| The U.S. government has released an extremely | | | | calculator or by yourself using a printed copy, it's |
| helpful and easy-to-use retirement savings | | | | easy to understand and follow. The tool is also |
| calculator to help you calculate and understand | | | | very diverse and flexible. It lets you input a |
| your retirement finances. To learn more about it, | | | | variety of scenarios, from extra part-time income |
| why it works and where you can get it - keep | | | | after you retire to additional costs, like extended |
| reading. | | | | health care. |
| Background | | | | The next feature that makes this online |
| The calculator's accompanying guide is titled | | | | retirement calculator stand out from the |
| "Taking the Mystery out of Retirement Planning." | | | | competition is its ability to make very complex |
| It was produced by the Department of Labor's | | | | assumptions. An example of this is how it treats |
| Employee Benefit Security Administration branch. | | | | health care inflation. Other retirement calculators |
| Essentially, the booklet provides a series of | | | | simply assume that all expenses will inflate at a |
| scenarios along with several easy-to-follow | | | | rate of about 3.5%, however this calculator |
| worksheets that help you calculate how much | | | | knows that healthcare typically rises at about 7%. |
| you need to set aside in long-term savings. The | | | | That potentially major discrepancy is accounted |
| online worksheets are automated. | | | | for. |
| How to Locate It | | | | Drawbacks to the Guide |
| The guide was previously only published in print | | | | The comprehensive guide attaching this new |
| format, with eight worksheets. However, it's now | | | | government calculator has one key drawback - |
| available online with a great retirement savings | | | | it's targeted predominantly at individuals who are |
| calculator to help you do the math. Users can | | | | about a decade away from retirement. And while |
| even store their information and results for up to | | | | the tools can help certain retirees, those closer to |
| a year (with a secure user name and password). | | | | or already in retirement won't get much out of |
| If you prefer to order a free printed copy, you | | | | this material. |
| can do so by calling the Department of Labor at | | | | The other drawback is that there is little advice |
| 1-866-444-3272. To access the website though, | | | | for people who suspect they may incur extra |
| simply visit dol.gov/ebsa - the calculator and | | | | health care costs or the expense of dealing with |
| booklet can be found under Publications and | | | | potential dependents. |
| Reports. | | | | However, as a retirement savings calculator, it's a |
| Features of the Calculator and Guide | | | | great tool that's extremely comprehensive and |
| The biggest advantage to using this simple | | | | yet easy to use and understand. It understands |
| 62-page booklet is how easy it is to use. Whether | | | | government protocol, offers helpful suggestions |
| you're doing the worksheets with the online | | | | and the best part about it - it's completely free. |