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View Poll Results: Have you ever seen a more worthless online retirement savings calculator? http://cgi.money.cnn.com/
Yes, I have seen worse 8 16.00%
No, that calculator is the worthless-est of them all 42 84.00%
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Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-25-2007, 12:52 PM   #1
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Poll: Have you ever seen a more worthless online retirement savings calculator?

This thing is so worthless it's funny. Check it out: http://cgi.money.cnn.com/tools/saveyoung/index.html
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-25-2007, 12:59 PM   #2
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

That's so bad it could make someone's "Best Of..." list.

Quote:
Originally Posted by SLC Tortfeasor
This thing is so worthless it's funny.
If someone finds a calculator less useful than this one, please post the link here.

But hey, the journalist made their deadline. And the calculator's data-entry requirements fit neatly with their target reader's attention span...

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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-25-2007, 01:10 PM   #3
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

I better get spending. I put in my approximate info - age 25, make $60k/yr, savings of $260,000. My required savings rate is -4.3% and I need to save $-2,580 every year. How many surfboards does that buy, Nords?

Too bad I plan on hanging it up before age 65 like the calc assumes!
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-25-2007, 01:13 PM   #4
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

Quote:
Originally Posted by justin
I better get spending. I put in my approximate info - age 25, make $60k/yr, savings of $260,000. My required savings rate is -4.3% and I need to save $-2,580 every year. How many surfboards does that buy, Nords?

Too bad I plan on hanging it up before age 65 like the calc assumes!
What this means is you have enough saved to replace 80% of your income at age 65.

I actually found this to be simple and helpful. Obviously catered to people which need to know what % of there income they need to set aside.
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-25-2007, 01:17 PM   #5
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

Quote:
Originally Posted by justin
My required savings rate is -4.3% and I need to save $-2,580 every year. How many surfboards does that buy, Nords?
A half-dozen used boards or one really really nice one!
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-25-2007, 01:23 PM   #6
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

I used age 60 and got -45k and -113% or so.

So much for being a cheap(but slap happy) bastard the first 13 years of ER (1993-2006).

I guess maybe Dillard's instead of Salvation Army for my spring/summer wardrobe?

Or even better - Cabellas!

I suspect the rules change once you are in ER - staying healthy long enough to bogey carries more weight.

heh heh 8).
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-25-2007, 04:59 PM   #7
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

It says I should save -$61,080 per year. I think it's suggesting that I retire at a SWR of 3%.

Yup, it's useless!
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-25-2007, 05:09 PM   #8
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

I agree it's worthless but I don't know if it is a reflection of the calculator from the Journal of Financial Planning article that the original article referenced.
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-25-2007, 07:40 PM   #9
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

Pretty bad.
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-25-2007, 09:40 PM   #10
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

Quote:
If someone finds a calculator less useful than this one, please post the link here.

I think I might have succeeded, even though I didn't have too look too hard. I only clicked on a link next to the results of the first one.

http://cgi.money.cnn.com/tools/retireyoung/index.html
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-26-2007, 10:56 AM   #11
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

Quote:
Originally Posted by rjpatt

I think I might have succeeded, even though I didn't have too look too hard. I only clicked on a link next to the results of the first one.

http://cgi.money.cnn.com/tools/retireyoung/index.html
Ding ding ding!!! Congratulations! This calculator does indeed seem to be even more worthless, in my estimation.

My lord.
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-26-2007, 11:29 AM   #12
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

I actually like both calculators.

The first is a "checkpoint" to save for regular retirement
The second is a checkpoint to see if you have enough saved already.

Keep in mind around 75% of the population will have a normal retirement, and getting checkpoints along the way to reassure a person is doing enough is more important than early retirement.

I meet all checkpoints for regular retirement (age 34, saved 135k thus far), but fall well short of ER on Firecalc.

Add to this firecalc does not provide "check points" for ER... meaning what should I have saved by age 40, if I want to retire at 45? 50? 55? 60? 65? 68? These checkpoints tell me what my allocation needs to be, possibly increase my savings rate and many other retirement decisions are based on these checkpoints.

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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-26-2007, 02:40 PM   #13
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

The results I got from this calculator suggest that at age 65, I could get by with a 20% SWR.

YEAH, RIGHT!!! Try to live to 95 on that!
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-26-2007, 09:51 PM   #14
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

Sadly, I have seen worse.

Fortunately, there are better ones, like the one at quicken.com.

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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-26-2007, 10:45 PM   #15
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?


It seemed to work. I put in my age, my nearly-zero income and my current portfolio value and it told me the amount of negative savings I needed to retire -- which is an amount pretty close to the 4% rule.
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula
Old 04-28-2007, 12:40 AM   #16
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Re: Poll: Have you ever seen a more worthless online retirement savings calcula

I tried both calculators. One told me I needed $90,000.00 more saved than I currently have, and the other told me I needed to reduce my retirement contributions by 67%. I think rjpatts example is worse. It doesn't even take into consideration how much I currently put away.
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?
Old 04-29-2007, 11:31 PM   #17
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Re: Poll: Have you ever seen a more worthless online retirement savings calculator?

I found the one funny in that 25 and 30 year olds can only make up to $80K a year but 45 year olds can make up to 120K. Must be some new fairness law.
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