There are dozens of online tools to help with retirement projections- how much you need to save to sustain your current lifestyle in retirement and how much can be withdrawn each year so your portfolio doesn’t run out of money during retirement. From researching various tools, I limited my list to a handful of the best tools available.
Test two or three of these to see if the results from each show a high probability of your money lasting throughout retirement. As I have more time to dive into these options, I will add or subtract from the list. Some of these tools are very easy to use while others need more detailed input. If you get the input wrong, the results will be incorrect. Garbage in, garbage out!
PERSONAL EXPENSE TRACKING/BUDGETING
Social Security Benefits Projection
Life Expectancy Calculators
If we knew how long we were going to live, it would be easier to calculate how much we would need to save.
Many assumptions are made in these calculations. Don’t focus so much on the age calculated as it may or may not end up being accurate; instead understand what habits you should change to increase your chances of living longer. Each will at least provide an age to use in retirement calculations.