Online Calculators
Figuring out how much to save for retirement (or anything else, for that matter!) can be confusing, especially when you try to calculate how much interest will add to the final amount and how much inflation might decrease the buying power of your hard-earned and saved dollars. One source of help are the online calculators that take some of the head-scratching out of the process. Try this one at Pacific Life. Hint: look at the page first, maybe print it out, because you’ll probably have to gather some data on you and your spouse (if applicable) before you can actually use the service.
Another useful tool is found at the Wachovia Bank site. This one calculates how taxes and inflation affect your savings. It even gives you a depressing graphical representation of the results and offers some starting figures for you to play with before you decide to get serious with your own money.
Finally, try out the Northwestern Mutual Financial Network’s Longevity Game (you’ll have to unblock popup control) to see how long you’re expected to live. Actually, they have a whole raft of interesting calculators that are free to use.
Your mileage may vary.
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