OMRF Retirement Savings Calculator
INSTRUCTIONS: Enter information in yellow cells only.
OMRF Retirement Savings Calculator
Part A
$0 1. If tomorrow was your first day of retirement, how much income would you like to make on an annual basis?
20 2. How many more years will you work before you retire?
3.00% 3. Assumed Inflation Rate
20 years from now, you will need this annual salary/income to maintain the same purchasing power you have today.
$0
$0
$0
4. What is your estimated monthly Social Security Benefit? If you are unsure, get a benefit estimate at:
$0 5. What is your estimated monthly Pension Benefit? To find out, get an OMRF benefit estimate at:
NOTE: This includes amounts in pension form or amounts earned from other employment after the employee retires and not
defined contribution plan balances from 401(k) type plans and IRAs.
The dollar value which must be made up from other qualified retirement plans, IRA, and savings to meet your goal:
$0
$0
Part B
Option 1: Specified Timeframe
30 6. How many years do you plan on drawing retirement benefits?
5.00% 7. What is the average investment rate of return your money will receive in retirement?
$0 This is the total amount of money you will need to save in retirement plans, IRAs, etc. in the next 20 years
spending $ per month. This should give you a zero balance at the end of 30 years.
Option 2: Interest Only
5.00% 8. What is the average investment rate of return your money will receive in retirement?
$0 This is the total amount of money you will need to save in retirement plans, IRAs, etc. in the next 20 years, spending
the interest earnings only at $ per month.
Part C
$0 9. Using either Option 1 or 2 above, what is the future dollar value you need for retirement?
(Enter either $ from Option 1 or $ from Opton 2)
$0 10. Excluding Pensions and Social Security, what is the current amount you have saved in retirement plans, IRAs,
personal savings, etc. which are earmarked for retirement?
8.50% 11. What is the assumed investment rate of return your assets will receive up to retirement age?
$0 To achieve your retirement goal, you will need to save this amount on a monthly basis.
NOTE: A value in red is the monthly amount you need to save to reach your accumulation goal.
A value in black is the monthly amount you are over contributing.
$0
$0 13. Enter the amount currently being contributed to your retirement savings by your employer?
$0 To achieve your retirement goal, this is the additional amount you will need to save on a monthly basis.
NOTE: A value in red is the monthly amount you need to save to reach your accumulation goal.
Future value of present annual salary
Future value of present monthly salary
www.socialsecurity.gov
www.okmrf.org
Your total annual income shortfall (overage).
Your total monthly income shortfall (overage).
12. Enter the amount you are currently saving monthly into your company sponsored retirement plan, Traditional IRAs, Roth IRAs,
and/or any other private savings.
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OMRF Retirement Savings Calculator XLS
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