A Retirement Calculator Can Help You Plan Financial Strategy and Show Your Current Status.
Retirement income calculators use a number of variables such as age, income, current amount in a retirement plan, years until retirement, and so on, to calculate a numerical goal for you to work towards. However the figures they generate may vary greatly from one calculator to another. I am putting four different ones on this page so you can try a few and see what you get variability wise. Getting a few different values can give you a good ballpark estimate of where you stand in your planning.
The calculators below range from the ING one being very simple, with the AARP and Fidelity of moderate complexity, to the T.Rowe Price being quite comprehensive. Give them all a try and get a snapshot of where you stand!
ING Your Number Calculator
AARP Retirement Calculator
Fidelity My Plan Snapshot
T.Rowe Price Retirement Income Calculator
After using these calculators, it is easy to see there are some shortcomings. Of course it is impossible to predict things like market performance and interest rates. But for a general look at the many different aspects of your retirement portfolio they can be useful. Don't forget to seek professional advice about your retirement plans.
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