Early retirement is exploding in popularity among the young generation, but planning for retirement is a complex task that requires careful consideration of many factors, including income, expenses, savings, investments, and more. Utilizing the power of OpenAI, we created a tool that bridges the gap between the investor and elite financial advice to drive informed decisions about their retirement planning at a low cost, from the comfort of their home.
This web application prompts users to input their financial information, including income from various sources, expenses, investments, liabilities, and planned retirement year. The application calculates key financial metrics, such as estimated future value, cost of living, capital gains taxes, and net social security benefits. It also provides rich visual representations of these metrics over time, helping users understand how their financial situation might evolve in the future.
Streamlit, a Python library for creating web applications constructs the frontend for this retirement calculator. On the backend we employ Numpy and Pandas to manipulate data for providing the final metrics. The user interface provides input forms for the user to enter their financial information, processes them in Python, and the output is displayed in the form of Streamlit metrics and charts.
One of the main challenges we faced was ensuring that our calculations were accurate and reflected the complexities of financial planning. We also had to make sure that the user interface was intuitive and easy to use, even for users with no financial background.
We are proud of constructing a tool that can potentially help many people with the complexities of early retirement planning. We're also proud of the user-friendly interface and the accurate calculations that take into account various factors provided by Streamlit.
Through this project, we learned a lot about financial planning and the importance of preparing for retirement. We also improved our skills in Python programming and learned how to employ Streamlit to build interactive web applications and deploy them to GitHub Pages.
In the future, we plan to design more features to the Retirement Calculator, such as the ability to factor in different retirement scenarios and the impact of inflation. We also plan to update the user interface and make the application even more user-friendly and aesthetically pleasing.