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Ways to Select the Best 401K and Retirement Calculator

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Ways to Select the Best 401K and Retirement Calculator By Trevor Price

There are hundreds, if not thousands, of websites offering a 401(K) calculator or retirement calculator - all promising to show you exactly how much you need to save for your retirement. However, do they actually work? And why do they all say something different? And with all these choices, which one is actually the best or right for you? To compare the numerous 401(K) calculators out there, we inserted the same numbers, including savings rate, life expectancy and income into three various online and free calculators. To do so, we inserted the same data about a pretend test subject - a 45-year old man with no spouse or dependents and an annual income of approximately $50,000. Our subject had a minimal mortgage balance, a savings rate of about 10% and approximately $90,000 saved in a 401(K). He wanted to retire by the time he was 65, live on $50,000 (100% of his pre-retirement income) and he expected to live until the age of 100. Keep reading to find out what each 401(K) calculator recommended and how they measured up. The Ballpark Estimate Calculator (Online at: choosetosave.org/ballpark) The Ballpark Estimate Calculator has some bad news - our test subject will have to save close to 56% of his annual salary to meet his goal of retiring by the time he's 65 with a 100% post-retirement income of $50,000. Prospects are grim for our test subject, unless he opts for riskier investments. In terms of quality and experience, the site took a little over 9 minutes to complete the questionnaire and calculate the final results. Overall, it was easy to use and lets you include extra income sources like a part-time job or investment returns. The one major drawback is that you can't fiddle with the numbers or make major adjustments without starting over from the beginning. Calculator: Nationwide's Retirability (URL: nationwide.com/nw/nrri/index.htm?wtgo=retirability) Nationwide's Retirability calculator gives users what it calls an "R-Score," essentially scoring them on their retirement-readiness. A good score is anything above 100. Our poor test subject scored an 88.
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The site took just under 8 minutes to input our information and come up with its results. One major feature of Nationwide's 401(K) tool is that it includes home equity as part of your assets. Considering that most Americans wind up tapping into that equity, it's more accurate. The AARP Retirement Calculator (Online at: aarp.org/money/financial_planning/sessionseven/retirement_planning_calculator.html) At the moment, our test subject is saving just over $400 in his retirement savings. According to the AARP calculator, that amount needs to increase to $1600 in order to meet his goal of full retirement at 65. In terms of quality and ease, the AARP calculator was fast enough. It took about 10 minutes to complete. Though it wasn't bursting with features or fancy animations, it definitely produced results that were simple to read and easy to understand. For great senior retirement preparation info, see http://www.seniorretiretips.com - a popular site addressing needs such as simple retirement calculators http://www.seniorretiretips.com/simple-retirement-calculator.shtml - senior new homes and many more!

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Ten Tips On How To House Your 401K Rollover By Matthew Pawlina

Retirement is a worry everyone has, and a 401K investment will protect your interests even if you change jobs. The best return from 401K roll over investments will only be possible if you handle the roll over like a financial wizard. In the US a 401k plan helps people save for their retirement. A 401K plan is an employer-sponsored retirement savings plan by which an individual can save and defer paying income tax on the money saved. An advantage of 401k plan is that it can follow a person throughout his or her career. Even when changing a job a person can choose to leave the money in the old employer’s 401K plan; or transfer to the 401K of the new employer; move the money into an IRA or individual retirement account; or choose to pay taxes and withdraw the funds. 1. Every time you change a job check whether the new employers has any rules as regards 401K plans. 2. Find out what the investment options are. Make a note of the investment options and growth potential. 3. Make an intelligent comparison between the 401K options and that offered by your Individual Retirement Account. 4. Make a direct rollover to the plan that has the best long term growth without touching a single penny. Liquidation is a dangerous option. 5. In case the previous employer has the best 401K plan then make arrangements to leave your money in his plan. 6. Ask whether the 401K plan has a matching option. Many employers offer to match your contributions. This means more money for you. 7. Avoid investing in company stock options and never put all the money in one type of investment or fund. 8. Find out what the maximum limits are of investments and as about a 401K tax calculator. 9. Many mutual funds offer 401k roll over investment options. Take the help of experts to select a mutual fund plan that will help meet your personal needs. Find out whether the mutual fund offers the option of investing in self directed IRA. 10. Check out aspects like hidden fees, reliability and so on. Weigh the pros and cons of investing in smaller companies versus large ones. Aim to diversify the portfolio. Be smart and visit websites devoted to 401K plans. Learn how to track the fund using a fund index.

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Check the index regularly, and see whether the fund is going up or down. Learn how to compute moving average and choose funds that have a 63 or 250 day moving average. Plan your retirement wisely and track its growth using state-of-art online tools. 401K plans offer financial security and positive returns on your investment when maximized. Use the wonderful resources and expertises offered by the World Wide Web and educate yourself on how to understand, evaluate, and manage retirement benefits. Websites like Money.Com and CNNmoney.com offer financial expertise that will help you make valuable investments in 401K plans. Matthew Pawlina is a writer for http://www.401krollover101.com , the premier website to find, 401k, 401k plans, 401k rollover, 401k retirement, individual 401k, 401krollover101.com, 401k investment, 401k rules and many more.

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