Planning for retirement can be overwhelming. You have to determine how much you’ll need to live comfortably, set a realistic retirement age, and establish a plan for covering unexpected costs. Luckily, there are several online tools and apps that can assist you with tracking your progress. Whether you’re just starting your career or close to leaving the workforce for good, you can still benefit from what these tools have to offer. Here are three digital tools that can help you navigate the retirement planning waters.
1. AARP Retirement Calculator
The thought of possibly running out of money when you need it most is unsettling. This handy online calculator can help you determine if you have enough cash saved to last throughout your golden years.
Once you answer a few questions about your current savings, salary, and supplemental income, you’re on your way to getting a snapshot of your situation. If your initial calculations show that your nest egg is underfunded, you can simply enter new information such as a later age for retirement or more frugal lifestyle requirements.
If you often have your iPad by your side, RetirePlan will offer both convenience and utility. This iPad app assists you with getting answers to questions that may come up during your retirement. The RetirePlan app is unique because it allows for variables to be taken into consideration, such as a major purchase or an inheritance, which are not often seen in other retirement planners.