RetireWithLess.com is one of the easiest online retirement calculators out there. It can be as simple of complex as you like. The good news is that you only need to provide four fields of information to get started. So what do we need to know and why.
The first field of information is you current age. We use this to calculate the amount of time you have until retirement. Hence, the second field is the age of retirement. The more time you have to save and invest the better but we also want to provide the most accurate information as well. The third field of information is your salary or income. This field is used to determine how much to add to your savings each year between now and your estimated retirement date. Finally, we ask how much you have saved. These four fields can populate the entire application so you can see your situation before and after retirement.
Of course, we assume a lot of information that you might want to change in the profile and configuration forms. For example, we take 70% of your income to determine your expenses in retirement. That could be way off so you may want to adjust that as well as other information.