Frugal Living: Retirement Calculator

Free Photos: Finance facade mirroring building home advertising | Gerd Altmann

Hello everyone! My posts have been a little sporadic these last few days. I just started feeling sick a few days ago and and I’m still under the weather so outside of doing my side job the last few days, I’ve not really felt like posting or doing much of anything at all. However, I wanted to bring attention to a great mobile app that I found on the Google Play Store on Android phones. I don’t have an iPhone so, unfortunately, I don’t know what the iPhone equivalent app would be. So for you Android users out there, this is a fun and simple little app!

Screenshot_2018-01-01-11-11-52 (1).png
Screenshot of app in Google Play Store.

I just want everyone to know that I’m not making any money off of this post by directing you to this app. This is legitimately an app that I use and love very much because of its simplicity.

So, now what is so great about this app? Well, it’s portable, non-bulky, and super easy to use on the fly to do some rough estimate numbers for retirement. It basically does the job that Excel would do but WAY simpler. To give you a better idea of how simple this app is you basically tell it your savings goal, when you want to retire, how much you already have in the retirement account, how much you plan to save each month, and then finally what your expected rate of return will be. Once you have those few things typed in, it will tell you what the actual retirement timeline would be with the parameters you put it.

THEN it ALSO tells you what your monthly savings rate would have to be to meet your retirement savings goal in the timeline that you originally selected! This particular feature of this app is literally my favorite feature! There’s also the option to view the monthly schedule with expected interest based on the rate of return you chose for yourself. Hint: I normally just pick 8% rate of return just to stick with industry averages.

There’s also a graph feature that graphs how much you say you want to save each month versus what it tells you you SHOULD save to meet your savings goal and timeline. You’re also able to save your hypothetical retirement savings calculation for a later date or even send it to friends and family for them to have a look at! I LOVE this app! So simple yet so powerful!

So how do you download this app to your android tablet or phone? Just go to the Google Play Store and type in ‘savings calculator’ and search! In mine, it shows up as the 4th app in the list of savings calculator apps. This app is created by TSoftOne and the icon looks just like the one in the screenshot I took of it and posted above.

I truly hope all of you find this app as useful as I have! It’s become a regular part of my weekly/monthly routine when checking to see if I am on track for my FIRE goals. Enjoy the rest of your night, y’all!

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