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.

Runtime Environment Abbreviations. These are used to indicate computational requirements for using a calculator.
 * Web = Runs only through a web browser
 * Win = Runs only under MS Windows
 * Xcel = MS Excel spreadsheet

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
Free retirement calculators are widely available on the Internet. As seen in the table below, the majority of these caclulators only incorporate a Constant Real spending model as retirement progresses. For the average retiree this type of spending model does not offer as realistic a description of spending patterns as the other model types (see discussion in Constant (real) Spending Models).


 * {|border="2" cellspacing="0" cellpadding="4" width="95%"


 * align = "center" width="30%" rowspan = "2"|Calculator Name
 * align = "center" width="10%" rowspan = "2"|Runtime Environment
 * 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"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * American Funds Retirement Planning Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * AnalyzeNow! Free Retirement Planner
 * align = "center"|Xcel
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * Ballpark E$timate Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * EasyAllocator Calculator
 * align = "center"|Web
 * align = "center"|Det, HStr
 * align = "center"|N/A
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * ESPlannerBASIC
 * align = "center"|Web
 * 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"|Web
 * align = "center"|MC
 * align = "center"|DTot, DWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * Financial Engines
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|RepR, DWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * FINRA Retirement Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * FIRECalc 3.0
 * align = "center"|Web
 * 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"|Web
 * 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"|Web
 * align = "center"|HRet
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * ING Retirement Needs Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Moneychimp M.C. Calculator
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Money-Zine.com Retirement Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Motley Fool "Am I Saving Enough?"
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * MSN Money Retirement Planner
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Optimal Retirement Planner
 * align = "center"|Web
 * align = "center"|Det, MC
 * align = "center"|N/A
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * Prudential Retirement Planning Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Reality Retirement Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Retrain Expert/Family/Lifestyle
 * align = "center"|Web
 * align = "center"|
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Schwab Retirement Savings Calculator
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|RepR, STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Scottrade Retirement Calculator
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * SmartMoney Retirement Planner
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR, STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * TD Ameritrade WealthRuler
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|STot, RepR
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * T. Rowe Price Retirement Income Calculator
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|RepR, STot, SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * TIP$TER
 * align = "center"|Win, Xcel
 * align = "center"|HRet, MC
 * align = "center"|STot, DTot
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * U.S. Dept. of Labor Retirement Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Vanguard Nest Egg Calculator
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Vanguard Retirement Income Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Voyant Financial Calculator
 * align = "center"|
 * align = "center"|Det, MC, HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * }
 * align = "center"|
 * Vanguard Nest Egg Calculator
 * align = "center"|Web
 * align = "center"|MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Vanguard Retirement Income Calculator
 * align = "center"|Web
 * align = "center"|Det
 * align = "center"|RepR
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * Voyant Financial Calculator
 * align = "center"|
 * align = "center"|Det, MC, HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * }
 * align = "center"|X
 * align = "center"|
 * }

Purchased Retirement Calculators
Most of these retirement calculators have Trial Versions that can be used before a final purchase decision. Sometimes the trial version has restricted capabilities. In other cases the trial version is fully functional, but only works for a limited time period.


 * {|border="2" cellspacing="0" cellpadding="4" width="95%"


 * align = "center" width="30%" rowspan = "2"|Calculator Name
 * align = "center" width="10%" rowspan = "2"|Runtime Environment
 * 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"|Xcel
 * align = "center"|Det, HStr
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * ESPlannerBASIC
 * align = "center"|Web
 * align = "center"|Det, MC
 * align = "center"|STot
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * ESPlanner
 * align = "center"|Win
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * ESPlannerPLUS
 * align = "center"|Win
 * align = "center"|Det, MC
 * align = "center"|SWks
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * J&L Financial Planner Professional
 * align = "center"|Win
 * align = "center"|Det, MC, HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * Money Tree: Silver Financial Planner
 * align = "center"|Win
 * align = "center"|Det, MC
 * align = "center"|SWks, DWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * Money Tree: TOTAL Planning Suite
 * align = "center"|Win
 * align = "center"|Det, MC
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * Otar Retirement Calculator
 * align = "center"|Xcel
 * align = "center"|HRet
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * Pralana Retirement Calculator
 * align = "center"|Xcel
 * align = "center"|MC
 * align = "center"|SWks
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|X
 * Real World Retirement (RWR)
 * align = "center"|Xcel
 * align = "center"|Det, MC
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|X
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * Simple Planning Retirement Planner
 * align = "center"|Xcel
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * align = "center"|
 * VeriPlan
 * align = "center"|Xcel
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * align = "center"|
 * }
 * align = "center"|
 * align = "center"|
 * VeriPlan
 * align = "center"|Xcel
 * align = "center"|Det
 * align = "center"|SWks
 * align = "center"|X
 * align = "center"|
 * align = "center"|
 * align = "center"|X
 * 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