. The results will be displayed in the form of a graph and table.
Fidelity myPlan Snapshot
This is one of the best retirement calculators that will give you a complete snapshot in just a few seconds. You will just have to enter some basic information like your annual savings, age, and income. The tool will generate a graph based on your assets and will allow you to create a detailed plan.
The Flexible Retirement Planner
This calculator will ask you to provide detailed inputs based on which the graph of your future retirement funds will be developed. You may provide inputs like setting up your taxable portfolio or tax-free portfolio and may also use sensitivity analysis for the effective allocation of assets.
Ultimate Retirement Calculator
This calculator allows you to enter basic data like your contribution and retirement savings. It allows you to leave a certain amount in your estate and also lets you put the one-time benefits you wish to receive like inheritance. You need to provide details of your income and cost of living to arrive at accurate results in a tabular format.
Vanguard Retirement Nest Egg Calculator
This is also one of the best retirement calculators and is easy to use. You only need to provide the years of your portfolio, annual spending, the current balance of the portfolio, and asset allocation.
These are some of the most trusted calculators in the market that are used by many for calculating their retirement fund.