Retirement Calculator – Free Retirement Calculator: Planning, Savings and Military Pay

Twenties on WhitePlanning Your Retirement: Almost 2 million Americans retire each year. While one is employed, there are major decisions to be made about important issues. This includes Social Security, health insurance, investments, and estate planning. A host of retirement planning websites provide advice and guidance to help you in planning for your retirement. They give you information about a range of topics that assist in planning your retirement, from social security, employer-sponsored retirement plans and tax-deferred investment, to how to manage health care costs, estimate your post retirement financial needs, all the way to advice on smart estate planning. For someone who is at the beginning of his or her career, retirement may seem far away or too remote to bother about, but planning your retirement early is essential for a comfortable old age.

Planning Savings for your Retirement: Most financial advisers insist that you begin planning savings for your retirement from the time you start working, and firmly commit yourself to a savings and investment habit your entire working life. This can give you a huge advantage in the race to be financially well settled towards the end of your working life. They estimate that you may need up to 80% of your current income to retire comfortably. This varies depending on your lifestyle. Planning savings for your retirement is imperative. Although Social Security provides retirement income as well as healthcare, one would not want to depend on it alone. In fact, some experts are now advising that you should wait until you are 70 years old before you start taking Social Security.

Free Online Retirement Calculators: A number of sites provide retirement advice and even a free online retirement calculator that helps you to estimate how much income you are likely to need in order to be comfortable, post-retirement. These free online retirement calculator sites also explain the 401(k) plans, which are employee funded and often having matching employer contributions, and other such employer based and tax deferred investment plans. There are also sites offering advice and free download of forms for CSRS and FERS annuity. Some sites also have articles from financial experts with advice on subjects such as long-term care, senior housing, IRAs, and suitable retirement locations. Most sites dealing with this kind of advice also have a large section about estate planning, which explains in detail the various steps and decisions involved, at each of these stages. Successful estate planning enables the quick transfer of your assets to your heirs and beneficiaries with a minimum of tax consequences. Estate tax is often a major concern for heirs because, if not planned well, it can take a large chunk of the inheritance.

Military Retirement Calculators: Although most of these retirement calculators are for everyone, some are specifically for military personnel. These military retirement calculators can be used for calculating the retirement pay on the basis their current military pay packages. The military retirement calculators also take into account the promotions and pay increases up to the time of retirement, explain various issues like taxes, interest rates, investment options, etc. They tell you how to diversify and protect your investments, how to find the right insurance package, and how to plan and manage possible healthcare costs.

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