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Don't miss our jargon-free guide to using online retirement calculators and working out just how much you'll have in your pocket when you officially retire.
Online tools and technology have changed the way we think about everything from banking to investing and, inevitably, our retirement and superannuation. Each of us is only one Google search away from finding an online tool that seems to magically calculate everything retirement in one magical push of the button. Some calculators sell themselves as wealth calculators or income planners. Others are life expectancy calculators or longevity calculators.
Yet each calculator hides a labyrinth of assumptions - as well as disclaimers like ‘for illustrative purposes only’ - that keep the topic of retirement income planning more complex and confusing than it needs to be. Citro asked financial educator Nicole Pedersen-McKinnon to dive into 5 popular online calculators to explain the good, the bad and what could be better. We wanted to keep this guide simple, so we excluded calculators from superannuation funds or banks.