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Fidelity myPlan Retirement Calculator

In my opinion, the Fidelity myPlan Calculator is a sales tool for Fidelity.  Fidelity calls this an "educational calculator". However, you must scroll down to the bottom of the page to read the disclaimers or you must read "Our assumptions and methodology" to fully understand this fact.  If you use this calculator, I strongly suggest that you read the disclaimers and assumptions.  See the picture below to locate the disclaimers, assumptions, and explanation of calculation methodology.

It asks five questions and then displays how much you need to save.  On the results screen, it does allow you to adjust the assumed retirement age of 65 that uses for the initial calculation.  It assumes you will require 85% of pre-retirement income before taxes for living expenses after retirement.  It also estimates your social security income (for one person).  It does not factor in a retirement job or any other income such as a pension.  It assumes you will live to age 93.  All these combine to create a worst case scenario which is the reason the required savings numbers look so large.  Remember that Fidelity makes money from your investments.

Since I last evaluated this calculator, Fidelity has added audio to the plan to enhance its appeal.

Fidelity has a more advanced retirement calculator on its website, but you must be a Fidelity customer to access it.

Do not use this calculator for any serious retirement calculations.  See my recommendations for the best retirement calculators.

Here is a picture of the Fidelity Calculator.  The answers shown in the picture are the preloaded answers in the calculator.

Fidelity myPlan Calculator

Access the Fidelity myPlan Calculator on the Fidelity Website.

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