Kate Johnson FinancialMentor’s Ultimate Retirement Calculator is just that—the ultimate tool for prospective retirees. And it’s the #3 pick for our list of Top Five Best Retirement Planning Software.
Our #3 pick for Top Five Best Retirement Planning Software
Todd Tresidder is the man behind FinancialMentor.com, and he has created a calculator that gives users a lot of information on a one-page form. Tressider has made a career out of helping real life clients as they plan for every possible retirement eventuality, and his Ultimate Retirement Calculator benefits from those years of experience.
Unlike other retirement planners, the Ultimate Retirement Calculator doesn’t deal in probabilities or Monte Carlo scenarios. Tresidder says that since each retirement is unique, probability has no place in retirement planning. He believes that it’s useless to use statistics to come to a conclusion about a sample size of one, and scoffs that the current reliance on statistics is ‘an attempt to appear scientific where no science can actually exist.’
Point taken; but since this planner doesn’t refer to historical data, cautious users should probably underestimate returns and overestimate inflation in order to protect themselves against bumpy economic times.
The calculator uses just one screen for easy use. Easy doesn’t necessary mean simple, though, and this calculator can juggle a range of variables. The Ultimate Retirement Calculator is highly customizable, and users can control the assumptions about future tax and inflation rates. And retirees who expect to have more than one finger in the retirement-income pie can add three incomes of different duration and four one-time-only benefits.
Users receive printable results in a step-by-step report that lays out results in terms that are easy to understand. Users who don’t like their results can change their variables to get results for many different scenarios. And users who have questions can get easy answers and instructions with just one click.
Next: The #2 pick on our list of Top Five Best Retirement Planning Software