By now you know that I’m picky when it comes to online retirement calculators. Most of them suck. When computing how much to save for retirement, they tend to focus on current income rather than current spending. Plus, many of them have other problems — like arbitrarily deciding that you shouldn’t save more than 40% of your monthly income.
Last summer, I shared five online retirement calculators that actually provide meaningful results: cFIREsim, FIRECalc 3.0, the early retirement calculator from NetWorthify, the retirement income calculator from T. Rowe Price, and Bankrate’s retirement income calculator.
Since August, I’ve discovered discovered two more tools that I’m happy to recommend. Today I want to share brief reviews of the Personal Capital retirement planner and the retirement planning tool from NewRetirement. Both of them are awesome. [Read more…]