Retirement calculator: Your planning assistant

Retirement calculator: Your planning assistant

Retirement planning is about setting aside enough money for retirement and is the preparation that must be done well in advance so that you will be organized for the life after your work career ends, not just in monetary terms but in all aspects of life. The non-financial facets include lifestyle choices, how to spend time in retirement, where to live, etc.

What is a retirement calculator?
With instability in the market, the plans that you would have prepared using unconventional methods, becomes immaterial. A retirement calculator is one such tool that helps to do the planning in a better way and calculates the retirement revenue that will be needed post retirement.

Unpredictable future
Retirement calculators make assumptions about the estimated growth level and anticipated price increases during the time of forecast.

Why the calculator?
It is important to consider the retirement calculator as it helps to estimate your primary and optional expenditures during your retirement, to figure out at what age you can give up work, to create a personal income for your needed expenses, to improve your lifestyle and to maximize yield, and minimize risk.

Types of calculators
There are four types of calculators that will help you in planning your retirement considering future financial circumstances. These calculators aid in determining how much revenue will be needed to retire, how to save for retirement, how much to pull out after retirement, and how long your money will last.

What else?
Retirement calculators elucidate how a combination of possessions like stocks, bonds, cash or inflation indexed bond, or income options like investment portfolio, immediate life annuity, or variable annuity with or without guaranteed income, would have coped under historical market circumstances, given your specified fiscal goals and cash flow. It does not provide a calculation of your ability to meet your goals; it helps you run different scenarios and see the different outcomes. It should not be used as the primary basis for any investment or tax-planning decisions as results will vary in the future.

One should remember that retirement calculators are made accessible to you as self-help tools for your self-governing use and are not projected to offer you investment advice. Now that you know the benefits of a retirement calculator, waste no time! Use the retirement calculator to see where you stand today and what you must do next!