Online Life Insurance and Retirement Calculators

The Internet offers a wealth of online calculators for estate planning. Using these financial planning tools can help you determine the amount of life insurance protection you should own, or evaluate whether your current estate plan meets your needs. Many individuals opt to use these calculators as research tools prior to meeting with a financial advisor or making changes to their current estate plan. The following list offers versatile and useful resources to assist you in this research.

Retirement Planning Tools

  • AARP Retirement Income Calculator: Targeted toward individuals approaching retirement within 5 to 10 years, a simple page of 10 questions helps you assess your current portfolio’s value. Factors such as total assets, expected longevity, rates of inflation and expected return on investments can be tweaked to show instant calculations of changing outcomes. Easy-to-understand graphs illustrate results like market returns and tax implications.
  • Economic Security Planner: The ESPBasic subscription is an extremely detailed free service. Designed for individuals and couples facing retirement in 20 years or more, this planner helps you evaluate options for saving for your children’s education, purchasing life insurance, discretionary spending and precise tax implications. Multiple sources of income may be used, and your spouse’s information can be split or assessed with yours. More advanced options are available for purchase that project information regarding Social Security, pensions and standard of living estimates.
  • Schwab Retirement Savings Calculator: Long-term sources of income like Social Security and pensions are evaluated against your life expectancy, and solutions are provided to close any gaps in your financial plan. Intended as a pre-retirement tool, this calculator allow you to alter assumptions such as age of retirement, projected spending and investment returns to visualize your financial goals. This calculator is easy to read and a solid source for quick long-term projections.
  • Mass Mutual Financial Group: This resource offers a long list of calculators that evaluate specific pieces of your retirement plan. Using these tools will allow you to investigate new savings plans, test out the tax implications of an investment you may be considering, calculate how the loss of Social Security would affect your finances and measure how long your current plan will last, adjusted for inflation indices. These advanced tools give you a closer look at detailed aspects of long-term financial planning.

Life Insurance Calculators

  • Life Insurance Needs Calculator: This financial planning tool is also available as an iPad and iPhone app. End-of-life expenses, educational savings, mortgages and annual income requirements are easily calculated to determine how much and what type of life insurance is best for you. Spousal tax implications and long-term retirement plan income is factored in to ensure your family is well-protected in the event of your death.
  • Bankrate Insurance Calculator: Step-by-step and basic, this calculator helps you estimate burial costs and medical expenses at your death, future educational expenses for children and additional savings goals like weddings. Factoring in current liquid cash and net earnings that support your family, this calculator quickly produces an exact total of how much life insurance you should carry.
  • Kiplinger’s Advice: Kiplinger Personal Finance is an industry gold standard for financial planning. This article explains in detail each step you should take to evaluate your life insurance needs. The hows and whys of each variable offer plain-English definitions of each factor’s effect on your family after you have died.
  • Longevity Calculator: Fast and painless, a questionnaire containing 13 easy questions relating to lifestyle choices helps you assess your life expectancy. Includes family history of illness, exercise, driving habits, dietary consumption and more.
  • AARP Life Insurance Calculator: This comprehensive planning tool balances future expenses and income totals to calculate the cash you need today to protect your family after your death. Inflations rates, age and return on investments are included in these equations. Potential investments are suggested, along with compounded rates of return and Standard and Poors 500 ratings.