As a Boomer, you have probably found it useful, at one point or another, to calculate the retirement income you think you will need. Unfortunately, not all of those seemingly handy online retirement calculators are as helpful as they may seem.
According to the Retirement Income Industry Association, some online calculators can offer "extremely misleading" data. That's why it may make a difference to use the right calculator.
This useful article from The Balance evaluates and ranks a number of online calculators on the basis of three key criteria: accuracy, usability, and education. Check it out.
In addition, it should be obvious that an online retirement calculator is just one tool. When it comes to something as important as planning for retirement income, many factors come into play, including Social Security payments, Required Minimum Distributions (RMDs) from retirement accounts, and income taxes. While a calculator can give you a rough idea of what you will need, you'd do best to work with a financial planner to get the complete picture.