Retirement calculators and spending

🇺🇸

 groups 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.

Introduction
There are many other criteria besides spending that can categorize retirement calculators. Examples include: tax calculation method, asset classes included as investments, Social Security claiming guidance, types of tax-advantaged savings plans, and types of annuities. These tables use only spending model categories, but this does not imply that spending models are any more important than the others.

One of the most important characteristics of a retirement calculator is the method it uses to simulate potential future investment returns. Because this is important, each table has a column listing the method(s) a calculator uses.

Abbreviations used in the calculator tables
These abbreviations keep the tables compact

Runtime Environment Abbreviations. These indicate how to run a calculator.
 * Web = Runs only through a web browser
 * Win = Runs only under MS Windows
 * Xcel = MS Excel spreadsheet

Calculator Type Abbreviations. These 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 types of spending models that can 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 does not let the user independently set spending in retirement.

Spending Model as Retirement Progresses. These are the different methods used for modeling spending.
 * Constant-Real - starts at an amount that is adjusted for yearly inflation.
 * Retirement Stages - two or more different constant or real spending levels.
 * Returns Dependent - spending adjusted depending upon earnings returns.
 * Flexible Spending - two or more spending categories.
 * Life Cycle - spending varies according to stages of life.

Free retirement calculators
Free online retirement calculators are widely available. As shown in the table below, most of these calculators include only a Constant Real spending model as retirement progresses. For the average retiree this type of spending model offers a less realistic description of spending patterns than the other model types (see discussion in Constant (real) Spending Models).

Purchased retirement calculators
Most of these retirement calculators have trial versions that you can use before buying them. Sometimes the trial version has restricted capabilities. In other cases the trial version is fully functional, but only works for a limited time period.

Forum discussions

 * , discusses this page