Top Financial Planning Tools of the Month
Let’s face, saving money is not as easy as we would like to believe it is. It takes much time energy and effort. Luckily, there are many tools to assist us with financial planning. Many of which you can help you understand and assert control over your own finances.
Here are some great tools that can help you with your financial planning:
Federal Student Aid Repayment Calculator
Nowadays, more than most people are negatively affected by student loan debt. It’s often difficult to determine when or how you will be able to repay your debt. The U.S. Department of Education’ offers a Federal Student Aid Repayment Calculator will can instruct individuals on what they should expect during their student loan repayment terms.
Lifetime Income Calculator
The U.S. Department of Labor’s Lifetime Income Calculator allows users to “estimate monthly lifetime income streams based on both the participant’s current account balance and on the projected value of the account balance at retirement.”
The calculator then develops two level lifetime payments. These two levels include:
- A level for the life of the participant with no benefits allocated to any survivors
- A level for the joint lives of the participant + the spouse along with 50% survivor’s benefits for the spouse’s lifetime.
401k Savings Calculator
Many people opt out from their employer’s 401k plans. However, it pays ( pun intended) to contribute to your organization’s 401k. Especially, when the offered plan matches your contributions – even if it is on a limited basis.
AARP just so happens to offer a 401k Savings Calculator tool that allows users to evaluate how much saving their 401k can possibly actualize.