When my wife and I started planning for retirement, it was confusing and complicated. We turned to a “financial advisor” who didn’t have our best interests at heart. He was more of a salesperson than an advisor. I wish I had access to some of the best retirement calculators available today. Tools like these make it easy to see exactly where you stand and how to reach financial independence on your own terms.
Fortunately, there are now several free and affordable tools that can simplify retirement planning. We tested the top retirement calculators to see which stood out for accuracy, usability, and overall value.
Whether you’re decades away from retirement, planning to retire early, or already on the path to financial independence, these tools can help you understand where you stand and what steps to take next.
Compare the Best Retirement Calculators for 2025
Disclosure: Some of the links in this table are affiliate links. This means I may earn a commission if you sign up through my link, at no extra cost to you. These recommendations are based on testing and community feedback from Marriage Kids and Money readers.
1. Empower – Best Free Retirement Calculator Overall
What Is Empower?
Empower is one of the best free retirement calculators available today. It’s part of a suite of free financial tools that include budgeting, investment tracking, and portfolio analysis. Once you create a free Empower account, you can link your bank, investment, and retirement accounts to see your entire financial life in one place.
We’ve also reviewed Empower’s full suite of features in depth in our Empower Review, but here’s what makes its retirement calculator especially impressive.
Best Features
- Monte Carlo Simulations: Empower doesn’t rely on a single rate of return. It uses Monte Carlo simulations to show how different market outcomes could affect your retirement plan.
- Automatic Updates: Empower syncs securely with your accounts using Plaid, so your numbers stay current.
- Flexible Planning: You can adjust your target retirement age, add Social Security or pension income, and plan for one-time or recurring expenses.
- Integrated Tools: Empower’s portfolio analyzer and budget tools can help you rebalance your investments and find more savings opportunities.
Things to Consider
Empower requires you to link your accounts, and some users prefer to enter data manually. Occasionally, you might also need to re-authenticate your bank connections.
Cost
Empower’s retirement calculator and all its tools are completely free. Once your net worth exceeds $100,000, you may receive a call from their advisory team about wealth management services. You can simply decline or opt out of communication.
💡 Try Empower’s Free Retirement Calculator
My Personal Take
I have personally used Empower for more than eight years, and it helped my family go from a negative $50,000 net worth to over $1 million in less than 10 years. We used its free tools to reduce investing fees, reallocate our portfolio, and track our net worth without paying a dime. You can read more about how we grew our net worth to $1 million in 10 years. The only thing to be aware of is the sales pitch after you reach $100,000 in net worth. They will likely reach out to see if you want to work with one of their financial advisors. I simply said “thanks but no thanks,” and the calls stopped.
2. ProjectionLab – Best Early Retirement Calculator for Scenario Planning
What Is ProjectionLab?
ProjectionLab is one of the most advanced retirement and financial modeling tools available. It allows you to simulate different life scenarios, analyze taxes, and visualize your financial future in ways most calculators can’t.
We go into more detail in our ProjectionLab Review, but here are the highlights.
Best Features
- Monte Carlo Simulations: Get a realistic look at your odds of success with detailed forecasting tools.
- Advanced Scenario Planning: Model multiple what-if scenarios such as taking a sabbatical, retiring early, or moving to a new state.
- Tax and Healthcare Analysis: Evaluate Roth conversions, healthcare costs, and long-term care planning.
- Visual Cash Flow Diagrams: The intuitive Sankey-style visuals help you see exactly where your money flows each year.
- Flexible Data Storage: Choose between manual data entry, local browser storage, or Google Firebase for privacy.
Things to Consider
ProjectionLab’s power comes with a slight learning curve. It’s best suited for DIY investors and FIRE community members who like to test different assumptions and scenarios.
Cost
- Free Plan: $0
- Premium: $109 per year
- Lifetime: $1,199 one-time
- Pro: $549 per year
💡 Try ProjectionLab Free or Unlock Premium Features
My Personal Take
ProjectionLab has quickly become one of my favorite early retirement planning tools. It is incredibly detailed, and the visuals make it easy to see how your money could grow or shrink over time. I used it to test different Coast FIRE and early retirement scenarios for my own family, and it really opened my eyes to how small changes such as part-time work or downsizing, could impact our long-term plan.
The Monte Carlo simulations and what-if modeling are powerful, especially for people who want more than just a basic “am I on track” calculator. I also appreciate that there is no sales pitch here, just clear data and projection power. The free version gives you plenty to explore, but if you want to save your data and dive into tax or healthcare modeling, the Premium plan is worth the $9 a month.
3. Boldin – Best Retirement Calculator for Personalized Coaching
What Is Boldin?
Boldin (formerly known as New Retirement) is a robust financial planning platform that helps you analyze nearly every aspect of your financial life. You can model taxes, debt, income, real estate, healthcare, and more in one place.
Check out our detailed Boldin Review for a deeper dive, but here are the key highlights.
Best Features
- Comprehensive Monte Carlo Simulation: Understand your “Chance of Retirement Success” score based on thousands of market scenarios.
- All-in-One Planning: Build a detailed financial plan that includes Social Security, Required Minimum Distributions, and long-term care.
- Community and Education: Join daily live classes, Q&A sessions, and on-demand workshops.
- Access to Flat-Fee Advisors: Work with advice-only fiduciary advisors for objective guidance.
- Multiple Calculators: Use Boldin’s suite of tools, including its Roth Conversion and Social Security Explorers.
Things to Consider
Boldin’s free version gives you a solid overview, but the most powerful features — like account linking and advanced scenario modeling — require the paid PlannerPlus tier.
Cost
- Basic: Free
- PlannerPlus: $144 per year (after 14-day free trial)
- Coaching Sessions: $250 per session
- Advisor Support: Starting at $550 per year
💡 Start Your Free Boldin Trial
My Personal Take
I have been testing Boldin for a while, and what really impressed me is how comprehensive it is. You can analyze everything from your taxes and Medicare to real estate and long-term care in one place. It is one of the most detailed retirement planning tools I have ever used.
Boldin helped me visualize how decisions like downsizing, working part-time, or doing a Roth conversion could impact my long-term plan. I also like that they offer advice-only financial advisors, meaning you get professional guidance without the sales pitch.
That said, Boldin can feel overwhelming at first because it gives you such a panoramic view of your finances. The free version is great for getting started, but if you want access to Monte Carlo simulations, account linking, and deeper scenario planning, the $144 per year PlannerPlus plan is worth it.
Best Early Retirement Calculators for Financial Independence
If you are part of the FIRE movement or simply want to retire before 65, a few specialized calculators can help you map your path to financial independence.
- cFIREsim: A classic open-source calculator that uses historical and Monte Carlo simulations to test your plan against market history.
- FIREProof: Built by the creator of cFIREsim, FIREProof takes things further with better visuals and an active Discord community.
- NetWorthify: A simple calculator that focuses on savings rate and compounding to show how soon you can reach financial freedom.
If you are aiming for semi-retirement, check out our own Coast FIRE Calculator to see how much you need to invest today to let compound growth do the rest.
I would also love to see these calculators start incorporating Bill Bengen’s updated research that supports a 5% withdrawal rate instead of the traditional 4%. You can hear more about that in my podcast interview, The 5% Rule Beats the 4% Rule.
Final Thoughts on the Best Retirement Calculators
There is no one-size-fits-all retirement calculator, but the tools above can give you clarity and confidence as you plan for the future.
Our advice is to start with the free versions of Empower, ProjectionLab, and Boldin. Each offers a slightly different way to view your financial future, and testing them side by side can help you find the one that fits your goals best.
Empower gives you a complete picture of your finances for free. ProjectionLab lets you model your early retirement scenarios in detail. Boldin provides coaching and advanced guidance if you want more hands-on support.
Whichever you choose, you’ll be taking an important step toward building a retirement plan that works for you and your family.
Leave a Reply