Retirement Planners Calculator Current Age: Estimated Retirement Age: Current Retirement Savings: Monthly Contribution: Annual Interest Rate: Total Retirement Savings When You Reach Retirement Age: function calculateRetirement() { // Get the values from the form var currentAge = document.getElementById("currentAge").value; var retirementAge = document.getElementById("retirementAge").value; var currentRetirementSavings = document.getElementById("currentRetirementSavings").value; var monthlyContribution = document.getElementById("monthlyContribution").value; var annualInterestRate = document.getElementById("annualInterestRate").value; // calculate the total savings when you reach the retirement age var totalRetirementSavings = currentRetirementSavings * Math.pow((1 + (annualInterestRate/100)/12), (retirementAge - currentAge) * 12); totalRetirementSavings += ((retirementAge - currentAge) * 12 * monthlyContribution); // display the result document.getElementById("totalRetirementSavings").value = totalRetirementSavings.toFixed(2); } Retirement Planning: How to Utilize Retirement Planners and Calculators to Make Wise Investments Retirement planning is a complex and oftentimes laborious process, one which can seem overwhelming to most. Fortunately, retirement planners and calculators are available to help you understand and make wise choices during this difficult process. Retirement planning is based on the present so that you have a reliable fund to lean on when you reach retirement age. Taking stock of where you are financially and through the use of retirement planners, you are able to create sound savings and investment plans which can drastically improve the state of your future retirement finances. Understanding Retirement Planners and Calculators Most financial professionals recommend that the best course for those embarking on the journey of retirement planning should begin by making use of retirement planners and calculators. Retirement planners and calculators, available both online and through professional financial planners, come in a variety of forms, all of which are intended to make the process of retirement planning easier. From basic calculators designed to help you determine your approximate retirement needs, to more sophisticated tools which help you make detailed retirement planning decisions, the use of a retirement planner can be a valuable asset. Retirement planners allow you to analyze your present financial standing in order to better formulate a strategy for success. Through the use of an online, or in-house, retirement calculator & planner, you will easily be able to access, organize, and assess a variety of different types of retirement investments, making the entire process of retirement planning much easier and less intimidating. Organizing & Prioritizing Your Retirement Plan When using a retirement planner and calculator, it is important to organize and prioritize the various aspects of your retirement plan. Retirement calculators allow for the easy quantification of a variety of retirement investments, from 401(k)s, to individual retirement accounts (IRAs), and also allows for the easy comparison of such investments. From here, one can properly prioritize investments, allowing them to adjust the amount of money they invest in certain accounts according to yields, charges, and other characteristics. In addition, retirement planners also allow for the easy comparison of savings and retirement accounts over a fixed time period. This, coupled with the prioritizing of investments, allows you to systematically create a savings plan for when you reach retirement age. This comparison of accounts is particularly important for those who are nearing retirement age, as it allows those individuals to calculate exactly how much they will need to save in order to have sufficient funds for a comfortable retirement. Tax Planning & Retirement Planning It is also important to be aware of tax-related consequences when attempting to formulate a retirement plan. Retirement calculators often aid in this, as many of them allow you to easily calculate any potential capital gains taxes incurred during the course of retirement planning. This is important to understand as many retirees face a large portion of their income being taxes, and one must be aware of how this will affect their ability to accumulate sufficient retirement savings and adequately fund their retirement savings accounts. Planning for Retirement Can Be Stressful, Retirement Planners and Calculators Make the Process Easier For many, retirement planning can be a daunting process. Fortunately, retirement calculators and planners make the process easier by allowing you to organize and prioritize your retirement investments, differentiate between various types of retirement plans, and understand the effects of potential tax issues on your retirement fund. By following the tips outlined in this article and utilizing tools such as retirement horizons and calculators, you will be able to plan for retirement with confidence and assurance.