Robert Brokamp

A recent study from the Center for Retirement Research at Boston College found that more than 80% of retiree households faced unplanned outlays in any given year, with the average being about 10% of their income.

So it's important for retirees as well.

Very good points.

And then of course, part of it too is calculating how much you need to save.

And anyone who's listened to the show for a long enough time knows I love calculators.

You'll find all kinds of free regular savings calculators.

If you want to know how much you need to save, for example, a down payment for a house or something like that, they're all over the internet.

At the end of last week's episode, I named some of my favorite retirement calculators.

So go back to that episode for those.

I do want to highlight, though, if you are saving for college, what you will find is the number one way people save for college is through a 529 savings plan.

And most 529 websites have a calculator that can help you estimate how much you need to save each month to have enough or mostly enough by the time your kid reaches 18.

But I will highlight the one that I consider the best.

It's created by Invite.

Just do an online search for the Invite Education College Savings Estimator.

You'll find that Invite makes the calculator for other folks.

So you'll find this tool on BlackRock's website.

You'll find it on the websites of other 529 plans, including here in Virginia, where I live.

What I like about this tool is it brings in the cost of colleges you're considering.

So if your youngin has a particular school in mind, you enter the college, it pulls in that cost, and then it helps you calculate how much you need to save for when they go to college.

All right, let's move on to step four, automate for consistency.