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Retirement planning is an ongoing effort that takes years to prepare for. Being able to predict the most accurate costs that are needed to retire well and determining the right budget to follow are never simple tasks. There are various tools that should be used to assist with any type of retirement.

Retirement Planning Software

Retirement planning software helps a working professional to calculate the exact costs of planning for a retirement. There are countless software reviews to check out online; however, it’s important not to be obsessed with finding the perfect tool. The most essential tip is to find only the software features that are needed based on one’s specific retirement needs, whether the plan is a 401(k), 457(b), Roth IRA or similar.

Retirement Savings Calculator

There is an online financial calculator that is designed for every financial task needed. A retirement savings calculator allows a current or future retiree to determine exactly how much money needs to be saved, what the tax fees are and how much can be withdrawn based on a specific type of retirement account. The calculator is easier to operate than attempting to make calculations by hand and making small errors in the process.

Retirement Score

A free online tool allows a user to determine his or her individual retirement score based on a detailed assessment of their age, income, savings, type of retirement plan and method of investment. The Fidelity Retirement Score helps someone to estimate the percentage of his or her income that needs to be saved in order to retire comfortably. The score increases or decreases based on changes made to one’s income, monthly savings, retirement age or other factors.

Retirement Advisors

Retirement planning advisors are available to provide advice online or in person. Working with a retirement advisor is similar to working with an accountant, so it’s necessary to research the individual’s or company’s background. Potential clients can schedule free consultations.

Saving for retirement is an up-and-down rollercoaster. Some people start out with high hopes but end up with a financial failure. Several people have to retire later than they expected while others have little money to spend in later life. Planning for retirement becomes easier when certain tools and software to assist.