Planning for your retirement isn’t easy. So, to help, we’ve rounded up the top five free retirement calculators on the internet.
You need to consider many variables to secure yourself a comfortable retirement. And this is where retirement calculators can come in handy. So, before you get started with any of the ones we have suggested, you might want to track down your last superannuation statement and any other relevant financial details, as some calculators will ask for that information.
Centrelink
Knowing how changes to both your financial and personal circumstances affect your pension payments is vital to living comfortably. The Centrelink Rate Estimator will calculate these changes for you so that you can plan ahead.
If you’re unsure of whether or not you’ll receive an Age Pension, our video may help you to understand.
MLC super calculator
Based on your current rate of savings and investment, the MLC Superannuation Calculator will help you calculate how many years your super will last. With its easy-to-understand and customisable graphs, you can determine how different financial decisions will affect your retirement savings.
Budgeting
Living within your means is crucial to retirement happiness. A good budget planner can help you to maximise your savings while you’re still working and live on a fixed income. We suggest the Australian Securities and Investments Commission’s (ASIC) MoneySmart budget planner, which is both straightforward and effective.
Life expectancy calculator
Estimating when you are going to die may make you feel uncomfortable. But having a very rough idea of your life expectancy now will help you plan ahead so that the stress of not having enough saved for your retirement doesn’t actually shorten your life.
The My Longevity calculator is quick and easy to use. It asks you about your surroundings, health, attitude, parents and eating habits, and uses the data gathered to determine your life expectancy – just remember that this is only an estimate.
Compound interest
Putting your money into a compound interest account is a great way to grow your investment over time, as your money will grow exponentially. Even a small starting deposit and monthly contribution can add up to thousands in the long run.
ASIC’s MoneySmart website has a simple compound interest calculator that will only take you a few minutes to use.
Before taking any action towards planning for your retirement, be sure to consult a licensed financial planner. Maurice Patane’s advice can help you find a planner with your best interests at heart.
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