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+--- Thread: OT: Trust Retirement Financial Calculators? (/showthread.php?tid=161343)
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OT: Trust Retirement Financial Calculators? - IronMac - 12-08-2013
Hi all,
I was just fooling around with a couple of financial institutions' retirement calculators and the numbers needed for retirement seem awfully small. Yes, I know that my required (hoped-for) income is modest but still.
Have any of you tried your institution's calculators and, if you have, do you trust them?
Re: OT: Trust Retirement Financial Calculators? - Chakravartin - 12-08-2013
IronMac wrote:
Have any of you tried your institution's calculators and, if you have, do you trust them?
Yes and no.
In my case, it looks like around 2.5x the suggested savings is the minimum needed... not that I'm successfully putting aside nearly so much.
Re: OT: Trust Retirement Financial Calculators? - SDGuy - 12-08-2013
I think the Financial Samurai numbers are a bit more realistic than most other estimates I've seen
Re: OT: Trust Retirement Financial Calculators? - mattkime - 12-09-2013
SDGuy wrote:
I think the Financial Samurai numbers are a bit more realistic than most other estimates I've seen
wow, that site looks great!
hm, can't find the calculator though...
Re: OT: Trust Retirement Financial Calculators? - IronMac - 12-09-2013
You have to read through the explanation.
Re: OT: Trust Retirement Financial Calculators? - richorlin - 12-09-2013
My advice about saving for retirement is quite simple:
"Save enough. Imagine what you think is enough. Then save more"
Re: OT: Trust Retirement Financial Calculators? - Forrest - 12-09-2013
I think it's a good idea to run the numbers on a few retirement calculators. You'll get different results from each. I like Firecalc link - don't forget to fill in the fields on the other income/spending tab.
The variable that you can most easily control is your yearly budget. Once you can honestly determine your yearly budget, the rest is easy.
Re: OT: Trust Retirement Financial Calculators? - Paul F. - 12-09-2013
richorlin wrote:
My advice about saving for retirement is quite simple:
"Save enough. Imagine what you think is enough. Then save more"
Lot of wisdom there...
Re: OT: Trust Retirement Financial Calculators? - TLB - 12-09-2013
Well, well. My NW is only about a $1M less that the Samuri recommends. And if my friends are being honest, I probably have 3x that of my peers. I always new I was toast, but I don't know that I like seeing it in black and white.
Re: OT: Trust Retirement Financial Calculators? - Bill in NC - 12-09-2013
I like Firecalc (please donate) for the Monte Carlo simulations.