My Retirement Walk Explains the Value of Retirement Calculators
May 07, 2015 (PRLEAP.COM) Business NewsMay 7, 2015 - Whether you are just starting to plan for your retirement or are quickly approaching your retirement age, making the most of retirement calculators can help make sure your finances are prepared. Make sure you are using these tools to their full capability with help from the newest slideshow from the team at My Retirement Walk.
When you start planning for retirement, you need to be aware of the factors that will affect your retirement savings. Keeping track of all your finances, savings and investment goals can quickly become confusing, but making use of retirement calculators can help simplify the process.
One of the primary calculators that people use when planning their retirement is a 'Living Expenses' calculator. Understanding how your transition into retirement will affect your living expenses can help you determine just how much you need to have saved up heading into your retirement. A 'Living Expenses' calculator will help give you a comparison of your living expenses now with your estimated expenses, taking note of potential changes in your housing, transportation, health expenses and more.
Another calculator that many people find valuable as they approach their retirement age is a 'Pre-Retirement Calculator.' This type of calculator uses your current financial situation and retirement savings to help provide insight into your retirement portfolio. Make sure you run your financial information through this calculator on a regular basis to help you stay on top of any changes in inflation, achievable returns and your personal financial situation.
When entering their retirement years, many people count on their Social Security to be a significant part of their retirement income. A Social Security benefits calculator can help provide you with an estimation on your benefits package. If you're looking for a more detailed estimation on your Social Security benefits package, contact the Social Security Administration by visiting www.ssa.gov.
Another factor that you will need to keep an eye on when planning for your retirement is the amount of inflation. While the inflation rate will not have any direct impact on the amount you save, it will impact the purchasing power of your savings. An inflation calculator can help you estimate how much more income you will need to keep a consistent standard of living throughout your retirement years, regardless of inflation.
Retirement shouldn't be a time to stress and worry about your financial situation. Gain a better understanding of how retirement calculators can help you prepare for your retirement by visiting http://myretirementwalk.com/blog/slideshow-what-retirement-calculator-to-use-for-your-situation/.
No matter where you are in your retirement planning process, make sure you know the next steps with help from the experts at My Retirement Walk. With a variety of retirement planning calculators, tools and resources at their disposal, the team at My Retirement Walk can help guide you through your retirement planning process. Don't let mismanaged finances get in between you and the retirement of your dreams, get started planning for your retirement by visiting http://myretirementwalk.com/.