Online retirement calculators paint a prettier picture than what’s really needed to save for retirement. AARP’s study of 12 online retirement planning calculators found all but two don’t take into account potential health and long term care expenses.
Web calculators in the study include:
- CNN Money
- T. Rowe Price Retirement Income Calculator
- Principal Financial Group
- Pacific Life
- First American Bank
- The Retirement Calculator
- Ballpark E$stimate
- AARP Retirement Calculator
- Simple Planning
- Simple Joe
- Fidelity Investments calculator (available only to Fidelity customers)
- Mind Your Finances
Only the last two calculators (Fidelity Investments and Mind Your Finances) provide estimates on health and long term care expenses.