There is also a feature that can show you hypothetical scenarios such as a stock market crash or a change in spending habits. After entering your data, you’ll see an updated graph that shows you whether or not your proposed retirement plan will work out for you.
There are also sliders that help you visualize how different values will affect your plan. Once you are done, you can email your completed plan.
3. The Flexible Retirement Planner
This tool uses Monte Carlo simulation, which is a method used to guess the likelihood of different outcomes by implementing several simulations with random variables. With The Flexible Retirement Planner, you can account for unexpected situations and add annual changes to your finances.
Users can choose from conservative, flexible, and stable retirement spending models when it comes to future expenses. In addition, you are given the option to adjust figures such as the percentage of inflation, portfolio returns, and tax treatment. A probability for success is given after you complete your calculations.