| There's a new retirement savings calculator made | | | | yourself using a printed copy, it's easy to understand |
| available by the United States Government. It's free | | | | and follow. The tool is also very diverse and flexible. |
| online and offline and helps users plan for their | | | | It lets you input a variety of scenarios, from extra |
| retirement, calculate how much they need to save | | | | part-time income after you retire to additional costs, |
| and make better financial planning decisions. To find | | | | like extended health care. |
| out more, including where to find it, read on. | | | | The next feature that makes this online retirement |
| Background | | | | calculator stand out from the competition is its ability |
| The calculator's accompanying guide is titled "Taking | | | | to make very complex assumptions. An example of |
| the Mystery out of Retirement Planning." It was | | | | this is how it treats health care inflation. Other |
| produced by the Department of Labor's Employee | | | | retirement calculators simply assume that all |
| Benefit Security Administration branch. Essentially, the | | | | expenses will inflate at a rate of about 3.5%, |
| booklet provides a series of scenarios along with | | | | however this calculator knows that healthcare |
| several easy-to-follow worksheets that help you | | | | typically rises at about 7%. That potentially major |
| calculate how much you need to set aside in | | | | discrepancy is accounted for. |
| long-term savings. The online worksheets are | | | | Problems With the Guide |
| automated. | | | | The comprehensive guide attaching this new |
| Where You Can Find It | | | | government calculator has one key drawback - it's |
| Previously, you could only obtain a copy of the guide | | | | targeted predominantly at individuals who are about a |
| and worksheets by calling and requesting a printed | | | | decade away from retirement. And while the tools |
| copy. However, it's now available online and can be | | | | can help certain retirees, those closer to or already in |
| viewed for free or printed off. The site includes a | | | | retirement won't get much out of this material. |
| simple retirement savings calculator that even lets | | | | The other drawback is that there is little advice for |
| you store your information for up to one year. | | | | people who suspect they may incur extra health care |
| If you prefer to order a free printed copy, you can | | | | costs or the expense of dealing with potential |
| do so by calling the Department of Labor at | | | | dependents. |
| 1-866-444-3272. To access the website though, | | | | That said, it's still a fantastic retirement savings |
| simply visit dol.gov/ebsa - the calculator and booklet | | | | calculator. Overall, this is a simple tool which is easy |
| can be found under Publications and Reports. | | | | to use and yet still very complex in its calculations |
| Features of the Calculator and Guide | | | | and projections. It also has a firm grasp of |
| The biggest advantage to using this simple 62-page | | | | government regulations that need to be incorporated |
| booklet is how easy it is to use. Whether you're | | | | into any realistic financial projections. Finally, it's free |
| doing the worksheets with the online calculator or by | | | | so you could hardly ask for anything more. |