A. For people who plan their retirement, there are two key questions to ask:
- How much will be my future retirement financial needs?
- Do I have enough resources to cover the future retirement needs?
Both Fidelity and T.Rowe Price have free online tools to help you answer those two questions. Unfortunately you have to be a Fidelity customer in order to use its free tool.
The Fidelity tool is here: fidelity.com/rip
The T. Rowe Price tool is here: troweprice.com/ric
What's nice about these tools is that each will give you a detailed budget worksheet so you can exhaustively list your living expenses, and they will assign an inflation rate for different categories so you can project future living expenses.
Both tools also factor in your assets, your social security benefits, etc. when trying to determine how you can withdraw from your assets to meet any income shortfalls.
As expected, at the end of both tools, both institutions will offer help to manage your investment portfolios.