{"id":6716,"date":"2013-07-29T11:55:34","date_gmt":"2013-07-29T18:55:34","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=6716"},"modified":"2016-12-21T07:28:29","modified_gmt":"2016-12-21T15:28:29","slug":"three-great-retirement-income-calculators","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/three-great-retirement-income-calculators\/","title":{"rendered":"Three Great Retirement Income Calculators"},"content":{"rendered":"

As the great tide of baby boomers starts to settle into life after work, they face a startling reality: They need\u00a0retirement income<\/a>.<\/p>\n

Are you on track? It used to be that only a financial adviser could say, and even he or she had to break out fancy software to get a number.<\/p>\n

\"retirement<\/a><\/p>\n

Now, the Internet is here to make things simple. You shouldn’t rely on a web site to give you all the answers, but you can get closer to a realistic plan using free online retirement income calculators. There are dozens to choose from, but here are three good ones to try before sitting down with any adviser:<\/p>\n

1.\u00a0BlackRock CoRI<\/a><\/p>\n

What it does:<\/strong>\u00a0A relatively new entrant, the tool offered by the investment firm\u00a0BlackRock\u00a0\u00a0uses current interest rates, inflation and other real-time data to come up with a daily index that, matched to your age and current\u00a0retirement plan<\/a>\u00a0balance, projects a potential annual income.<\/p>\n

The upside:<\/strong>\u00a0No assumptions. This is real data and, thus, a more accurate view of things right now. That said, you have check back from time to time. The underlying indices change daily.<\/p>\n

Watch out for:<\/strong>\u00a0You have to be at least 55 to use the data and under 64, so this tool is really only accurate for “pre-retirees” of a certain age.<\/p>\n

2.\u00a0Vanguard Retirement Income Calculator<\/a><\/p>\n

What it does:<\/strong>\u00a0Measures a variety of inputs using sliders to generate a potential monthly\u00a0retirement income<\/a>\u00a0target based on hypothetical investment returns. You can toggle on or off Social\u00a0Security\u00a0and pension incomes.<\/p>\n

The upside:<\/strong>\u00a0More granular than the\u00a0BlackRock\u00a0CoRI tool and useful for ages 21 all the way to 80. Nice visual targeting graph adjusts as you move the sliders back and forth.<\/p>\n

Watch out for:<\/strong>\u00a0Vanguard offers a list of planning caveats and warns that the tool is only a starting point.<\/p>\n

3.\u00a0MarketWatch Retirement Planner<\/a><\/p>\n

What it does:<\/strong>\u00a0Uses sliders, like the Vanguard tool, but you also can enter data such as home equity and taxable accounts. Graphs let you adjust assumptions to find a\u00a0retirement age<\/a>\u00a0that can be sustained.<\/p>\n

The upside:<\/strong>\u00a0This tool is detailed enough to give you a full view of the likely outcomes of your planning while not drowning you in financial adviser-level detail.<\/p>\n

Watch out for:<\/strong>\u00a0Complexity. There are a lot of underlying assumptions which you can adjust. However, that also means you can adjust them to unrealistic levels.<\/p>\n

Whichever retirement income calculators\u00a0you choose, remember to carefully reconsider your\u00a0investment risk tolerance<\/a>. As you near retirement, you lose time to recover from market losses, should they occur.<\/p>\n","protected":false},"excerpt":{"rendered":"

As the great tide of baby boomers starts to settle into life after work, they face a startling reality: They need\u00a0retirement income. Are you on track? It used to be … Read more →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":6717,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[],"yoast_head":"\nThree Great Retirement Income Calculators | MarketRiders.com<\/title>\n<meta name=\"description\" content=\"As the baby boomers start to retire, they face a startling reality: They need retirement income. 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