Federal Government Calculator Will Serve In Planning Your Retirement Savings
There's a new retirement savings calculator made available by the United States Government. It's free online and offline and helps users plan for their retirement, calculate how much they need to save and make better financial planning decisions. To find out more, including where to find it, read on.
Introduction
The calculator's accompanying guide is titled "Taking the Mystery out of Retirement Planning." It was produced by the Department of Labor's Employee Benefit Security Administration branch. Essentially, the booklet provides a series of scenarios along with several easy-to-follow worksheets that help you calculate how much you need to set aside in long-term savings. The online worksheets are automated.
How to Locate It
The guide was previously only published in print format, with eight worksheets. However, it's now available online with a great retirement savings calculator to help you do the math. Users can even store their information and results for up to a year (with a secure user name and password).
If you prefer to order a free printed copy, you can do so by calling the Department of Labor at 1-866-444-3272. To access the website though, simply visit dol.gov/ebsa - the calculator and booklet can be found under Publications and Reports.
Features of the Calculator and Guide
The biggest advantage to using this simple 62-page booklet is how easy it is to use. Whether you're doing the worksheets with the online calculator or by yourself using a printed copy, it's easy to understand and follow. The tool is also very diverse and flexible. It lets you input a variety of scenarios, from extra part-time income after you retire to additional costs, like extended health care.
The other great feature is that this seemingly simple booklet and guide make some fairly complex assumptions. For example, most retirement financial planners will just assign a generic inflation value to everything. But, this guide understands and accounts for the fact that costs like health care actually inflate at a higher and faster rate (typically double).
Drawbacks to the Guide
The comprehensive guide attaching this new government calculator has one key drawback - it's targeted predominantly at individuals who are about a decade away from retirement. And while the tools can help certain retirees, those closer to or already in retirement won't get much out of this material.
Another drawback? There's little planning advice for those who suspect they may need long-term health care or the extra cost of assisted living - a reality for many aging adults.
However, as a retirement savings calculator, it's a great tool that's extremely comprehensive and yet easy to use and understand. It understands government protocol, offers helpful suggestions and the best part about it - it's completely free.
For great information on senior retirement preparation, please visit seniorretiretips.com, a popular site providing insights to help prepare for the next steps in your life journey, including Medicare applications, retirement plaques, and many more!
Please Rate this Article
Click the XML Icon Above to Receive Personal Finance Articles Via RSS!
