Baby boomers are often met with concerns about whether they have saved enough for their retirement. With variables such as rising healthcare costs, debts and other expenses threatening to consume sizable portions of retirement “nest eggs,” knowing how much one has saved can be uncertain.
A new online calculator weighs factors such as these, measuring how they stand to impact potential savings and when a reverse mortgage is best used.
NewRetirement.com announced yesterday the launch of its online retirement calculator.
Instead of asking “how much money does an individual need?” in a few easy steps, the calculator suggests concrete actions that can increase a user’s total retirement benefits or income.
The first phase of NewRetirement’s calculator asks users for information such as age, spouse’s age, age at retirement, estimated home value, zip code and whether or not a user has any type of insurance products or services.
The calculator then gauges assets and income, probing users’ current monthly income, social security benefit, 401k(s) and IRA(s), before prompting users to fill out information about their household expenses and other debts.
Once a user has completed the information queries, NewRetirement calculates the approximate age range where a user will run out of money, including various degrees of risk from low to high.
For visitors who wants professional support, the NewRetirement calculator offers a free online analysis of their current financial situation and future risks, suggestions for ways to minimize their risk of running out of money and methods to maximize total retirement benefits or income from their assets.
Users can also take advantage of the company’s network of retirement planning professionals if they so choose.
Citing data from the Employee Benefit Research Institute, NewRetirement CEO Steve Chen observes that many senior’s confidence in their ability to retire comfortably is at an all time low.
“Our hope is that people near retirement age will use our free online retirement calculator and make the best of what can otherwise be a difficult situation,” said Chen.
Founded in 2004, NewRetirement’s mission is to make quality retirement planning available in an online format that is easy to use and understand.
Through its online site, the San Francisco-based company currently serves hundreds of thousands of consumers seeking to improve their retirement finances.
Written by Jason Oliva