Magazine article The CPA Journal

The T. Rowe Price Retirement Planning Kit

Magazine article The CPA Journal

The T. Rowe Price Retirement Planning Kit

Article excerpt

The T. Rowe Price Retirement Planning Kit (RPK) covers a wide range of information to help people plan for financially secure retirement. It uses simplified software at a very modest price.

The program performs all financial calculations, taking into account changes in rules on retirement plan distributions, revisions in Social Security, investment returns, and market returns. The user can quickly and accurately estimate how much money will be needed to retire and how much must be saved between now and then to reach that goal. A "what-if" section lets the user instantly see how changes in his or her personal situation or investment assumptions affect the plan. For example, if the user wants to measure the impact of a higher inflation rate, the software quickly calculates how much more savings will be needed.

The step-by-step software program is user friendly. The "Main Menu" contains several sections on retirement planning. The sections include-

* INVESTMENT PLANNING FOR RETIREMENT. This section covers the basics of investing for retirement. It stresses the importance of starting early, the role of personal savings, and the impact of inflation.

* CALCULATING THE COST OF YOUR RETIREMENT. This section provides an interactive workbook that asks you to enter personal financial data that will help you determine the cost of your retirement, the amount of money you will need to retire comfortably, and the amount of savings required to meet your goal. Factors such as inflation, taxes, and whether your pension benefit will increase with the cost of living are taken into account. …

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