Retirement Planning Software
What formula should be used to ascertain if your investments will hold out and how much to budget for retirement?
There are many on-line calculators for Retirement Planning Software that can help you with this. In the August 2007 issue of Kiplinger’s recommends that you use one that is based on a Monte Carlo simulator. They reviewed 5 different ones. I’ve used the ones at Financial Engines and MoneyChimp and found them very helpful.
Retirement Planning Software can help in your retirement plans.
As the name implies a Monte Carlo simulator, does not give you a fixed answer but rather it gives your odds of success and, in the case of MoneyChimp, shows a graph of the number of years into retirement your IRA/401/etc should last. MoneyChimp also explains, in more detail than most of us would want to know, why a Monte Carlo simulator is required and how it works. These details are likely only useful to those with higher mathematical interest. There are several good Retirement Planning Software options.