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If you search in Google the phrase 'savings calculator', the search engine will come back with over
one million results. There are hundreds of savings calculators to choose from on the internet. But
how do you make the best choice of which is the right one for you, your family, and your personal
finance situation? There are several factors that you should consider when choosing a savings
calculator to input your data into so you receive the best advice for your individual circumstances.
The Devil Is In The Details With A Savings Calculator
A savings calculator must have as many details as possible for you to input about your financial
life, number of years to be saved, monthly deposits, and projected interest rate earned. Would you
want to trust a calculator that says you can accumulate $3 million by retirement if it only asked you
two simple questions? You will be much happier with the results and feel more confident about
where you stand with your savings if the calculator is very detailed in how it examines your
financial life and the inputs you make into it.
Savings Calculators Must Take Into Account Inflation And Other Assumptions
The best savings calculator will take into account your savings balance, amount deposited per
period, the intervals between your deposits, your annual rate of return, the rate of inflation, and a
host of other important factors when it returns critical information to you. You should look for a
savings calculator that is designed to help you determine how much you will have available to
spend each month in savings and even provide you with options to make up for any shortfalls that
it identifies. You might want to consider a savings calculator that takes into account the modern
ways of savings with income from multiple savings even in retirement such as continued part time
work, small business income, real estate rental income, annuity payments, pensions, and other
income sources. There are so many variables to a modern savings plan that is not taken into
account by many online savings calculators that are based on the traditional mindset of saving a
lump sum or monthly amounts.
Savings Calculators Are Online As Good As The Information You Put In
Have you ever heard the term 'garbage in, garbage out'? It applies to most things in life but
especially financial planning. Your results of your plan are only as good as the assumptions that
you put into the calculators. Do you think that you will work part time in retirement and continue to
set money aside in accounts? Do you think that you will withdraw 4% of your savings or more in
retirement? Make sure that you include these assumptions in your calculations. But, if you want an
accurate assessment of where you stand financially or where you need to go to accomplish your
financial goals, you will need to make sure that your data is inputted into these calculators as

2. accurately as possible. Your results from the calculators are only as good as the information you
put in them.
There are savings calculators on the internet that provide a variety of information to the user. It is
critical that you find the right calculator for the information you are looking for. Are you trying to find
out what percentage of your nest egg to withdraw each month from your savings? Or, are you
looking for an answer as to how big your savings account needs to be in order to live comfortably?
It is easy to find a calculator that can show you how to grow your savings with an online savings
account, reach your savings goal with a Money Market account, or see how you can grow your
nest egg. But, remember, you will find a more detailed answer to your savings questions if you can
find a more detailed savings calculator. Many calculators online barely scratch the surface of
analysis. Many are still stuck to the traditional savings models of our parents' generation that may
not be as all inclusive as possible. Diverse and in-depth a savings calculator will result in better
estimation of your wealth in the future and better answers to your savings questions.
Hank Coleman is the founder of several financial blogs, focusing on topics such as how to find
investing opportunities and using a savings calculator to reach your retirement goals. He is an
entrepreneur and professional in the government sector. Hank holds a Bachelor's degree in
Business Administration, a Master's in Finance, and is currently studying for his Certified Financial
Planning (CFP) credentials. Always looking for a trusted financial institution for advice and tips he
tends to look up information at http://www.discoverbank.com more often than not.
Article Source:
http://EzineArticles.com/?expert=Hank_H_Coleman
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Learn about how to save for retirement and get access to a millionaire by retirement Excel
spreadsheet at:
http://proactinvest.net
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