Retirement planning calculators are online tools designed to help individuals estimate how much money they will need to save for retirement. By inputting information such as current savings, expected retirement age, and desired lifestyle, users can receive projections on their future financial needs. These calculators often consider factors like inflation and investment growth to provide a more accurate picture. Using a retirement planning calculator can assist in setting realistic savings goals and identifying potential shortfalls. Many financial institutions and websites offer these calculators, making it easy for anyone to access and utilize them in their retirement planning process.