Retirement Calculators in the News: What Do They Do and Which One to Use
Confusion and Poor Information Need to Be Avoided
Jennifer Derrick has posted an article at SavingAdvice.com titled "How to Use a Retirement Calculator."
In the article it advises you to use various retirement calculators including CNN Money, Fidelity and Schwab. In order to help you I have linked to these calculators. CNN Money is here; Fidelity is here; Schwab is here.
In the news this authority has run into a problem. If you are truly trying to solve the question about how much money you need to retire you will run into some problems. Why is that?
Derrick tried three various retirement calculators and had a difference of nearly $2 million from the different calculators with respect to what she needed.
As a result she has come up with a format for you to use in order to get an accurate number for your retirement.
After reading the article we find that Derrick suggests using several calculators. Then it is important to watch what questions you are being asked. Also watch the assumptions being made about how much you can earn on your money.
It is important that you "massage" the numbers. Play with different scenarios and mixes of investments until you find one that suits you.
I reach retirement age this year. I assure you that it is nerve-racking. The only way these days to get a decent return on your money is to "risk" it or tie it up for a long, long time
That is way many people my age opt to continue working. If you have a small retirement or Social Security you can protect yourself by adding regular income and often it does not have to be a lot of money.
I've given you three retirement calculators to visit. They will give you various answers and options.
I do know that the sooner this issue is resolved the better the results will be.
Reference:
SavingAdvice.com Website, Jennifer Derrick, "How to Use a Retirement Calculator"
Published by Gary Davis
Retired Insurance CEO. Trained in medicine and medicines. Trained in mental health particularly manic depression as well as most illnesses (from medical underwriting. Business owner, business, marketing,... View profile
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1 Comments
Post a CommentGood article :)