More and more tools designed to help those nearing retirement plan the future are showing up on the internet, and many of them are free.
One essential online tool is the Social Security Administration’s calculator for estimating benefits. It’s at www.ssa.gov/planners/calculators.htm.
Consumer Reports recently gave top ratings to three other free planning tools:
- The AARP Retirement Calculator (An interview-guided tool with useful links to other calculators.)
- Analyze Now Free Retirement Planner (Very basic design but offers a line graph showing how long your money will last under different scenarios.
- T. Rowe Price Retirement Income Calculator (Detailed worksheets allow you to test different strategies.)