How It Works
It's hard to know if you're on track for a successful retirement.
You need to plan for retirement expenses, account for taxes and investment withdrawals, social security income, and factor in your life expectancy.
Planning for retirement can be overwhelming. There are so many things to think about - like how much money you'll need each year, what your tax bill might look like, and how long you might live.
Retirement Budget Calculator takes the guesswork out of retirement planning. This easy-to-use calculator will help you estimate your budget, net worth, and withdrawal strategies.
Here are a few of the ways that a retirement budget calculator can assist you in planning for retirement.
- Estimating retirement expenses.
- Estimating taxes in retirement.
- How will inflation impact your retirement plan?
- Create a free detailed retirement budget.
- Answer the question “can I afford to retire?”
- Explore retirement withdrawal strategies to minimize taxation.
- See if a Roth conversion makes sense for you.
- Create a detailed net worth statement.
- Learn how to use a 4-bucket strategy to diversify your money.
- Test different rates of return to see what is the best for you.
- Determine whether you will run out of money in retirement.
In this video I will show you how our retirement calculator can help plan a realistic retirement. I will show you how you can use the retirement budget calculator to understand how much to retire with, and how the retirement calculator can help you predict retirement. By using a retirement budget calculator you will learn if you have saved enough, will your money last as long as you will, can you afford to retire. What is your retirement number? Unless you know how much you spend it can be difficult to know if you have saved enough. If you want to know how much money you need for retirement you need to know how much you spend, make some educated assumptions about how inflation may impact your spending over time and also consider any pension or social security income you may have to help offset withdrawals from your retirement savings. Retirement is all about having a good spending plan. It is making sure your cash-flow matches your expenses and that retirement is sustainable for the long term. Using our retirement planning calculator can help you know if you can retire or if you should work longer.
To use the Calculator, you must first Register, then Sign In.
After you have Signed In, you will be presented with one primary data entry sheet called “Budget Data Entry” and two other sheets, “Quick View” and “Monthly Details”
We have provided you with “template” data on what kinds of data to enter for each section. Click the “+” sign beside each section and complete the entering of the data – the system will automatically save your data as you work (as long as you have an internet connection).
Once you have completed all of the sections of the “Budget Data Entry” page, you now have a powerful view into your retirement years. Things like Inflation, A monthly view of expenses, and being able to forecast expenses into the future are automatically completed for you. This gives you the “macro view” into your assets and understanding how your budget will grow (or shrink) during your retirement.
The “Monthly Details” view will provide you with a quick way to “ask questions” of your money. For example, based on your budget for a given month, you will be able to apply filters to see how the money needs to flow out of your account for your budgeted spending. This view provides you the peace of mind to see how your net income and budget will be affected month to month. It is also a quick way to run a report to see which expenses are due on the 1st or 15th of the month. You will be able to plan for things like once per year expenses such as property taxes or insurance expenses.