Retirement Calculator Tips
Tips for Using the Retirement Calculator
1.
Age‐Your age should populate based upon your birthday. You will need to enter your spouse’s
age. The form will hold your spouse’s age for next time, but will not advance it when your
spouse has a birthday.
2.
Retirement age‐The system will put in your retirement age based upon your birthday. You can
change this to suit your needs as well as enter a retirement age for your spouse.
3. Life expectancy age‐The system will populate a projected life expectancy age or the age your
will be expected to live to. You should, however, use your health history and family health
history to update these ages for you and your spouse.
4.
Current salary‐You can enter your current salary information for both you and your spouse
here. Be sure to keep it updated.
5.
Annual salary increase‐If your company gives standard raises, you can add that increase here.
The default is 1%.
6. Expected retirement income‐The chart below can assist you in determining how much of your
current salary you will need to replace from your savings during retirement. Find your current
salary and then use that as a guide for what percentage to enter for expected retirement
income. You can also enter a dollar amount if you choose. Do this for both you and your spouse
separately.
Your Income Now Before Retirement <$25,870 <$49,941 <$86,882 >$86,882
Percent of Total Income Needed in Retirement 81%‐83% 71%‐73% 61%‐63% 57%‐59%
Percent of Total to Come from Social Security 59% 38% 31% 21%
7. Retirement plan savings‐Your balance will pull in from the plan. You will need to enter and
update your spouse’s balance information.
8.
Annual contribution %‐Enter the amount you are contributing annually for both you and your
spouse as a percentage of your annual compensation.
9.
Company match %‐If your company matches, enter their formula here.
10.
Other savings‐If you have outside personal savings or an IRA, enter that balance here for both
you and your spouse.
11. Annual savings increase‐If you plan to add to your personal savings, enter the amount of
increase annually for both you and your spouse.
12.
Annual social security benefit‐You can estimate your social security benefit by the table above.
For an accurate record of your benefit, you can register online for access to your personal social
security benefit amounts.
This will give you’re your estimated
benefits at different retirement ages. Your spouse will need to set up a separate login for his or
her records.
13.
Annual pension benefit‐If you or your spouse have a pension plan (guaranteed monthly benefit
in retirement) from another employer, enter the annualized amount here.
14. Return before retirement‐Use the 10 year performance numbers for the fund(s) or model(s)
you are in currently as a guide for your return before retirement. You can find them under
Page 1/2
Free Download
Retirement Calculator Tips PDF
Favor this template? Just fancy it by voting!
(0 Votes)
0.0
Related Forms
