There are many tools you can use to calculate how much savings you will need for retirement. But there are a few that stand out from the crowd. One of these is the free tool from Boldin, which focuses on retirement planning and helps you understand your withdrawal strategy by showing you the impact on your savings with different assumptions. Another is Projection Lab, which is a newer tool that allows you to run different scenarios and even analyze tax impacts. There is a free version and also a premium one for $109 per year.

Retire Smarter: Use Exponent’s Free Retirement Calculator Today

Retirement Calculator tool is Personal Capital’s retirement calculator. This is a comprehensive tool that walks you through the data entry with helpful explanations of each section and field. It asks you questions about your current savings, expected future lifestyle and investment style and then scores your savings plan. It also provides a detailed report that shows your total savings, post-retirement expenses and the probability you won’t run out of money in retirement.

A great feature of this calculator is that it is not constrained by a set retirement age like many others. It also enables you to input a variable future inflation rate. It also uses a Monte Carlo analysis to show how likely it is that you will fail to reach your goal.