There are many sites on the World Wide Web where one can use free online retirement calculators. They are handy tools for those just starting to plan for their retirement. A quick search on Google and other popular search engines can direct you to many.
US Retirement Calculators
Bloomberg business has an online program. Their software is priced in the US dollars. Bloomberg’s casks the user to enter their current age, the age they wish to retire at. Other fields ask users to enter the amount of money they plan to set aside each year and at the interest rate of return. For users in the UK, Bloomberg is most likely not the best site to use, unless one is planning on spending their retirement in the US.
The American Association of Retired Persons (A.A.R.P.) has its one has well. The A.A.R.P. software uses a completely different interface from Bloomberg. How Old Am I Unlike Bloomberg, the A.A.R.P. program is a questionnaire which asks users to provide personal information details. It asks users about submit their biographical details including marital status, current age and the age which one plans to retire as well as the yearly salary rate. It also includes a questionnaire about the user’s personal lifestyle. The obvious drawback to the A.A.R.P. program is that it asks for too many personal details which users may not feel comfortable with over the internet.
FINRA also has an online program. FINRA’s software uses a similar interface as Bloomberg. Unlike A.A.R.P, it doesn’t ask the user about personal information details. There are boxes with fields in them asking for the user’s current age, retirement age and yearly income. FINRA has unique features such as the options to include the rate of inflation, as well as current and retirement tax rates. FINRA’s is more user friendly than the Bloomberg and A.A.R.P. It is perfect for users at the beginning phase of planning their retirement.
UK Retirement Calculators
For those planning their retirement in the UK, there are plenty of online sources to select from. The Guardian newspaper has its own software. The site’s graphics leave much to be desired. Despite its Spartan look, the Guardian is user friendly. Like Bloomberg and FINRA numbers crunchers, it asks only for details related to current age, retirement age. The Guardian also provides the option of including the rate of inflation.
Value My Pension also has its own software. It has better graphics than The Guardian. Value My Pension also has more of a personal touch on its pages. Unlike the others, Value My Pension is not such a cold computer. The top of the page presents information from research showing that the target amount to have a comfortable retirement in the UK.