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About Retirement Calculator, Inc.

CBS The Early Show

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• FREE Retirement Calculator recommended by Ray Martin on the CBS Early Show - Watch the video clip
• FREE Retirement EBook written by Bill Losey, America’s Retirement Strategist
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Income Calculation

An Income Calculation Is Only as Reliable as the Calculator Used

Income calculation is important for all of us who are looking toward the future. Income calculation allows you to see a number of things:

1. When you are making a conscious effort to save, an income calculation will show you how much will the amount increase with compounded interest over time;
   
2. If you are investing in stocks and mutual funds, an income calculation can show you how much money will be available to you based on current projection;
   
3. Income calculations can let you look at the way different savings accounts and investments work together so that you can develop a sense of whether or not you will have the income that you will need when you retire available to you.

Of course, an income calculation is only as reliable as the calculator that you plug the information into. In order to know whether or not you are seeing accurate amounts, you will need to have some confidence that the calculator can account for adjusted interest rates on your savings accounts. You will also need to determine whether or not the values that you see for your retirement income are adjusted based on projected inflation - a calculated value needs to show not just how much money you will have, but also how much it will be worth at the time.

A reliable income calculator such as the retirement calculator that you can download on this page will give you the chance to do more than just look at your savings accounts. With it, you will be able to see an income calculation that is based on what you are already doing to save for and invest in your future, but you will also be able to see whether or not moving some or all of your savings into a different kind of account would allow you to earn even more.

In addition to looking at your savings accounts - certificates of deposit, annuity accounts, individual retirement accounts - you will be able to perform an income calculation based on the stocks and mutual funds that you have invested in. You will be able to see information about how different stocks have performed in the past and how they are projected to perform in the future. Similarly, you will be able to see reliable income calculations based on changes that you are thinking about making to your investment portfolio: if you swapped out stock in one company for sock in another, what would happen to the amount of income that you will have available when you retire?

However, just because you are able to perform an income calculation with a reliable income calculator does not mean that you will be left on your own to make choices about saving for and investing in your financial future. When you download this retirement calculator, your contact information will be forwarded to a financial advisor in your area who can help you to understand the income calculation and what it is based on, who can answer your questions and help you to make decisions that will help you to feel more confident about your financial future.

Don't just perform a basic income calculation; get the information that you need - details that you can count on - and secure the income that will allow you to have the future you have always imagined.

Find a Qualified Financial Planner in Your Area

Do You Know the Answers to These Important Retirement Questions?

• Are you retired or thinking about retiring?
• Do you have enough money to comfortably live throughout your retirement years?
• Would you like FREE face to face advice or retirement consulting from a trusted local financial advisor?
• Are you looking for help to achieve your long-term financial goals?
• Would you like to learn more about Annuities, 401's, Life Insurance and Long Term Care?

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Analysis of the Economics of Early Social Security Withdrawal

Robert J. Phillips
Chief Retirement Consultant

Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.

Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.

The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution

FREE Social Security Calculator:

We developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.

To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.

The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.