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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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Calculating Income

Calculating Income: Think It's Beyond You?

Calculating income. For some, it's all about figuring out whether or not they are getting paid what they believe they are worth, whether or not their compensation is fair for the position that they hold. For others, calculating income is about determining how much they actually have left after they've paid taxes, bought groceries, paid the mortgage and car payment and set some money aside for retirement. For others still, calculating income is all about saving for retirement; specifically, it's about determining whether or not they will be able to set aside the money that they'll need to have available once there isn't a steady paycheck coming in.

For calculating income, regardless of which camp you're in, there are going to be tools that will help you to crunch numbers to see the big picture. For those who are simply looking at their pay scale, there are a variety of comparison sites available, the same is true for those who are budgeting. Likewise, for those looking for a better way to calculate the income that will be available when their savings is the only income that they have, there are ways that can simplify the process.

One very effective tool for calculating income that will be available to you is the free retirement calculator that you can be downloaded on this page. With it, whether you are saving only a couple of hundred dollars each month or you are able to save or invest ten times that amount or more, you will be able to take a much closer look at the savings accounts and investments that you've made. In terms of your savings accounts - individual retirement accounts, annuity accounts and certificates of deposit - you will be able to look at interest rates and at projected inflation to determine not only how much money you will have but also how much it will be worth when you retire.

Similarly, you will find that you are able to look at your investments - individually and on the whole - to see how stocks or mutual funds have performed in the past, how they are performing currently, and what the future is projected to hold. As for calculating income, if you don't like what you see, you will also find that you are able to see how a few small changes could have a large effect on your income after you retire.

When you download the retirement calculator, your contact information will be given to a financial advisor in your area who will give you a call to ask what questions you may have about calculating your income. You will be able to discuss your goals, talk about the investments and savings that you have and the changes that you'd like to make and decide what you should be doing in order to reach all of your retirement goals.

calculating income, at least in terms of your retirement income, is a far less challenging project than you may expect. With the right tool and the right advice, you'll be able to see where you are, where you are going and how you will get there.

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?

Would you like to retire, but aren't sure you can?

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For a limited time, purchase Retire In a Weekend for $29.95 and receive a free download of Retirement Calculator Premium.

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.