With the disappearance of the old-school defined benefit pension plan and Social Security looking less secure, retirement planning is a priority for almost everyone.

I’ve found an excellent and free retirement income calculator at moneycentral.msn.com (go to the ‘personal finance’ tab). Anyone can use this tool. It asks simple questions, such as your age today, expected retirement age, savings, current income, expected retirement income, and expected retirement needs. It’s easy to input your answers.

Then the tool shows your savings at retirement and when your savings will run out.

While this tool is no substitute for the services of a seasoned financial professional, it’s an extremely useful way for anyone to begin to evaluate their savings strategy.