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Financial Planning Calculators
Getting a good handle on your current financial position and how well prepared you are for the future is a critical element in planning and executing a successful mid-life career change or retirement transition. What's Next has assembled some useful "back-of-the-envelope" calculators that can help you to quickly assess what kind of financial flexibility you have.
How Much Money Do I Need?
One of the most critical questions on the minds of most people as they consider a career change is what impact their decision will have on their ability to finance their desired lifestyle as they transition toward retirement. While this is a question that is probably best addressed with the help of a financial advisor, there are some quick and dirty ways to get a handle on how a mid-life career change will affect your long-term financial plan.
The Retirement Planner is designed to quickly determine if your savings plans are on track. We found that by running a variety of different scenarios, it can help you to zero in on what level of savings you need to accumulate to maintain your current lifestyle as you think about changing careers or transitioning to retirement.
The Income Forecaster is designed to help you determine how much monthly income your savings may provide you as you look toward the future. It was developed with retirement in mind, but is also useful for anyone considering transitioning to a new career.
Nest Egg Calculator
The Nest Egg Calculator can help determine what size your retirement nestegg should be in order to provide you with the financial resources you need.
Social Security may not provide enough to retire on in and of itself, but it will likely play an important role in your overall retirement financial plan. If you meet certain requirements, you can tap directly into the Social Security database to get an estimate of how much you are likely to receive based on your future earnings estimates and when you expect to retire.
Monthly Payment Estimator
The Retirement Estimator on the Social Security Administration's website models your projected monthly payments under different scenarios. To access the system you will need your social security number, birthdate, place of birth, and mother's maiden name.