« A Funny Story About Stock Splits and Options | Main | JLP’s Tip of the Day »
A Comprehensive List of Retirement Planning Tools and Calculators
By JLP | July 26, 2007
Today’s Wall Street Journal Cranky Consumer column was about Calculating Your Retirement Nest Egg. They tested the following five online retirement calculators:
- Ballpark Estimate (ChoosetoSave.org)
- Retirability Check (Nationwide) - I profiled this calculator last October.
- AARP’s Calculator
- myPlan (Fidelity) - Only 5 questions
- myPlan Retirement Quick Check (Fidelity) - Takes 30 minutes!
To their list, I would like to add:
TIAA-CREF:
- Retirement Goal Evaluator
- Asset Allocation Evaluator
- Supplemental After-Tax Annuity Contributions Calculator
T. Rowe Price:
- Retirement Income Calculator - How much will you really need once you’ve retired, and what are your chances of meeting your goals? The Retirement Income Calculator shows how market uncertainty affects your retirement income strategy.
- Retirement Planning Worksheet - This worksheet gives you a quick estimate of amount of money you’re likely to need for retirement.
- Rollover IRA Distribution Calculator - Based on information you provide, the T. Rowe Price Distribution Calculator shows the cost of taking an immediate cash distribution versus keeping your money in a tax-deferred account.
- Company Stock Tool - Use this tool to compare the tax consequences and long-term value of rolling over company stock to a Rollover IRA versus taking a distribution of stock into a taxable account.
- Small Plans Contribution Calculator - Business owners can calculate contribution amounts to SEP-IRA, Individual 401(k) and Keogh plans.
- SIMPLE IRA Calculator - Business owners and employees who participate in a SIMPLE IRA plan can use this tool to calculate contribution amounts and tax savings.
- 403(b) Contribution Calculator - Use this tool as a guide to determine the maximum amount you can contribute to your 403(b) account.
- Give your portfolio an online checkup - Set your goals, get advice on investments, and forecast your chances of success with Financial Engines. Available as a complimentary service to investors with $100,000 or more in assets.
- Determine how much to save for retirement - Do you know how much your retirement savings will be worth at age 65? This tool can help you set a monthly savings goal.
- Why it pays to start saving early for retirement - Learn how much easier it will be to meet your retirement savings goal if you start now.
- What kind of IRA is best for me? - Find out which type of IRA—traditional or Roth—best suits your needs.
- Should I convert my IRA to a Roth? - Should you pay taxes now or later? This calculator can help you decide.
- The cost of cashing out of my employer plan - Compare the consequences of taking a cash distribution with the benefits of a direct rollover.
- Should I roll over company stock? - Find out which options for your company stock are best for you if you change jobs or retire.
- How investment costs affect my retirement spending - See how keeping your investment costs low can translate into more spending money.
- Plan for a long retirement - Use our interactive illustration to see your chances of living up to 30 years or more in retirement.
- Vanguard Lifetime Spending Analyzer™ - Estimate how long your tax-deferred retirement assets could last if you started using them now.
- Retirement expenses worksheet - Use our worksheet to create a realistic budget for retirement that includes basic and discretionary expenses.
- Retirement income worksheet - Use our worksheet to determine your sources of retirement income.
- How much can I withdraw in retirement? - Estimate how much you may be able to withdraw each month from your retirement portfolio.
- Estimate your required minimum distributions in retirement - Learn how RMDs work and how to calculate your RMD withdrawal.
The Scottrade Retirement Center:
Beneficiary Planners
- Beneficiary Options Calculator - Review the options available for all types of beneficiaries to determine which will best assist you in maximizing tax deferrals and minimizing RMDs.
- Payout Projections Calculator - The RMD Projector is designed to assist beneficiaries of deceased IRA holders in projecting future required distributions from the decedent’s IRA.
- Beneficiary Payout Calculator - The RMD Calculator is designed to assist beneficiaries of deceased IRA holders in calculating required distributions from the decedent’s IRA.
Early Payout Planners (IRC Sec. 72(t))
- Comparison Projector Calculator - Use this tool to compare the three basic “substantially equal periodic payment” structures authorized by the IRS for avoiding the 10% early distribution penalty.
- Distribution Calculator - After you’ve selected a payment method, use this tool to structure your substantially equal periodic payment plan.
IRA Eligibility Calculator
IRA Selector Tools
- Basic Comparison Calculator - This straightforward tool helps you compare Traditional and Roth IRAs on the basis of projected (after-tax) retirement income.
- Legacy Planning Calculator - This tool helps you measure the potential wealth accumulation implications of selecting a Traditional or Roth IRA (for you and your beneficiaries).
- Breakeven Analysis Calculator - Unsure of what your tax rates will be in 20 years? This unique tool helps you look at IRA selection from the standpoint of breakeven analysis (e.g. what if my effective tax rate in retirement is 30% rather than 25%?).
Required Minimum Distribution (RMD) Planners
- Comparison Projector Calculator - The RMD Projector is designed to project future required distributions.
- Distribution Calculator - The RMD Calculator is designed to calculate required distributions.
Rollover Planners
- Plan Participant Calculator - Receiving a lump sum distribution from an employer-sponsored retirement plan? This tool will help you identify the tax options available to you and compare the retirement income implications of your various alternatives.
- Beneficiary Rollover Planner - Are you a beneficiary receiving a lump sum distribution from an employer-sponsored retirement plan? This tool will help you identify the tax options available to you and compare the retirement income implications of your various alternatives.
Roth IRA Conversion Tools
- Basic Conversion Calculator - This straightforward tool helps you quantify the potential benefits of a Roth IRA conversion on the basis of projected (after-tax) retirement income.
- Legacy Planning Calculator - This tool helps you meaure the potential wealth accumulation implications of selecting a Roth IRA conversion (for you and your beneficiaries).
- Breakeven Analysis Calculator - Unsure of what your tax rates will be in 20 years? This unique tool helps you look at a potentional Roth IRA conversion from the standpoint of breakeven analysis (e.g. what if my effective tax rate in retirement is 30% rather than 25%?).
All of the above calculators can be found here.
- Disability Income Calculator - See the effect disability can have on your financial future.
- Early Payout Planner - View how much money you would net, after tax and penalties, if you cashed in your retirement savings plan early.
- IRA Planner - Analyze whether a Roth or traditional IRA may be best for an individual’s unique circumstances.
- Life Insurance Calculator - Calculate how much life insurance you may need based on your current financial situation.
- Personal Net Worth Calculator - Find out how much you are worth with this simple net worth calculator, which will help you tally your assets and liabilities, and calculate your debt ratio.
- Required Minimum Distribution Calculator - Calculate the amount of mandatory withdrawals from IRAs after age 70 ½.
- Retirement Planner - Calculate a retirement savings goal based on current income and the amount to be invested each year to pursue that goal for a given rate of return.
- Savings Gap Calculator - Evaluate whether or not your savings are on track to meet your retirement income needs.
- The Cost of Waiting Calculator - Calculate how much more you’ll need to contribute each year to reach your retirement goal if you put off saving for retirement.
- Time Value Calculator - Calculate the value of compound returns for different time periods and rates of return.
I plan to add to this list as I find new calculators and tools. If you know of any that I have missed, please let me know and I’ll add them.
Topics: Calculators, Retirement Planning |
