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Why it’s Never Too Soon to Use a Retirement Calculator

Why it’s Never Too Soon to Use a Retirement Calculator

Kathleen Coxwell

September 4, 2014 • 3 minutes

What will your retirement fund look like when it’s time to leave the work force? Will you have enough money saved up for the golden years? How much should you be saving each month to ensure that you’ve got a nice financial cushion at retirement? 

Answering these questions can be done easily with the use of a retirement calculator, which doesn’t necessarily have to be utilized in your 50s and 60s. In fact, it’s wise to make use of such a tool when you are in your 20s or 30s in order to get a head start on saving enough funds for retirement.
Retirement calculatorA retirement calculator can help you to figure out how much you’ll need for retirement.
Start Saving For Retirement Early to Take Advantage of Compounded Earnings

The earlier you start saving for retirement, the longer compounding can work in your favor. For instance, a 20 year-old person who starts putting away $200 per month towards a retirement plan until the age of 65 can accumulate approximately $550,000 after earning 6% in interest. However, waiting until the age of 45 to start saving using the same figures will only generate $138,600 by retirement age. 
Calculate What You Should Save Right Now
Calculators Can Help Get Your Retirement Savings on Track

Using a retirement calculator early in life can provide you with the financial information necessary to help you determine what you need to do to save enough for retirement. It can help you answer a number of important questions when creating your retirement plan. Are saving enough? At what age can you afford to stop working? How long will your money last after you retire? All these questions – and more – can be answered with the use of a retirement calculator, which ideally should be used as soon as you start your career early on.

Which Retirement Calculator Should You Use?

There are a ton of online calculators circulating in the internet that you can use to help estimate whether you’re on track to saving adequately for retirement. Some may ask for a number of intricate details in order for the calculator to provide a more accurate answer, such as rates of return on your retirement savings, future rates of inflation, and so forth. However, many calculators are a little more simplistic, and make assumptions on your behalf, considering how difficult some of these questions can be to answer.
Retirement calculatorWill you have enough money to enjoy a secure retirement?
When choosing a retirement calculator, make sure the one you use shows its default assumptions, and makes it simple for you to change them. Since the results can vary based on the various assumptions across different online calculators, you’d be well advised to use three or four different calculators and compare their results. Understand the assumptions and methodology of each calculator to figure out the reasons for such differences.
Retirement Calculator: FREE Instant Online Assessment

Retirement Calculators Are Not Meant for One-Time Usage

Calculations should be revisited every two or three years to make sure that you are on track with your savings, as well as to factor in any major financial changes that may have occurred. The new answers you get might reflect how your investments have been performing since the last time you used the calculator. This will also give you a chance to refine some of the assumptions made, since you’ll be a little closer to retirement at that point.

You don’t have to be a financial guru to figure out your options when it comes to saving for retirement. With online calculators, the answers are at your fingertips.

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Disclaimer: The content, calculators, and tools on Boldin.com are for informational and educational purposes only and are not investment advice. They apply financial concepts in a general manner and include hypotheticals based on information you provide. For retirement planning, you should consider other assets, income, and investments such as equity in a home or savings accounts in addition to your retirement savings in an IRA or qualified plan such as a 401(k). Among other things, Boldin provides you with a way to estimate your future retirement income needs and assess the impact of different scenarios on retirement income. Boldin Planner and PlannerPlus are tools that individuals can use on their own behalf to help think through their future plans, but should not be acted upon as a complete financial plan. We strongly recommend that you seek the advice of a financial services professional who has a fiduciary relationship with you before making any type of investment or significant financial decision. Boldin strives to keep its information and tools accurate and up to date. The information presented is based on objective analysis, but it may not be the same that you find on a particular financial institution, service provider or specific product's site. All content, tools, financial products, calculations, estimates, forecasts, comparison shopping products and services are presented without warranty.