Best Retirement Calculator

A Best Retirement Calculator is a great tool for do-it-yourself investors and planners. It can help you model the impact of your savings growth and withdrawals on your ability to meet a financial target. You can also model the sale of substantial assets such as a home or business to see how that might impact your future plans. A good retirement calculator will offer a variety of inputs so you can try different scenarios and get an idea of what you need to do to meet your goals.

Our reviewers found that AARP’s retirement calculator is easy to use and covers the basics. It asks typical questions, such as the amount you contribute to retirement each year and whether your contributions are taxable or tax-deferred. It also allows you to select the rate of return you expect on your savings before and during retirement. It also allows you to lump together 401(k)s, IRAs and other accounts for simplicity. It doesn’t include one-time benefits such as inheritance or a pension, however, and it does not break out taxable and tax-deferred accounts by type.

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This free tool allows you to enter your household income (before taxes), how much you’ve saved for retirement, and projected Social Security and pension income. You can then estimate how much you’ll need to save each year in order to keep your discretionary spending during retirement at a target you set. It’s not as detailed as a true retirement planning tool, like FIRECalc or MaxiFi, but it’s very user-friendly and offers a nice snapshot of your situation.