To help older Americans evaluate their financial future, AARP launched a new calculator to determine when they can retire and what is needed to do so.
“Based on user feedback and a changing retirement landscape, AARP revamped its retirement calculator to enhance usability, but maintain accuracy in its results,” said Jean Setzfand, Director of Financial Security at AARP. “Whether an individual is starting at square one or needs to re-evaluate their original plans, the AARP Retirement Calculator is a tool that can set them off on the right foot and help them determine what needs to be done next.”
The new calculator gives users the ability to develop a retirement plan for a dual-income home, calculate and include individual Social Security benefit estimates as a part of retirement income, and the ability to experiment with various retirement scenarios including reverse mortgages says AARP.
Upon completion of the calculator, individuals will be provided links to a number of AARP resources to learn more about Social Security, financial planning and health care in retirement without promoting any product or service.
The calculator also includes a way to include a reverse mortgages in the plan as you can see from the screenshot below
Run your own scenario here.