2017 RANKING & REVIEWS
TOP RANKING PENSION CALCULATORS
Finding the Best Private Pension Calculator
Retirement is a golden era when you are rewarded for all of your hard work in your twenties through sixties. When you reach retirement age, or when you finally have enough money in your retirement account, you can finally relax and enjoy life, family, and the hobbies that you may have put off before. A pension is a financial asset that can make your retirement savings even more bountiful.
However, how do you calculate your pension? Is there an easy way to determine what age you can draw it at, how much you will receive, and what the tax implications will be? Unfortunately, those who try to figure out how they fit into the financial picture can often experience frustration.
Award Emblem: Top 6 Best Pension Calculators
There are so many variables to take into consideration, and if you do not have a strong finance background, you may need some help. That is why pension calculators are such a great tool for you. Even better, there are numerous options for a good online pension calculator, which makes the hunt for one much easier.
The issue with pension calculators is that there are so many options. Many banks, financial institutions, and finance-based websites offer their unique version of a social security pension calculator or pension tax calculator, and it can be difficult to choose the best one to use.
When looking for a pension annuity calculator online, you likely have questions running through your mind, including:
- What is the difference between a social security pension calculator, a pension age calculator, and a pension lump sum calculator?
- What are some good options for a pension payout calculator?
- Why do you need a pension tax calculator?
- What to look for in a pension plan calculator?
Throughout this 2017 guide, we will try to answer these questions and more. We will explain why you need a pension drawdown calculator and what to look for in a pension income calculator before reviewing the best six best online pension calculators out there.
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Advisory HQ’s List of Top 6 Pension Income Calculators
The list below is sorted alphabetically (click any of the pension calculator names below to go directly to the detailed review section for that pension calculator):
2017 Comparison Table: The Top 6 Best Pension Calculators
Pension Plan Calculators | Type of Calculator | Inputs | Ease of Use |
| Bankrate | Pension Plan Calculator | 10 | 4 |
| Calc XML | Pension Plan Calculator | 8 | 4.5 |
| Financial Engines | Pension Lump Sum Calculator | 6 | 4.5 |
| Smart Asset | Pension Tax Calculator | 8 | 4 |
| Social Security Administration | Pension Age Calculator | 1 | 5 |
| Vanguard | Pension Income Calculator | 8 | 4 |
Table: Top 6 Best Pension Calculators | Above list is sorted alphabetically
Detailed Overview: The Difference between a Pension Age Calculator, Pension Payout Calculator, and Others
Trying to plan for retirement is no easy task. There are things to take into consideration, such as taxes, your 401k, an IRA, social security, and pensions. Pensions are a great asset to have, but it can be difficult to figure out the best way to integrate them into your retirement. That is why using a pension calculator is a good option.
Source: The Fiscal Times
The trouble with that is there are so many pension calculators out there. Beyond that, there are many types of pension calculators as well. These include:
- Pension Income Calculator: This type will tell you what your monthly retirement income is expected to be.
- Pension Lump Sum Calculator: This calculator will help you determine whether to take a lump sum payout or monthly pension payment.
- Pension Age Calculator: This will tell you at what age you can start drawing from a pension like social security.
- Pension Tax Calculator: This private pension calculator will show the tax implications of your pension.
- Pension Plan Calculator: This type will help you choose between pension plans.
Knowing what information each pension calculator yields is important for planning purposes. Make sure that you choose the proper pension calculator when figuring how they play into your retirement plan. A pension annuity calculator is great, but if you want to know your payouts, choose a pension payout calculator.
Detailed Overview: What to Look for in an Online Pension Calculator
There are many different options for a private pension calculator on the Internet. Each pension calculator will have its own unique features. The trick is finding one that yields accurate results.
It is important to choose a private pension calculator that meets your distinct needs. The type of pension calculator that you use is the most important. Be sure to choose the type of pension calculator that provides the information needed.
Overall, when looking for a private pension calculator, consider the following:
- User interface
- Complexity of calculator
- Number of inputs
- Type of information generated
It is important to use a pension payout calculator that is easy to use. Easy-to-use pension calculators will have a nice user interface and clearly define all of the variables so that you can input accurate information.
The number of inputs is also important, but it can go either way. Too many inputs may turn someone off from a pension drawdown calculator, but too little inputs might not generate accurate results.
Above all, be sure to choose a calculator that provides the type of information that you are looking for. If you need to know how much money you will receive at retirement, use a pension income calculator. If you need to know at what age you can retire, a pension age calculator will be your best option. It’s as simple as that.
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AdvisoryHQ’s Selection Methodology
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Detailed Review—Top Ranking Pension Calculators
Below, please find the detailed review of each pension lump sum calculator on our list of best pension annuity calculators. We have highlighted some of the factors that allowed these pension drawdown calculators to score so high in our selection ranking.
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Bankrate Review
Bankrate offers a pension plan calculator that helps you determine what the best pension option is for you. At first glance, it might appear a bit complicated, but the variables are clearly defined below.
You will need to enter your current age, retirement age, life expectancy, spouse’s age and life expectancy, single pension at retirement amount, joint pension at retirement amount, insurance cost per thousand, rate of return on investments, and cost of living adjustment.
This may seem like a lot for a pension plan calculator, but this information is necessary for an accurate assessment of your options. The calculator will show how much choosing a Joint Survivor Benefit will cost you each month, as well as what lump sum you would need to take to replace that.
Bottom Line
If you are looking for a pension plan calculator to help you assess your various options, Bankrate offers a good one. Though it seems a bit overbearing at first, the variables are clearly defined, as are the results.
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Calc XML Review
When you retire with a pension, your company will offer you several payout options. Calc XML offers an informative pension calculator that will help you evaluate your options.
First, you will need to enter your single life pension amount and joint survivor pension amount. Then you will enter your annual cost of living increase, your age, life expectancy, and retirement age, as well as your spouse’s age and life expectancy, into the private pension calculator.
The pension calculator will then run through its calculations and generate a payout analysis that compares the single life and joint survivor options. It also generates a graph to show how the plans stack up over time.
After the analysis, there is a list of other retirement calculators to use. These include IRA options and retirement contribution amounts, which can also be helpful for retirement planning.
Bottom Line
Overall, the Calc XML pension calculator is very easy to use. The variables are clearly defined, and the user interface is easy to maneuver throughout. This is definitely a great private pension calculator.
Financial Engines Review
Financial Engines has a pension calculator that helps you decide between a lump sum payout and monthly pension payouts. With their pension lump sum calculator, you can weigh your options.
The inputs for this calculator are quite simple. You will need to enter the up-front amount and the potential return on investment that you would expect to see. Then you enter the annual payment amount, annual increase, compounding frequency, and number of payments.
By clicking submit, the pension payout calculator will tell you what option will work out better for you. It weighs that payout amount versus the present value of your discounted monthly payments.
A chart and brief explanation are provided as well, which gives you a nice visual look at how the two options measure up.
Bottom Line
We like the ease of use that this private pension calculator from Financial Engines offers. It is simple to work through the calculator, and the results are very easy to understand. This makes it a great option for those with less financial knowledge.
Smart Asset Review
Smart Asset has a pension tax calculator that is very helpful. It is simple to use, and it is state-specific. This increases the accuracy of the results.
After selecting your state, you will see a general description of the tax environment there. Other pension calculators don’t provide this nice feature, which makes this one stand out.
On this page, you will enter your annual social security income, retirement income, annual wages, year of birth, filing status, and annual pension income from private and public sources.
Based on the information you input, the pension tax calculator will show how much state taxes you will pay, as well as a breakdown of federal, state, and local taxes. The breakdown is very helpful to see how a pension will affect you tax-wise.
Bottom Line
If you are looking to determine the tax implications of your pension, then the Smart Asset pension tax calculator is a good tool to have. It is simple to use and gives you a detailed chart breakdown of your taxes, as well as an explanation.
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Social Security Administration Review
The Social Security Administration has a pension age calculator that is as simple as they come. Backed by the Social Security Administration, you also know that the calculator is accurate and will yield useful information.
The calculator starts with a description of what the full retirement age is and how that age has changed depending on the year you were born. We like that this pension age calculator provides a bit of background.
When we say simple, we mean it. You will simply need to enter the year that you were born, and this calculator will generate your full retirement age.
Bottom Line
The Social Security Administration provides an easy-to-use, up-to-date age calculator. If you need to calculate your full retirement age, then this pension age calculator is a great tool.
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Vanguard Review
Vanguard is one of the leading companies when it comes to retirement and investing, which is why their pension income calculator is such a great tool. It is backed by the Vanguard name and user interface.
This pension calculator is designed to calculate your entire retirement income, but it is a great tool to show how your pension will incorporate into your retirement future.
In the pension calculator, you will first need to enter your age, annual wages, percent of salary going to retirement, retirement savings, how much income you need in retirement, and your expected return on investments. Then you have the option to add social security benefits and pension income.
Based on your inputs, the income calculator will show what you will have monthly at retirement, broken down by income type, as well as how it compares to what you will need.
Bottom Line
This tool from Vanguard is easy to use. We love how it shows retirement income as a whole, and it really shows how your pension will play into your retirement. Overall, Vanguard offers a great pension income calculator.
Conclusion—Top 6 Private Pension Calculators
When you are planning for retirement, a private pension calculator is a great tool to have handy. These calculators can tell you the age you will receive a pension, what income you can expect, what tax implications you will see, as well as what pension plan options to choose.
Source: DoughMain
The hard part is simply finding a pension calculator that works for your situation. With so many options out there, it is important to take the time to consider the usefulness and helpfulness of a private pension calculator.
Be sure to consider the following when selecting an online pension calculator to map out your retirement:
- User interface
- Complexity of calculator
- Number of inputs
- Type of information generated
Choose a private pension calculator that is easy to use and meets your needs. It is important to select a calculator that generates the information you are seeking, and that the results are accurate.
From our list of six, choose the type of pension calculator that meets your individual needs and preferences. As a result, you will have a much clearer picture of how your pension plays into your retirement plan.
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