It’s definitely not easy to figure out the optimal retirement planning strategies on your own. With so many unknowns in the future—from your health to where you’ll end up living in your golden years–it’s increasingly important to seek out additional help where you can find it. Thankfully, there are some simple but effective tools you can try.
Financial Planning Workbook from Purdue University
First up is the Purdue financial planning workbook, which has pretty much every topic and lessons you’ll need. Not only are you taught how to do something or understand it, but then you’re also given space to practice using that new knowledge with plenty of fill-in-the-blank questions. Here are just a few examples:
• Net worth calculation
• How to plan for inflation
• Estimating your retirement income
This overall assessment is invaluable for those who are sophisticated in their financial knowledge, but haven’t done all the legwork yet.
Retirement Planning Worksheet from U.S. Department of Labor
There’s also a financial calculator worksheet you might find interesting. Produced by the Department of Labor, this tool is clearly intended for individuals aged 50 to 70 who are really gearing up for retirement. The Department of Labor provides a complete look on your financial picture heading toward retirement, such as your assets, your current income, your pension, your Social Security, and more based on the information you input.
iMaximize Social Security
There’s something to be said for using automated software to get certain things done. One choice is to go for an app. Known as iMaximize Social Security app, the program is available on iOS and Android platforms. It’s truly a phenomenal resource for anyone who is on the way to retirement age soon.
If you want the most money possible from Social Security, this app is easily worth it to help you do just that!
AARP Retirement Calculator
Chuck Price also loves the AARP retirement calculator. This simple calculator takes the answers you submitted based on the following:
• Current Age
• Desired retirement age
• Your anticipated retirement lifestyle
• Current Income
• Social Security benefits
Based on this information, the tool can provide some solid information on whether you’ll be able to retire at your current rate, and whether you’ll outlive your money or not. With a handy graph, this helps you see at a glance how you’re doing.
Investing Simplified Book
Finally, one of the ultimate tools for retirement planning comes from financial expert Chuck Price. It’s the Financial Doctor’s own Investing Simplified book. This book contains true exclusive strategies and insider financial advice that will forever alter the way you think about retirement and money. The book covers every relevant topic for investing and retirement, including a big chunk of chapters specifically devoted to retirement planning. You can also rest easy knowing that $1 per book sold goes to the Wounded Warrior project.