Retirement Planner with Retirement Earnings Calculator
To generate a retirement plan that will maximize your benefits and secure your future, this calculator will lend you a hand. With the help of this particular Retirement income calculator, you can even visually see the yearly savings and withdrawals from the retirement plan. The calculation is all the more realistic due to its adjustment for inflation, Social Security benefit, and your marital status for tax filing.
Your present age.
Age of retirement
Your planned age of retirement from work. It is assumed that, you make contributions at the end of each year and you will not contribute to the retirement savings during the retirement year. Suppose, your age of retirement is 60. It means you will make your last contribution when you are 59.
The amount of total household income. You should add your spouse’s income if you are married.
Current retirement savings
Total amount of dollar you have already accumulated for your retirement through IRAs, 401(k)s, annuities and other retirement plans.
Rate of return before retirement
This field contains the yearly expected rate of return from your chosen investment plan up to the retirement.
Rate of return during retirement
The rate of return from your receive yearly from your post-retirement investment and savings.
Annual retirement savings
Portion of the after-tax income you think you will require at the time of retirement. This percent is applied on the annual earnings of the preceding year of your retirement. A Calculator will assume that your annual contribution and annual distribution will take place at the end of each year.
Expected income increase
Your expected percentage increase in your salary and other household income every year.
Years of retirement income
The total length of time you wish to consume your retirement savings after your retire from work.
Income required at retirement
Portion of the after-tax income you think you will require at the time of retirement. This percent is applied on the annual earnings of the preceding year of your retirement. If the required amount of money exceeds 100%, the requirement will be covered from another preceding year.
Expected rate of inflation
Your expected average price increase over the long-term. CPI or Consumer Price Index is used to measure the ongoing and potential rate of inflation in the United States.
If you are married, you need to check this box. Having spouse will allow you to receive a higher maximum amount of Social Security benefit in the United States.
Include Social Security checkbox
If you are checking this box, you are allowing the calculator to adjust your retirement plan for the amount of Social Security benefit you are eligible for. ACalculator uses income limit specified by the FICA to calculate the size of Social Security benefit. Anyways, if you are married, this benefit will be 1.5 times more.
Misc. income / pensions
Pensions and other monthly income you are expecting to receive after your retirement from workforce. This calculator will not adjust this value for your expected level of inflation.
Retirement work income
Amount of money you expect to receive from your employer. Remember, this income will not be adjusted for inflation.
Total number of years you are planning to work during the retirement.