Comparing Retirement Calculators

Comparing Retirement Calculators

When you started planning for your retirement, you were careful to set the right goals and find the right tools to help you achieve them. Maybe you attended seminars or read books, maybe you talked with a financial advisor and used a retirement calculator. But as time goes on, if you are not sure that you are any closer (or just not as close as you could be) to achieving your goals, it may be time for a new retirement calculator.

Questions To Ask Yourself When Comparing Calculators

When comparing your retirement plans using a calculator, you should take note that these questions are answered:

1. How Much Do You Make Right Now?

How much you make right now can determine what your retirement plan may look like.  If you make a lot of money today and live an expensive lifestyle, to continue, you may want to consider this.  If you make a modest living and want to live modest when retired, this should be looked at. 

If you think that you could make a nice living and then retire, you will cut down and live modestly, and you may rethink this.  It is important to be realistic about retirement and make the adjustments today. Good mortgage calculators consider this aspect.

2. How Would You Like To Live When Retired?

This is something that most people do not think about.  Do you want to live in your current home, be living with children, or plan to live in Florida and play golf for the rest of your days?

Have you thought about senior living centers? There are so many things to consider, and this will have an impact on what you may plan to save for your retirement.

3. Will You Be Eligible For Social Security Or Pension?

Social security benefits don’t amount to much, but it is a regular income supplement.  On the other hand, a pension can be a good income addition, and getting the information on these can help you decide how much will need to be saved for your retirement.

4. How Soon Before Retirement?

The longer you wait to save, the harder it becomes.  If you are young, planning for retirement may seem a long way off, but this is not true.

Time does fly, and before you know it, retirement time is around the corner.  The other thing about starting a retirement fund at an early age will allow the money saved to grow in interest and investment.  Comparing the results put forward by

Because $10 today is not worth what it was 30 years ago.  As we get older, we have less time to save, which means it is most important to get with a retirement planner as soon as possible to discuss your needs.

Investing: When you’re young, you can take advantage of investing aggressively; this will give you higher rates of return and ensure a large retirement fund.  As you get older, you can change your investment strategy.

Using this method will also put you ahead of the person keeping their savings in a bank with little or no interest.

The key to retirement savings is to find out where you are now and build on it.  If you are young, starting early is the best thing you could do; if you are older and have not thought about retirement, you may want to revisit this area. 

What Could You Do With A Retirement Calculator?

You could take a closer look at the savings accounts that you have. With a retirement calculator, you could more closely examine the stocks, bonds and mutual funds that you have invested in.

With a retirement calculator, you could be sure that the investments that you’ve made have performed well over time. You could look at how those same stocks, bonds and mutual funds are projected to perform – and how changes to the interest rate and the rising costs associated with inflation will affect the retirement savings that you have.

And, with a new retirement calculator, you will not only be able to look at the savings accounts and investments that you currently have. You will also be able to look at those changes you are thinking about making to see how they will perform; you will be able to see whether or not a change to your investment strategy would put you closer to or further away from achieving your retirement goals.

Similarly, find that you need additional money to cover higher education, medical expenses or the purchase of a new home. You could use a retirement calculator to see how withdrawing that money from your retirement savings would affect the money available to you after retirement. A retirement calculator will allow you to see how any changes you make to your retirement savings and investment strategies will affect your retirement income.

Not only that, but your new retirement calculator should come with other services – services like those of a financial advisor. When you download the retirement calculator at the bottom of this page, you will also receive a free consultation with a financial advisor.

You will be able to ask the questions that you have – questions that you may or may not have asked another counsellor. You will be able to get the advice that you need to make the right choices. You will be able to work with someone in your area – someone who will understand your goals and help you achieve them.

Together, you will be able to take your savings and investment strategy and develop a plan to help you achieve all of your retirement goals. And, more importantly, you’ll be able to set that plan into motion.

Planning for retirement is not a hands-off activity; the more you know about your savings and investments, the more likely you will achieve all of your retirement goals. With a new retirement calculator, you’ll be able to get the information that you need. And, with this new retirement calculator, you’ll even be able to get the answers and advice that will build your confidence.