Best Retirement Calculators
There are many retirement calculators out there. This artitcle is just going to give you a few. I will tell you what I like and don’t like about each one.
Chris Hogan Calculator
The Chris Hogan calculator will show that you need more money than other calculators do. The reason is simple. They do not include Social Security at all. This is a very conservative approach that makes sense.See www.chrishogan360.com
The AARP calculator for retirement does depend on Social Security in its calculations. If Social Security is reduced you may have less money than you thought. Keep this in mind when you use this calculator. This is a good calculator for most people.
New Retirement Calculator
This calculator is the American Association of Individual Investors Editors Choice. This is very good. In fact there are three calculators. There is a simple calculator, a Social Security calculator, and the super all in one calculator.
I was using the simple calculator and it was changing grahics after each change I made in checking different scenarios.
The changes were quick and accurate. It used graphics to show when your money would be expected to run.out. It took into account my age and my wifes age. She is five years younger and expected to live as long or longer than I am.
New retirement has more than just calculators it can help you plan for your retirement. They even give advice and options on how to improve your plan
My favorite calculator over all is the New Retirement clculator. It gives you the most options. It is quick and accurate.
It has good graphics showing where you stand with different scenarios.
What to Do If You Are Short
1. Delay Retirement
Delaying retirement is a good option for many people. If your health is good this could be one of the best options for you.
If you delay for three years for example that could cut your retirement needs. At the same time it gives you the opportunity to save a lot more. This is a double benefit. Delaying three years will reduce your needs by say 15%. At the same time you could have time to save 10% more. Or even more than that. The combination of the two makes a REAL difference.
2. Delay Getting Social Security
If you delay getting Social Security you will receive more per month. You will receive about 68% of your full benefits at age 62. You receive 100% if you wait until full reirement age of 66. If you wait until age 70 you will get about 132%
.Your checks will be larger each month if you delay. But the total amount of benefits you receive will depend on your life expectancy. That you cannot know exactly. However there are calculators that help you determine that you have a 75% of living to age 90 for example. Companies that sell annuities can help you estimate how long you may live.You just have to answer a few questions about your health and related items. I believe the new retirement site has a calculator for estimating your life expectancy.
I just checked a calculator for abaris-how long will I live? Or just google “life expectancy calculator.”
Even if you don’t delay retirement you can try to save more. Use the calculators to get an idea of how much more you need to save. Try to save 15% of your income AT LEAST. You will be surprised at how much you can save when you really focus on that. We tend to attract what we think about. So think about saving more.
4. Spend Less
Spending less will help you to reach your goals sooner. If you save more you will mostly be forced to spend less. The two go togeter like peanut butter and jelly.
5.Add additional side incomes
Adding side incomes can really help a lot. If you only make $1,000 a month but do it for 20 years that’s a little less in percentage terms than A QUARTER OF A MILLION DOLLARS– $240,000 to be exact.
See the artitcle on affiliate marketing for one way to make side income. See the Wealthy Affiliate review for a specific opportunity to make money. It is my #1 recomendation. See it now
See the Making Money With Classifieds Ads Review for my #2 recommendation. See this now
6. Work More Hours
If you are working only part-time perhaps you could work more hours. This would allow you to save more. Be sure to keep spending as low or lower than it was before. I would be careful about working too many hours. Working overtime may not be right for you. It depends on your health and other factors. Allow time to do the things you enjoy.
7. Budget Better
A budget is simply a spending plan. It allows you to have enough for all the neccessary items like food, gasline, insurance etc. Be sure to allow some fun expenditures. Vacations are important in retirement for happiness so don’t be afraid to spend a little there.
If you have not had a budget before you can keep track of all your expenses for 30 days at least. This will show you what you spend now. It will also show you where you spend. Make a list of all the important items and allow for some fun money too.