There are many online tools to help individuals plan for their retirement. Regardless of the stage of life you're in, these tools provide solid advice to help you make sure you have what you need for your golden years. These tools are valuable for individuals who are still working or for those who have already entered retirement. Some of these programs require more data entry than others, but the information can help individuals make detailed retirement plans. Some of these tools for planning retirement are cheaper than others and access may depend on where you invest. Three of the free online retirement planners are the Fidelity Retirement Income Planner, Vanguard Retirement Planner, and T. Rowe Price Retirement Income Calculator. Read on to discover more about these tools for planning your retirement.
If you own and use Quicken, you're in luck. This software uses the financial data you have already input into the system to help you plan for retirement.
Financial Engines is a tool that is easy to use and lets users know how likely they are to meet their goals based on information entered. This sophisticated tool also recommends specific investments to meet their goals. Many employers offer this tool for free, but individuals can purchase it directly for $300.
The Vanguard Retirement Calculator is simple and super easy to use. This basically lets investors know if they are saving enough for retirement based on average returns. This tool does not save information, but it is free.t.
The T. Rowe Price Retirement Income Calculator offers free analysis in less than five minutes, but assumes that all savings are tax deferred.
The Morningstar Retirement Planner has the best investment advice on mutual funds of all kinds. This online resource saves all entered data, which can take more than 30 minutes to enter. However, it is also offered by some employers and costs only $125 direct.
In addition to being the fastest, the T. Rowe Price Retirement Income Calculator is ideal for people who are already retired. This tool is easy to use and calculates the likelihood that your savings will last as long as you do.
The ESPlannerPlus is so detailed that it comes with an 81-page user manual. It is elaborate and detailed, and provides projections of your future returns, needs, and spending.
The Fidelity Retirement Income Planner is user-friendly and saves all of the information that users enter. This tool also factors in tax laws and allows users to weigh different scenarios, such as investing in riskier investments and retiring earlier. Users must be Fidelity customers to access the tool.