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Best Retirement Calculator

Best Retirement Calculator

Best Retirement Calculator

There are plenty of retirement calculators out there. You can get a free one from Personal Capital or FIRECalc, for example, and most hardcore DIYers have heard of MaxiFi or ESPlanner. But the best one for most people is probably NewRetirement, which I reviewed for WCI earlier this year. It has many features that set it apart, including allowing you to model the effect of taxable or tax-deferred savings (such as an IRA) on your overall retirement plan. It can also estimate how much of your income will be subject to taxes, including RMDs and Social Security benefits.

This tool asks you typical questions about your birth year, current savings and investments, how long you expect to work in retirement, and other information that will help it run a Monte Carlo analysis. It also lets you compare scenarios based on different assumptions. It has a short version with just four questions that takes about five minutes to complete, and a detailed analysis that will take more time but provides more granular results. URL

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This tool is fairly simple, and it will give you a quick, high-level check that you’re on track to reach your goals. However, it only works for a single person, and you can’t input any other income sources such as pensions. The calculator does not calculate future investment returns, but it does show you the amount that you can withdraw from your savings and investments each year, adjusted for inflation.

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