Don’t want to do the math yourself to calculate how much you’ll need to save for retirement? “You can often get a good idea of what you’ll need for retirement with a simple online calculator,” says Jack VanDerhei, research director at the Employee Benefit Research Institute. Some online calculators can also help you to translate that number into how much you are going to have to sock away each year between now and your retirement to achieve your goal. Here are a few suggestions for where to find help on the Web:
Jim Otar’s Retirement Optimizer (Note: The free trial version includes all the features of the full version, except that you cannot change your current age, which is preset to 55. The full version costs $99.99.)
A Middle Ground
FIREcalc is not as quick as the AARP or ERBI calculators, but it’s also not as detailed or time-consuming as Otar’s calculator.