Now-a-days people working in the banking or investment sector do not feel their job to be daunting while calculating the monetary aspects because the latest technologies i.e.financial planning tools have made their task easier and quicker. Some people may delay planning for retirement because for them the task is very hectic and tiresome, tabulating the amount one need to save can be made easier with some of the online tools. The first step to plan for retirement is to have an idea of the amount that the person needs to save. In matters concerning these, some of the online financial planning tools and software can prove to be really helpful.
Some of the most useful tools that can help the user to have a control over his finances are listed below:
Retirement Calculator
The retirement calculator developed by AARP is an exciting option that the user has to plan his finances after his or her retirement. The user needs to enter some of the basic information such as age, income, marital status, current savings, expenditure, and probable retirement age. The online tool will evaluate all the necessary details and will calculate whether the user is making adequate savings or not.
401k Savings Calculator
The user might have a plan to take the available advantage of the 401k plans that are provided by the employer. They can obviously go for it if their contribution to the performance of the company matches even at the minimum level. This particular online financial analyzer tool will help the users to figure out how much savings can be generated from the 401k plan.
Lifetime Income Calculator
The lifetime income calculator is similar to the previously discussed calculators; however some of the features make it stand out from the rest. This kind of calculator helps to give the user an idea of the monthly lifetime income streams based on the inputs regarding the currently monthly income and the projected income in the subsequent years. On the basis of both the inputs, the calculator evaluates two level lifetime payments: one pertains to the life of the person concerned alone and the other concerns both the person and his spouse with almost fifty percent survivorship benefit for the spouse’s lifetime.
Social Security Quick Calculator
With all the features of the retirement calculator, the social security quick calculator provides additional features where the user can use it to estimate the return in terms of social security from the day of retirement.
Besides this, there are also other essential tools like:
- Federal Student Aid Repayment Calculator
This particular kind of calculator helps the user to have an estimate of what returns to expect upon repayment of the loans that are taken as a part of the student costs for study purposes.
- Credit Card Repayment Calculator
This is another kind of calculator that helps to estimate the return that a person will get upon repayment of the credit card loans.
Here is a list of different financial analysis tools that are available online. There are numerous other tools that might come to use for different purposes of the user.
