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Out of all of the retirement calculators I have tried, the CNN Money one is the one I always go back to. Any thoughts out there about the quality of this calculator? I think it is well rounded and ask for a decent amount of information without getting confusing...thoughts?
If the link doesn't work. I typed in retirement calculator on Google and it is the first one.
Out of all of the retirement calculators I have tried, the CNN Money one is the one I always go back to. Any thoughts out there about the quality of this calculator? I think it is well rounded and ask for a decent amount of information without getting confusing...thoughts?
If the link doesn't work. I typed in retirement calculator on Google and it is the first one.
It is not bad. It is quite basic and doesn't take in consideration for like my pensions I have a 50% survivor plan meaning my wife gets half the pension should I die. It also doesnt seem to toss in or present outlier years where income on investments might not make it. Lastly it should not have told me that I needed to earn -34.75% to make it. It assumed that I would only need to have $141k income based on my pension and SS incomes.
I agree with mathjak that firecalc is much better. More comprehensive and allows for all of my situation and more.
With the exception of Fire Calc most current calculators do a lousy job with pensions and seemed designed to convince you to invest more. Years ago Smart Money had a great calculator and that got moved elsewhere and became less effective. In fact it may have been the forerunner of the OP calculator before modification.
It is not bad. It is quite basic and doesn't take in consideration for like my pensions I have a 50% survivor plan meaning my wife gets half the pension should I die. It also doesnt seem to toss in or present outlier years where income on investments might not make it. Lastly it should not have told me that I needed to earn -34.75% to make it. It assumed that I would only need to have $141k income based on my pension and SS incomes.
I agree with mathjak that firecalc is much better. More comprehensive and allows for all of my situation and more.
Actually it does have the pensions survivor plan (there is a tab to click to add a pension or other income)
So with firecalc, isn't there only 3 fields to fill in? Spending, portfolio, and years? If that's the case, it just doesn't seem like it is comprehensive to each user. Sorry for the questions and thanks for the info.
Actually it does have the pensions survivor plan (there is a tab to click to add a pension or other income)
So with firecalc, isn't there only 3 fields to fill in? Spending, portfolio, and years? If that's the case, it just doesn't seem like it is comprehensive to each user. Sorry for the questions and thanks for the info.
I did and clicked it. Because both pensions are mine it showed my income dropping to 50% and not add that to the wife who would be the survivor. Still you are correct that it does handle it it is just not comprehensive.
No FireCalc has many sub areas as to income and savings. It took a few times of going back and forth with the program to get everything in. What is added to the mix is that there are multiple outcomes on the same data with changes in portfolio results.
I did and clicked it. Because both pensions are mine it showed my income dropping to 50% and not add that to the wife who would be the survivor. Still you are correct that it does handle it it is just not comprehensive.
No FireCalc has many sub areas as to income and savings. It took a few times of going back and forth with the program to get everything in. What is added to the mix is that there are multiple outcomes on the same data with changes in portfolio results.
Thank you Golfingduo. I will have to go back and play with it.
if you want to feel good the blackrock cori calculator is one of the best.
you have to love any calculator that tells you that you already saved to much money for the income goal you have.
while it is based on annuity income and not really practical for anything else in my opinion the numbers certainly look impressive.
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