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The 10 Best Retirement Calculators

The 10 Best Retirement Calculators | The Senior Life

Find out what it takes to secure your financial future and create peace of mind during your retirement years with our 10 Best Retirement Calculators. Whether you are still building your nest egg, or have been retired for years and looking to sustain and leverage your savings, these calculators can be most helpful in helping you achieve your most important financial and retirement goals.

401(k) Calculator: A 401(k) retirement plan is one of the best and most important savings vehicles for establishing a secure future. The biggest benefits for a 401(k) include all contributions and earnings to your 401(k) are tax-deferred, and taxes on contributions and earnings are only paid when the money is withdrawn. Additionally, many employers provide matching contributions to a 401(k) account allowing balances to grow bigger faster. The result is a 401(k) retirement savings plan can often be a key determinant in a successful retirement.

How Long Will My Retirement Last Calculator: Have you ever wondered if you have saved enough for retirement? Are you sure your money is going to last as long as you live? Use this calculator to see how long your retirement savings will last. Your retirement savings and inflation adjusted withdrawals will determine how long your funds will last during retirement.

Required Minimum Distribution Calculator: Looking for an easy way to determine your Required Minimum Distribution from your IRA? This calculator allows you to determine your Required Minimum Distribution (RMD) for the coming year. The IRS requires that you withdraw at least a minimum amount – known as a Required Minimum Distribution – from Individual Retirement Accounts (IRA’s) and some types of retirement accounts annually. The distributions are required to start when you turn age 72 (or 70 1/2 if you were born before 7/1/1949). This calculator is updated for the recently passed ‘SECURE Act of 2019 and CARES Act of 2020’.

Retirement Income Calculator: Most retiree’s find themselves living on a fixed income during retirement. Being able to calculate your monthly expenses and determining how much income your financial expenses will provide is very important. Your amount of your annual savings, the expected rate of return from investments and current age all have direct implications on your monthly income and expense calculations . This calculator allows you to see an annual breakdown of your retirement savings to make the most of your future planning.

Retirement Nest Egg Calculator: Creating a secure retirement is dependent on adequately funding your financial nest egg. A properly funded nest egg is determined by many factors including your expected expenses and lifestyle during retirement. Use this calculator to assist you in creating a nest egg that provides peace of mind and security during your retirement years.

Retirement Shortfall Calculator: Running out of money during retirement is a concern for many retirees. This calculator will help you determine if your current retirement funding plan is on track to meet your financial goals. You can adjust key factors to determine whether you need to save more, possibly defer or delay retirement, or review your investments and asset allocation strategy to increase your rate of return.

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Social Security Benefit Calculator: Have you ever wondered how much Social Security benefit you will receive? This calculator will assist you in estimating your Social Security benefits. This calculator only provides an estimate as your actual benefit is dependent on your salary, number of work years and other factors.

Reverse Mortgage Calculator: A reverse mortgage is a financial instrument that allows you to use the equity in your home to supplement your income during retirement years. A reverse mortgage calculator can help determine the balance of a reverse mortgage. This calculator is designed to show the impact of a growing reverse mortgage balance over time.

Life Expectancy Calculator: A great deal of the success of your retirement planning is determined by how long you live. Life expectancies have increased dramatically in recent years, having a direct impact on your retirement plans. Have you ever considered you may live to age 100? This calculator can provide an estimate of your life expectancy based on your current age, smoking habits, gender and several determining lifestyle choices. Make sure your retirement plans include making your money last as long as you do.

Long Term Care Calculator: The costs of long-term care can side-track the best made retirement plans quickly. Long term care is often required as we age for chronic illnesses and debilitating diseases such as Alzheimer’s and dementia. The need for long term care can arise quickly and unexpectedly causing critical financial implications. This calculator can help you determine if you are prepared financially for the costs associated with long-term care.

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