Which tool can help individuals estimate how much they need to save for retirement?

Retirement calculators are specifically designed to help individuals estimate how much they need to save for retirement. These tools take into account various factors such as current savings, expected retirement age, anticipated retirement expenses, income sources during retirement, and life expectancy. By inputting personal financial data, users can project their retirement savings needs and receive guidance on how much to save regularly to reach their goals.

While budgeting apps can help individuals manage their everyday finances and expenses, they do not typically focus on retirement planning specifically. Investment guides provide valuable information about investment strategies and financial instruments but do not directly calculate retirement savings needs. Loan calculators, on the other hand, are aimed at evaluating loan payments and debt management, which is unrelated to estimating retirement savings. Therefore, retirement calculators are the most relevant tool for this purpose.