This Simple Calculator Explains The Basics Of Planning Your Retirement

This Simple Calculator Explains the Basics of Planning Your Retirement

If you ever want to retire, you have to start saving money for it, which means coming up with a plan. There are plenty of calculators that will help you do that, but if you're new to the whole retirement planning thing, Fidelity's myPlan lays out the basics.

Just plug in a few simple details, including your age and savings, and the calculator will generate a chart detailing your retirement goal. But it also talks you through the process, explaining exactly what you're looking at, why it's important, and how the numbers change.

This is a US-based tool so some currency conversion may be necessary. Nevertheless, it presents basic retirement planning in an incredibly simple and easy-to-understand way. Give it a try for yourself at the link below.

Fidelity myPlan Calculator


Comments

    This is complex for someone here in Australia. It does not take into account the superannuation guarantee, doesn't look at the lifestyle you have to settle on and doesn't look at the tax side.
    There are much better calculators out there just do a search on retirement calculator.

      swimwiz, have you seen any good calculator around? could you post it?

        There are many to choose from and most of them tend to work the same way, so I won't list them.
        If you don't want to be traced by Google and others open an 'in private web page'.
        Type in "Australian retirement calculator", then you will get lots of calculators to choose from.
        The one from ASIC is Government and also lots from all the major companies.
        Try out a few.
        A rough rule of thumb is you need about 10 times your yearly wage in savings to retire at 65

    dissapointed again with american stuff on AU lifehacker.. just filter it guys.. this really doesnt apply to AU.

    Last edited 17/07/15 6:11 pm

    Australia's MoneySmart website has an Aussie specific retirement calculator, with a focus on super: https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/retirement-planner

    There are a number of calculators which have been specifically designed for Australian environment. The first one I would highly recommend is the MoneySmart calculator (https://www.moneysmart.gov.au/tools-and-resources/calculators-and-apps/retirement-planner) otherwise QSuper provide a fairly similar tool (https://qsuper.qld.gov.au/campaign/ricb/). Unfortunately majority of them still run in flash.

    However the premise with majority of these calculators is that you understand (1) how much you would require per year for retirement; and (2) what your life expectancy is.

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