Best retirement calculators
Retirement Planning

Best retirement calculators in 2023




Preparing for retirement is an important financial goal that requires careful planning and saving. Having the right tools to estimate your retirement income needs and whether you’re on track can make a big difference. Best retirement calculators are online tools that allow you to get a personalized estimate of how much you need to save for retirement and whether your current savings are sufficient.

There are many free online retirement calculators to choose from. This article provides a guide to the best retirement calculators based on accuracy, ease of use, customization, and additional features.

Why Use a Retirement Calculator?

Provides a retirement savings goal tailored to your specific situation. General rules of thumb don’t account for your income, expenses, retirement lifestyle, etc.

Estimates whether you’re saving enough or need to increase retirement contributions.

Models different scenarios like retiring early or later.

Calculates required retirement account balances.

Factors in inflation and estimates living expenses in retirement.

Accounts for Social Security benefits and pension income.

Helps optimize your retirement planning.

Features to Look for in the Best Retirement Calculators

Customization: Input your specific details like current age, planned retirement age, income, expenses, etc.

Inflation adjustments: Apply inflation rates to account for the future purchasing power of money.

Rate of return assumptions: Choose expected returns on investments.

Tax calculations: Factor in taxes on Social Security and retirement account withdrawals.

Retirement income/expenses: Estimate monthly incomes and costs in retirement.

Account balances: See target balances needed for retirement accounts.

Multiple scenarios: Model different variations like retiring early or part-time.

Graphs and charts: Visualize retirement trajectories over time.

Monte Carlo simulations: Run probability simulations for a range of outcomes.

Planning tips: Provide recommendations to improve retirement readiness.

The 7 Best Retirement Calculators

Based on the criteria above, here are the top 7 online retirement calculators:

1. Fidelity Retirement Score

  • Highly customizable with many adjustable inputs.
  • Models different scenarios like early retirement.
  • Provides specific recommendations to improve your odds of retirement success.
  • Accounts for taxes, inflation, Social Security benefits, savings rates, etc.
  • Generates helpful retirement planning tips.
  • Easy to use interface and visualization of key data.

2. Schwab Retirement Calculator

  • Allows for multiple customized scenarios.
  • Adjust inputs like retirement age, income, return assumptions.
  • Models withdrawal strategies like fixed percent of portfolio.
  • Calculates required savings and projected monthly income in retirement.
  • Accounts for pensions, social security, taxes.
  • Provides clear charts and graphs.

3. Vanguard Retirement Nest Egg Calculator

  • Probability-based simulations using Monte Carlo analysis.
  • Models a range of outcomes to account for market volatility.
  • Allows adjustments to expected returns and other assumptions.
  • Calculates savings required to generate target retirement income.
  • Easy to use slider inputs and visualization of key data.

4. T. Rowe Price Retirement Income Calculator

  • Uses Monte Carlo simulation to model a range of outcomes.
  • Customizable inputs including asset allocation, savings rates, retirement age, etc.
  • Estimates retirement shortfall or surplus compared to goal.
  • Calculates target retirement account balances.
  • Models withdrawals from tax-deferred, taxable, and Roth accounts.
  • Provides clear charts and graphs.

5. Bankrate Retirement Calculator

  • Allows for a variety of customized inputs and assumptions.
  • Models ability to maintain your current lifestyle in retirement.
  • Calculates target monthly retirement income need.
  • Adjustable expected rates of return.
  • Considers pensions, social security, and other income sources.
  • Simple and intuitive interface.

6. AARP Retirement Calculator

  • Creates a personalized retirement outlook.
  • Adjust inputs for current age, retirement age, income, expenses.
  • Models income from Social Security benefits, pensions, etc.
  • Calculates retirement savings and shortfall.
  • Provides easy-to-understand visualizations.
  • Helpful tips and guidance for improving retirement readiness.

7. CNN Money Retirement Planner

  • Allows for multiple customized scenarios.
  • Models different retirement ages, incomes, expenses.
  • Adjust expected inflation and rates of return.
  • Calculates retirement savings required to meet income goal.
  • Charts retirement trajectories over time.
  • Considers pensions, social security, etc.

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Choosing the Best Retirement Calculator For You

The best retirement calculator for your needs depends on your personal situation. Consider aspects like:

  • Your desired retirement age and lifestyle.
  • Income sources like social security, pensions, etc.
  • Whether you want simple projections or more advanced simulations.
  • How much customization you need for assumptions and scenarios.
  • Your desire for detailed planning tips and guidance.
  • How much flexibility you want in modeling withdrawals from different accounts.
  • The visual presentation of reports, charts, and graphs.

Take some time to try out different retirement calculators. Having multiple estimates can help identify the savings targets and strategies needed to attain your retirement goals. Revisit your plan periodically to account for any changes in your circumstances.

How to Get the Most from Retirement Calculators

Follow these tips to make the most of online retirement calculators:

  • Input accurate details about your current situation like age, income, expenses, and existing savings.
  • Be realistic about assumptions like future salary growth and investment returns.
  • Model different scenarios – don’t just look at one retirement age or withdrawal strategy.
  • Pay attention to the impact of fees and taxes.
  • Rebalance your portfolio as you get closer to retirement.
  • Review your plan annually and when major life events occur.
  • Use multiple calculators and compare the results.
  • Focus on factors you can control like savings rate rather than market returns.
  • Consider tradeoffs like retiring earlier versus maintaining your lifestyle.

Key Factors That Affect Retirement Planning

Some key factors that can significantly impact your retirement preparedness include:

  • When you start saving – the earlier the better to maximize returns through compounding.
  • Your savings rate – higher savings means you need to accumulate less overall.
  • Salary growth over your career – consider potential pay increases.
  • The age you plan to retire – retiring earlier requires more diligent saving.
  • Life expectancy – account for the possibility of a long retirement.
  • Withdrawal strategy – withdrawal amounts and sequencing from accounts can affect durability.
  • Asset allocation and expected returns – balances between stocks, bonds affect accumulation.
  • Inflation – impacts the future purchasing power of your savings.
  • Healthcare costs – a major expense that increases with age.
  • Taxes – on retirement income and Social Security benefits.
  • Retirement lifestyle desired – travel and hobbies increase costs.

Frequently Asked Questions

What is the best free retirement calculator?

Some of the best free online retirement calculators include the offerings from Fidelity, Schwab, Vanguard, T. Rowe Price, Bankrate, AARP, and CNN Money referenced above. They provide high levels of customization at no cost.

How accurate are retirement calculators?

The accuracy of projections from retirement calculators depends heavily on the assumptions used for returns, inflation, income, expenses, and other inputs. Using realistic assumptions and multiple calculators can increase accuracy. They are better viewed as tools to model potential scenarios rather than highly precise forecasts.

Can I rely only on a retirement calculator?

Retirement calculators are useful tools but have limitations. It is better to use them as one input to a comprehensive retirement plan rather than the only data point. Consider seeking professional financial advice as well.

How often should I revisit my retirement plan?

You should revisit your retirement plan at least annually and whenever a major life event occurs like a change in marital status, new child, home purchase, change in career, etc. Updating for new assumptions and circumstances helps keep your plan on track.

What if I don’t have an employer retirement plan?

Those without access to an employer 401(k) or pension can still save for retirement on their own using an Individual Retirement Account (IRA). IRAs provide tax-advantages for retirement savings similar to 401(k)s. Be sure to factor IRA savings into your retirement plan.


Choosing from the best retirement calculators can provide you with a helpful baseline for planning your retirement savings and income needs. Look for calculators that allow for customization of inputs and provide features like monthly income estimates, detailed planning tips, returns-based simulations, and easy-to-understand visualizations. Use the calculators as guideposts but also seek professional advice when constructing your comprehensive retirement plan. Revisit your plan regularly and adjust for changes in your life circumstances. Applying prudent tools and discipline today can help ensure you have sufficient savings to meet your retirement goals.



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