Retirement Calculator (Monte Carlo) Current Age: Retirement Age: Current Savings: Monthly Savings: Current Withdrawal Rate: Expected Rate of Return: Number of Simulations: Success Rate: //function to get user inputs function getInputValues(){ let currentAge = document.forms[0].elements.currentAge.value; let retirementAge = document.forms[0].elements.retirementAge.value; let currentSavings = document.forms[0].elements.currentSavings.value; let monthlySavings = document.forms[0].elements.monthlySavings.value; let currentWithdrawlRate = document.forms[0].elements.currentWithdrawlRate.value; let expectedReturnRate = document.forms[0].elements.expectedReturnRate.value; let simulationNumber = document.forms[0].elements.simulationNumber.value; return {currentAge,retirementAge,currentSavings,monthlySavings, currentWithdrawlRate,expectedReturnRate,simulationNumber}; } //function to perform Monte Carlo calculation function monteCarloCalculation(){ let {currentAge,retirementAge,currentSavings,monthlySavings, currentWithdrawlRate,expectedReturnRate,simulationNumber} = getInputValues(); let successCount = 0; //check that all inputs are valid if(currentAge >= 0 && currentAge <= 120 && retirementAge >= 0 && retirementAge <= 120 && currentSavings > 0 && monthlySavings > 0 && currentWithdrawlRate > 0 && expectedReturnRate > 0 && simulationNumber > 0){ let yearsTilRetirement = retirementAge - currentAge; let savingsAtRetirement = currentSavings; //simulate monthly savings to retirement age for(let currentMonth = 0; currentMonth < yearsTilRetirement * 12; currentMonth++){ savingsAtRetirement = savingsAtRetirement * (1 + expectedReturnRate/100/12) + monthlySavings; } for(let simulation = 0; simulation < simulationNumber; simulation++){ let currentSavingsAtRetirementAge = savingsAtRetirement; let successFlag = true; //simulate withdrawal rate from retirement age to 120 for(let currentYear = 0; currentYear < 120 - retirementAge; currentYear++){ currentSavingsAtRetirementAge = currentSavingsAtRetirementAge * (1 + expectedReturnRate/100) - (currentSavingsAtRetirementAge/100 * currentWithdrawlRate); if(currentSavingsAtRetirementAge < 0){ successFlag = false; } } if(successFlag){ successCount += 1; } } //Output Success Rate to HTML let successRate = (successCount * 100/simulationNumber).toFixed(2); document.forms[0].elements.successRate.value = successRate + '%'; } else{ alert('Please enter valid inputs'); } } Retirement Planning Tools: The Benefits of Using Monte Carlo Calculators Are you ready for retirement? Trying to figure out how much you’ll need and how much to save? Sounds complicated, right? With the right tools you can ease the burden of financial planning for retirement. One such tool is a Monte Carlo calculator. Monte Carlo calculators provide useful simulations that can help you to better analyze and predict your retirement results. You can gain precise information to help you plan out an accurate retirement budget. By taking into account multiple financial, economic, and market scenarios, Monte Carlo calculators provide a more realistic outlook, rather than a static prediction. In essence, a Monte Carlo calculator is a type of software tool that collects, calculates, and tracks all of the data relevant to retirement planning. It then uses the gathered information to make more accurate predictions for the future. One example is the financial advisor Monte Carlo calculator, which is used to calculate the probability of meeting and exceeding a client’s financial goals. This calculator can help project portfolio performance and then provide portfolio recommendations. Monte Carlo calculators can do a few different things, including: Identifying the most effective retirement accounts. Locating tax-advantageous accounts. Making better investment decisions. Predicting asset allocation for the future. Determining the best withdrawal strategies. For many retirees, it can be hard to predict their retirement savings. This is because of the number of variables involved, from stock market conditions to healthcare costs. Monte Carlo calculators are becoming increasingly popular as a powerful tool to help people make more informed decisions on their retirement investments. The advantage to using a Monte Carlo calculator is that it can provide more accurate predictions because it runs multiple iterations of future financial scenarios. The calculator analyses these scenarios and considers how their performance can be affected by uncertain factors such as the stock market. Those predictions can then be used to make smart decision when it comes to investing for retirement. Using a Monte Carlo calculator for your retirement planning is a sound idea. They are a powerful tool that can provide precise predictions that you can use for smart money management. You can gain more control over your retirement predictions and provide more accurate information. As a result, you’ll have more confidence when it comes to planning your retirement.