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 Budget 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 Budget 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 Budget Software options.
Budget software helps you create and stick to a spending plan and has some features found in standard personal finance software. This list highlights unique features of each budgeting software title to help you determine which will work best for you, whether you need Mac, Windows or online budgeting software.