8 handy online calculators

Created date

May 10th, 2018

Managing your finances requires some mathematical calculations. But you don’t have to be a math whiz to get the answers you’re seeking. Fortunately, there are all kinds of online financial calculators that will do the dirty work for you. Check out these eight handy calculators to figure out everything from the cost of living in a new city to whether you should fly or drive for your next vacation.

1. Ultimate Retirement Calculator (financialmentor.com/calculator/best-retirement-calcu​lator). With this popular online tool, you can calculate things like leaving a certain amount of money in your estate for your heirs. The calculator also allows you to set an annual adjustment for cost of living increases, and you can email the results to yourself to analyze them later.

2. Flexible Retirement Planner (flexibleretirement​planner.com). People love this financial calculator because it’s free and offers a wealth of planning tools. It uses Dynamic Withdrawal Planning, which attempts to account for a retiree’s ability to adjust spending based on how their investment portfolio performs. The outputs include colorful, easy-to-read graphs as well as a “probability of success” percentage, which is the likelihood that your investment portfolio will last for your entire retirement.

3. Asset Allocation: Fix My Mix (money.cnn.com/tools/assetallocwizard/assetallocwizard.html). Wondering how much of your money should be in bonds versus large-cap stocks versus foreign or small-cap stocks? This handy calculator from CNN Money gives you a suggested allocation based on your time horizon, risk tolerance, and flexibility.

4. Fly or Drive Calculator (befrugal.com/tools/fly-or-drive-calculator). Whether you’re visiting family, checking out America’s best cities, or touring the national parks, retirement is a great time to get out and see the country. But should you fly or drive to your destination? Enter your starting point, travel dates, vehicle make and model, estimated hotel costs, and other information, and this calculator will tell you exactly how much time and money it will take to get to your destination by plane or car.

5. AARP Investment Property Calculator (aarp.org/money/investing/investment_property_cal​culator). Curious how much income you could generate from an investment property? This calculator uses the property address, purchase price, cash investment, property taxes, annual rent, and several other pieces of information to estimate your potential return.

6. Planning for Retirement (consumerfinance.gov/consumer-tools/retirement/before-you-claim).  This straightforward calculator was created by the Consumer Financial Protection Bureau. All you need is your date of birth and highest annual income to get started. It provides rough estimates of your Social Security benefits, depending on the age you start collecting.

7.Required Minimum Distribution Calculator (https://tools.finra.org/rmd). At age 70½ , you are generally required to start taking distributions from your traditional 401(k) or IRA. Take the guesswork out of RMDs with this online tool that calculates the amounts based on your account balance and age.

8. Compare Cost of Living (bestplaces.net/cost-of-living). Many people decide to move to a different city when they retire. Maybe you are done with cold winters or perhaps want to be closer to your children and grandchildren. Whatever the catalyst for your move, you’ll want to compare the cost of living in your current city and the city you’re considering. Use this calculator to compare the costs of food, utilities, health care, and more in different cities.