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Comparing the Best Retirement Planning Tools and Resources

Planning for retirement can be a daunting task, but with the right tools and resources, you can set yourself up for a comfortable and secure future. In this article, we’ll compare some of the best retirement planning tools available, helping you choose the one that best fits your needs.

1. Sorted Retirement Calculator

The Sorted Retirement Calculator is a popular tool that helps you estimate how much you’ll need for retirement based on your current age, desired retirement age, and lifestyle expectations.

Pros:

  • User-friendly interface
  • Considers NZ Super in calculations
  • Provides a clear breakdown of retirement expenses
  • Free to use

Cons:

  • Some users report occasional calculation discrepancies
  • May not account for all individual circumstances

One user on Reddit noted, “The Sorted Retirement Calculator gives a good starting point, but it’s important to double-check the results and adjust for your specific situation.”

2. Westpac MySuper Planner

The MySuper Planner, designed specifically for the Westpac In-Tandem Scheme, is an industry-leading retirement income calculator that enables you to estimate your projected retirement savings.

Pros:

  • Detailed projections tailored to Westpac scheme members
  • Considers various factors like inflation and investment returns
  • Allows for scenario testing

Cons:

  • Primarily designed for Westpac scheme members
  • May require more financial information for accurate results

According to the Westpac newsletter, “The MySuper Planner is an invaluable tool for our members, providing comprehensive insights into their retirement outlook.”

3. Moneyworks Retirement Savings Analysis

Moneyworks offers a personalised Retirement Savings Analysis service, providing a framework for clients to see how they are tracking towards their retirement goals.

Pros:

  • Highly personalised analysis
  • Considers individual circumstances and goals
  • Ongoing support from financial advisors

Cons:

  • May come with a cost
  • Requires more time and information input

The Moneyworks blog states, “Our Retirement Savings Analysis helps clients visualise their retirement journey and make informed decisions about their financial future.”

4. Government Resources

While not a calculator, the government website provides valuable information on retirement planning, including details on KiwiSaver and NZ Super.

Pros:

  • Official, reliable information
  • Covers a wide range of retirement-related topics
  • Free to access

Cons:

  • Doesn’t provide personalised calculations
  • May require additional research to apply information to your situation

Choosing the Right Tool for You

When selecting a retirement planning tool, consider the following factors:

  1. Ease of use: Look for a tool that’s intuitive and doesn’t require extensive financial knowledge.
  2. Accuracy: While no tool can predict the future perfectly, choose one that considers various factors like inflation, investment returns, and changes in lifestyle.
  3. Personalisation: The more tailored the tool is to your specific circumstances, the more accurate and useful its projections will be.
  4. Cost: While some tools are free, others may come with a fee. Weigh the cost against the benefits and insights provided.
  5. Support: Consider whether you need ongoing support or advice alongside the tool’s projections.

Making the Most of Retirement Planning Tools

Regardless of which tool you choose, keep these tips in mind:

  1. Be honest about your expenses: Underestimating your spending can lead to unrealistic projections.
  2. Update regularly: Your circumstances and goals may change over time, so revisit your retirement plan annually.
  3. Consider multiple scenarios: Use the tools to explore different retirement ages, savings rates, and investment strategies.
  4. Don’t rely solely on the tools: While these resources are valuable, consider consulting with a financial advisor for personalised advice.
  5. Start early: The sooner you begin planning for retirement, the more options you’ll have to secure your financial future.

Final Thought

Retirement planning tools can provide valuable insights into your financial future, helping you make informed decisions about saving and investing. Whether you opt for the user-friendly Sorted Retirement Calculator, the detailed MySuper Planner, or the personalised approach of Moneyworks’ analysis, the key is to start planning early and review your progress regularly.

Remember, these tools are just the beginning of your retirement planning journey. Use them as a starting point to spark conversations about your future, set realistic goals, and take action towards securing the retirement lifestyle you desire. With the right tools and a proactive approach, you can look forward to a comfortable and fulfilling retirement.

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