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Favorite Retirement Calculators & More

post #1 of 6
Thread Starter 

What are your favorite retirement calculators?

 

When you think about retirement, what assumptions do you make (growth rate before retirement, growth rate after, longevitiy, % of current income needed, inflation...).  I feel like I plug in the same numbers different places and get wildly different results!

post #2 of 6

I've had the same issue! Different retirement calculators give me different answers.

 

For the moment I'm just using Mint.com's because I use their other services anyway, and I like that it's all integrated.
 

post #3 of 6

I recently found a retirement discussion board (the demographic is mostly early-retired, financially independent. They always direct people to this retirement calculator:

 

Fire Calculator

http://firecalc.com/

 

The discussions are interesting and informative ... Safe Withdrawal Rates, investing strategies, costs of ER life, inflation, and anything else financial. I am way out of their league (these are 55+ w/ mil+ portfolios living off dividends,) but I am slowly learning some pertinent stuff.

 

I believe in the 90s, that was a great time for mutual funds and huge compound interest earnings... I am reading The Wealthy Barber, which was written in the 90s ...  and the people on those discussion boards seemed to fair well from that time, but investing is different now. Mutual funds dont earn as much as they used too...  The author has released a new book (The Wealthy Barber, Returns) that will discuss current investing strategies (for retirement), so looking fwd to reading that book.

 

For myself, right now I am saving saving saving. Hoping I have a decent portfolio to subsidize SS! By retirement, perhaps I am living off of dividends and interest and SS subsidizes that. But I have a lot of work to do!

 

I do have an idea of how much I need for retirement (month to month), but that doesn't include inflation or lack of SS.

post #4 of 6
Thread Starter 
Quote:
Originally Posted by SunRise View Post

I recently found a retirement discussion board (the demographic is mostly early-retired, financially independent. They always direct people to this retirement calculator:

 

Fire Calculator

http://firecalc.com/

 

The discussions are interesting and informative ... Safe Withdrawal Rates, investing strategies, costs of ER life, inflation, and anything else financial. I am way out of their league (these are 55+ w/ mil+ portfolios living off dividends,) but I am slowly learning some pertinent stuff.

 

I believe in the 90s, that was a great time for mutual funds and huge compound interest earnings... I am reading The Wealthy Barber, which was written in the 90s ...  and the people on those discussion boards seemed to fair well from that time, but investing is different now. Mutual funds dont earn as much as they used too...  The author has released a new book (The Wealthy Barber, Returns) that will discuss current investing strategies (for retirement), so looking fwd to reading that book.

 

For myself, right now I am saving saving saving. Hoping I have a decent portfolio to subsidize SS! By retirement, perhaps I am living off of dividends and interest and SS subsidizes that. But I have a lot of work to do!

 

I do have an idea of how much I need for retirement (month to month), but that doesn't include inflation or lack of SS.

 

I forgot about the Early Retirement boards--- I used to go there and read the info often (they use FIRE).

 

How did you determine how much you will need for retirement from month to month?  A percentage of your current income?  A percentage of your current savings?  Did you add something extra in for health care or anything?  TIA

 

Quote:
Originally Posted by TracyGladRags View Post

 

For the moment I'm just using Mint.com's because I use their other services anyway, and I like that it's all integrated.
 

 

Thanks!  I'll check out Mint.com

post #5 of 6

There was a really interesting article a while back that based the retirement calcs on multiples of your annual income (as in, you need to save x years of income by the time you're 35, etc.)...dang, can't remember who wrote it.  It was quite sobering, because we are compulsive savers and we were still barely making the suggested amounts.

post #6 of 6
Quote:
Originally Posted by TiredX2 View Post

 

I forgot about the Early Retirement boards--- I used to go there and read the info often (they use FIRE).

 

How did you determine how much you will need for retirement from month to month?  A percentage of your current income?  A percentage of your current savings?  Did you add something extra in for health care or anything?  TIA

 

 


It is based on my current income, and formed from my bare bones expense budget (in case I lose my job).

 

Its scaled back (not paying for mortgage, or kids health insurance or savings) & tweaked (big travel budget, single food budget etc),  it does not include inflation or living in a different house etc).  Health insurance for me is not included. I dont have it now, but should have something then  ... the budget does not consider a move back to my home country (which I will probably do), where housing is more, food is more, but health care is free. But it does give me an idea.  

 

I also have not tested it - I have not calculated my social security earnings recently & then how much I will need to make it each month!

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