I enjoy experimenting with different financial calculators to help me predict how our retirement planning is progressing. There are hundreds of such calculators available online. Most of the major companies that sell investments and annuity products offer such calculators. I have written about many other retirement planning tools previously. This week, I found a new source of financial calculators intended specifically for prospective retirees, all with a time-saving feature I like.
- a long term care calculator to help you determine how much a period of needing care could cost you in today’s dollars;
- a reverse mortgage calculator that shows how quickly the balance on a reverse mortgage can increase;
- a life expectancy calculator (I have lots of life;
- a retirement income calculator for predicting retirement income from a certain size retirement nest egg.
My two favorite calculators for retirement planning available at this site are:
- a variable annuity calculator that allows you to compare the growth of a variable annuity purchase (including surrender charges) with a more conventional taxable account;
- a retirement savings shortfall calculator that will predict when you will run out of retirement savings based on your age, withdrawal rate, and other factors.
A time-saving aspect of this set of retirement planning calculators is that you can save the work you do in a personal “workspace” just by registering at the site. It’s free. You can even share the workspace with your spouse.
Finally, whatever retirement planning tools you use, be aware of their inherent flaws and shortcomings.