I sometimes think I spend too much time on the Internet looking for ways to help others with questions about their finances and retirement. There are a lot of questionable resources, but I enjoy the journey because every now and then I find something so neat I think it will really be useful to a wide audience to simplify things.
I discovered a website that may be the equivalent of a Swiss Army Knife for almost all one’s financial calculator needs.
Karl Ebert’s website, Dinkytown.net, is a testimony to how one person adds value by doing something for others and doing it well. The site has more than 450 online tools that he has created.
As you explore his site, you may experience familiarity with some of the calculators he designed. That is because over 10,000 websites are licensed to use them. Among the financial institutions you may be familiar with the AARP, American Funds, Bankrate, and Thrivent Financial.
Everyone can benefit from visiting the array of calculators for mortgages, loans, savings taxes insurance and other topics. Each calculator provides graphs and reports with details about definitions and assumptions
There are not dedicated calculators for federal employees. So, the online Thrift Savings Plan calculators and the Office of Personnel Management calculators should not feel threatened by Dinkytown.
Some federal employees, however, may find Dinktytown’s Internal Revenue Code section 72(t) calculator useful. This tool allows you to begin receiving money from your retirement accounts before you turn age 59-1/2 generally without the normal 10% premature distribution penalty.
There are over 50 calculators dedicated to the topic of Retirement. A Retirement Plan Calculator includes factoring in not only your age but your federal and state tax rate. Some others are focused on Traditional IRAs, Roth IRAs, RMDs, a Retirement Planner for Two Working Spouses with Different Retirements, RMD & Stretch IRA calculator for a Spouse Beneficiary, and Social Security Benefit calculators.
Dinkytown’s calculators are a great resource for your family to become acquainted with for those decisions where a calculator can simplify your life. A family should consider the Personal Finance section. There is a Student Budget calculator and Should My Spouse Work? calculator to show the financial impact of a spouse working or not working.
The Home Budget Analysis calculator developed by Dinkytown is used by the AARP, formerly the American Association of Retired Persons. I recommend this took for anyone who wishes to create an accurate estimate of three or six months of expenses.
Most financial planners and financial counselors recommend this as a good rule of thumb as the target amount for your emergency fund. This sum acts as a financial buffer to help you avoid going into debt from unexpected events, such as sudden car repairs, medical emergencies or job loss.
A solid emergency fund is a key foundation for building long-term retirement savings. A comparison of participants who reported having at least six months’ worth of emergency savings versus those who did not revealed stark behavioral differences, according to T. Rowe Price analysts: Those with emergency savings: were half as likely to have a 401(k) loan; contribute at a rate four percentage points higher; maintain account balances 2.3 times greater; and were eight times less likely to have taken a hardship withdrawal.
