Retirement calculators and spending

Introduction
This article categorizes retirement calculators by the type(s) of retirement spending models they use. For a detailed discussion about the various types of retirement spending models, refer to the articles in the Retirement spending wiki series (Sidebar to the right).

There are many other criteria besides spending that can be used to categorize retirement calculators. Examples of these criteria include: tax calculation method, asset classes included as investments, Social Security claiming guidance, types of tax-advantaged savings plans, and types of annuities. The restriction of these tables to just spending model categories does not imply that this aspect of the calculation is any more important than the others mentioned!

One of the most important characteristics of a retirement calculator is the method used to simulate potential future investment returns. Because of this importance a column has been added in each table that lists the method(s) used by each calculator.

Abbreviations used in the Calculator Tables
These abbreviations are used to keep the tables compact while still maximizing the amount of descriptive information they contain.

Calculator Type Abbreviations. These are used to categorize the calculator's approach to estimating future growth in retirement savings.
 * Det = Deterministic. The calculator uses fixed, user selected future stock and bond returns.
 * HRet = Historical Returns. The calculator uses historical stock and bond returns as a guide.
 * HStr = Historical stress test. The calculator uses historical U.S. stock and bond returns (and sometimes the corresponding inflation) starting from one or more specific years in the past to Stress Test the retirement plan for worst case scenarios.
 * MC = Monte Carlo. The calculator uses a Monte Carlo model of stock and bond investment returns as a guide.

Initial Retirement Spending Abbreviations. These are the potential types of spending models that could be used to describe retiree spending at the start of retirement.
 * RepR = Replacement Rate.
 * STot = Single Budget, total spending only
 * SWks = Single Budget, worksheet included
 * DTot = Dual Budget, total spending only
 * DWks = Dual Budget, worksheet included.
 * N/A = Calculator doesn’t allow user to independently set spending in retirement.

Free Retirement Calculators

 * {|border="2" cellspacing="0" cellpadding="4" width="90%"


 * align = "center" width="40%" rowspan = "2"|Calculator Name
 * align = "center" width="15%" rowspan = "2"|Calculator Type
 * align = "center" width="10%" rowspan = "2"|Initial Retirement Spending
 * align = "center" width="35%" colspan = "5"|Spending Model as Retirement Progresses
 * align = "center"|Constant Real
 * align = "center"| Retirement Stages
 * align = "center"|Returns Dependent
 * align = "center"|Flexible Spending
 * align = "center"|Life Cycle
 * AARP Retirement Calculator
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * AnalyzeNow! Free Retirement Planner
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * Ballpark E$timate calculator
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * ESPlannerBASIC
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * Fidelity Retirement Income Planner
 * align = "center"|HRet
 * align = "center"|DTot, DWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * FINRA Retirement Calculator
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * FIRECalc 3.0
 * align = "center"|HRet, Det, MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * Flexible Retirement Planner
 * align = "center"|MC, Det
 * align = "center"|STot, DTot
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * HARS – Historical Actuarial Retirement Simulator
 * align = "center"|HRet
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Moneychimp M.C. Calculator
 * align = "center"|MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Money-Zine.com Retirement Calculator
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * MSN Money Retirement Planner
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Optimal Retirement Planner
 * align = "center"|Det, MC
 * align = "center"|N/A
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * SmartMoney Retirement Planner
 * align = "center"|Det
 * align = "center"|RepR, STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * T. Rowe Price Retirement Income Calculator
 * align = "center"|MC
 * align = "center"|STot, SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * TIP$TER
 * align = "center"|HRet
 * align = "center"|STot, DTot
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * U.S. Dept. of Labor Retirement Calculator
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Voyant Financial Calculator
 * align = "center"|Det, MC, HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * }
 * U.S. Dept. of Labor Retirement Calculator
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Voyant Financial Calculator
 * align = "center"|Det, MC, HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * }
 * align = "center"|
 * }

Purchased Retirement Calculators

 * {|border="2" cellspacing="0" cellpadding="4" width="90%"


 * align = "center" width="40%" rowspan = "2"|Calculator Name
 * align = "center" width="15%" rowspan = "2"|Calculator Type
 * align = "center" width="10%" rowspan = "2"|Initial Retirement Spending
 * align = "center" width="35%" colspan = "5"|Spending Model as Retirement Progresses
 * align = "center"|Constant Real
 * align = "center"| Retirement Stages
 * align = "center"|Returns Dependent
 * align = "center"|Flexible Spending
 * align = "center"|Life Cycle
 * AnalyzeNow! Pre & Post Retirement Planner
 * align = "center"|Det, HStr
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * ESPlannerBASIC
 * align = "center"|Det, MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * ESPlanner
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * ESPlannerPLUS
 * align = "center"|Det, MC
 * align = "center"|SWks
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * Otar Retirement Calculator
 * align = "center"|HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * Simple Planning Retirement Planner
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * }
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * }

Forum discussions

 * Retirement Calculators and Spending Models (discusses this article).
 * Looking for good retirement calculators
 * Bogleheads: Retirement Calculators?
 * Bogleheads: Retirement Calculator
 * Bogleheads: Financial Calculators