Saving For Retirement

Retirement Income Calculator  You must plug in more detailed financial information with this tool, but you’ll get a more detailed and nuanced estimate of whether you’ll be able to maintain your lifestyle in retirement. What I especially like about this calculator is that it projects the retirement income your resources may generate—as opposed to the dollar value of your eventual nest egg. I also couches its results in probabilities, which is more realistic as there are no certainties in retirement planning (or life, for that matter). By running scenarios with different assumptions—changing your savings rate, retirement age, etc.—you can see how your chances of achieving the income you’ll need may improve or shrink.

The Latte Factor Calculator  This calculator shows much you can accumulate by avoiding small expenses and investing the money you save—assuming you have the discipline to actually pull it off.

Savings Interest Calculator  Just enter the amount you’re saving each week, month or year, your estimated rate of return and the number of years you’ll save, and this CNNMoney tool will project your eventual account balance.

Becoming A Millionaire Calculator  This Money.com tool will quickly tell you how much you must save each year to become a millionaire. Just enter your age, current savings balance, expected rate of return and the age by which you’d like to accumulate $1 million.

Will You Have Enough To Retire?  This tool is designed to give you a quick estimate whether you’re on track toward a secure retirement. Enter your age, income, planned retirement age, the amount you’ve saved to date and the percentage of income you save each year, and the tool will estimate how a nest egg you’ll need and how much you’re projected to have.

How Much Should People Save? This study from the Boston College Center for Retirement Research examines the question of what percentage of salary people must save each year to have a reasonable chance of maintaining their lifestyle after they retire. The upshot: A target of roughly 15% is reasonable.

Face Retirement   This is a fun tool that relies on behavioral research to help you get more serious about saving for retirement. You begin by talking an online photo of yourself at the Face Retirement site. The tool then uses age-morphing technology to show you want you may look like in retirement. The idea is that you’re more likely to save when you feel more of a connection with your future older self.