Planning For and During Retirement

This page contains frequently asked questions regarding planning for retirement. Use the pulldown menus to reveal the questions, answers, and links to related websites.

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How can I calculate what I need to save for retirement?

The ESP Planner is the best free retirement calculator as reviewed by moneyover55.about.com. It allows for more detailed input and accurately accounts for taxes – something none of the other free retirement calculators do. The calculator works for those both planning for and in retirement. There are advanced planning tools available for purchase to help make better decisions about retirement, education funding, career, housing, account funding and withdrawal decisions, social security, pensions, tax planning, estate, and lifestyle (standard of living). (Not intended for those who don’t like detail or who prefer not to spend a half hour reading to appropriately use the software.)
http://basic.esplanner.com/ESPlannerBasic/family-info

Is there a retirement calculator that I can complete in 10 minutes?

T.Rowe Price’s award-winning retirement planner can assist you in calculating how much you may be able to spend each month and how long your savings will last. Use our retirement calculator to better manage your financial assets and get the most value from your retirement savings.
https://www3.troweprice.com/ric/ricweb/public/ric.do

Is there a faster way to calculate what I should be saving for retirement?

Schwab Strategies for Saving gives tips on how to save for retirement in your 20’s, 30’s 40’s and older.
http://www.schwab.com/public/schwab/investing/investment_help/retirement_planning/saving_for_retirement/retirement_savings

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Are some U.S. cities better to retire to than others?

Kiplinger.com compiled the top 10 places to retire to based on retirement taxation, quality medical care, and have a high percentage of residents over 65 (even considered the cost of a prescription of Lipitor as a proxy for extraneous medical costs).
http://www.kiplinger.com/slideshow/Great-Retirement-Cities-in-the-US/1.html

How much income will I have in retirement?

Morningstar’s Retirement Income Worksheet can help you estimate. This may take some time to complete, but Morningstar walks you through how to estimate the amount of money you will be able to take from your portfolio each year after retirement. You will need all of your current investment statements to complete this. You will need to choose your existing allocation for your assets — if this is not known to you, they guide you to another tool on their website that gives you a bond/stock/cash breakdown to work with. They even take you directly to the Social Security website to get information without leaving the worksheet.
http://www.morningstar.com/Cover/income-worksheet.aspx

How should I approach budgeting once I’m in retirement?

Schwab’s Retirement Income Fundamentals will walk you through the process. When it’s time to turn savings into income, start with a big-picture overview of what it takes to help generate retirement income that lasts.
http://www.schwab.com/public/schwab/investing/investment_help/retirement_planning/nearing_in_retirement/retirement_income_fundamentals

Which savings should I use first in retirement?

Morningstar Solutions offers tips on how to determine which accounts to use first in retirement.
http://www.morningstar.com/solutions/Solutions.aspx?docid=332053

Should I have Long Term Care Insurance?

40 Must-Know Statistics About Long-Term Care. Explores how you can begin thinking about long term care in relation to your own needs. (Morningstar Personal Finance – 8/9/12)
http://news.morningstar.com/articlenet/article.aspx?id=564139

Does Long-Term Care Mix With Life Insurance?

Wall Street Journal – 9/28/12
http://online.wsj.com/article/SB10000872396390444549204578022263702273132.html?mod=WSJ_RetirementPlanning_MoreHeadlines

What should I be doing to keep my Medicare Part D costs down?

Not Shopping for Medicare May Cost You in 2013. If you’re among the millions of Part D participants at risk for double-digit premium hikes next year, check your options before grabbing your checkbook. (Morningstar Personal Finance – 10/11/12)
http://news.morningstar.com/articlenet/article.aspx?id=569960

What is the Required Minimum Distribution from my retirement plans this year?

Kiplinger.com will show you the amount you need to withdraw from your accounts (or face a 50% penalty if you are older that 70 1/2). All you need is the balance of your retirement accounts at the end of the last calendar year and your current age.
http://www.kiplinger.com/php/ira/question.htm

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When should I claim social security?

The Center for Retirement Research at Boston College publishes a useful free guide to claiming strategies.
http://crr.bc.edu/wp-content/uploads/joomla/claiming_guide/claiming_guide__rev_0706.pdf

Should you take social security at age 62?

Fidelity Viewpoints – 11/09/11
https://www.fidelity.com/viewpoints/social-security-at-62

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Choose to Save® national public education and outreach program is dedicated to raising awareness about the need to plan and save for long-term personal financial security. As part of its mission, Choose to Save® develops user-friendly, multimedia materials to help individuals plan and save for their financial future, including public service announcements and free savings tools. Developed by the Employee Benefit Research Institute (EBRI) and its American Savings Education Council (ASEC) program, Choose to Save® utilizes the power of the media to promote the idea that saving today is vital to a secure financial future.
http://www.choosetosave.org

AARP is a membership organization leading positive social change and delivering value to people age 50 and over through information, advocacy and service. Instant access to benefits, discounts, and timely information. Expert advice on everything from travel to caregiving.
http://www.aarp.org/

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