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Retirement Planning Software

Retirement planning software is probably a good investment because you can then easily evaluate the impact of changes you are considering to make to your plan.

I don't think buying any planning software replaces the need to have a financial planner/advisor. However, it gives you ideas to discuss with your financial planner/advisor on a periodic basis. It helps you get more benefit out of the discussion.

Software for retirement planning is more complex in its underlying structure than calculators or worksheets. However, it usually provides a simple, easy to use interface for the user.

Often you can use the software on a trial basis before you buy it. This gives you the opportunity to try it first to be sure you can use it easily and that it provides the type of results you would expect it to provide.

Retirement Planner Software

J&L Software LLC has a software package that can be used as a free demo for 21 days before you buy. (A new window will open. To return to this page just close the new window by clicking the 'X' button in the upper right hand corner of the new browser window.)

You enter your personal financial information in great detail. Although this can be time consuming if you have never done this before, it really enables you to see your overall financial picture.

You will categorize your information as to what type of account it is. That means - is it a taxable investment account, a tax free account, a tax deferred account, another type of asset (such as, your home), or a liability (such as, a mortgage or other loan).

This may sound complex, but the software helps you do this.

Once all the data is entered, the software generates several summary graphs that visually display your net worth over time, in addition to, your income and your cash usage over time.

My initial assessment of this software is that it would be easier for someone who has a financial background to use. However, you could always have a family member, who has some financial savvy, complete it for you. Once the initial data is entered, it is easy to change assumptions.

Retirement Savings Planner

Torrid Technologies, Inc. also has a software program that has an easier to use interface for non-financial users. (A new window will open. To return to this page just close the new window by clicking the 'X' button in the upper right hand corner of the new browser window.)

In this software you enter the following information in boxes displayed simply on the page.

You enter personal information such as, your current age, and expected retirement age, your annual job income and estimates raises.

You also enter your tax deferred investments, with your annual contribution and company match. You also enter your current balance and annual contribution for any taxable or tax-free investments.

Two additional income categories are Social Security and pension benefits that you need to provide.

Other assumptions to be provided are your retirement income goal, annual inflation rate, and your tax rates before retirement and after retirement.

The result is a retirement savings graph, a retirement income graph and the underlying financial data in a spreadsheet form to support the graphs.

You can get a demo version of this retirement planning software free when you buy the book "Live Long Live Rich - Creating Your Retirement Paycheck" by H Craig Rappaport, an accredited wealth management advisor.

I would recommend this book as one of your retirement planning tools and get the free demo of their retirement planning software.


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