Module 4c: Retirement Savings Calculators
Hundreds, if not thousands, of retirement savings calculation tools are available both as print documents and online. Sources of these materials include government agencies, including Cooperative Extension, non-profit organizations involved in financial education, and financial services providers such as banks, financial publications, stock brokerage firms, and mutual fund companies. Most calculators require the entry of personal data about key variables such as desired annual retirement income (e.g., 80% of pre-retirement income), retirement age, assumed life expectancy/length of retirement, average annual return on investments, Social Security and/or pension benefits, and amount of existing retirement savings.
Because the assumptions underlying retirement savings calculations can vary, sometimes considerably, it is advisable to use several different calculators and compare the results. Look for calculators that provide results that are similar to those from several others. Below are links to calculators provided by four non-commercial information sources: