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About Retirement Calculator, Inc.

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Income Retire

Do You Have the Income to Retire?

Income: when you retire, income isn't going to be about that paycheck that you receive from an employer on a weekly or biweekly basis. Income once you retire is more a matter of the decisions that you are making now while you are working - decisions about which savings accounts will carry the best interest rates, allowing your savings to grow, as well as decisions about which stocks and mutual funds you should be investing in if you want to be sure that you are getting the biggest returns with the least amount of risk.

Of course, making the right decisions now can be challenging. Determining the income available when you retire will be something that takes more effort for some than others. If you have been saving and investing for a number of years, you will be able to know that you will have some income when you retire, but will it be enough? If you have not been saving, - whether you are approaching retirement or you are younger and just starting on your career - there is even more information that you will need to consider to determine how to accumulate the retirement income you need to reach your goals.

So what are you going to do that will allow you to be certain that you have income when you retire? Do you know what it is going to take to understand changing interest rates and how they will affect your retirement income ? Will you be able to determine how your income will stand up to inflation over time? For that matter, do you know which stocks and investments you should focus on and which shares will boost the income that you have when you retire?

One thing that you can do to investigate whether or not you have or will have the income to retire is to download the retirement calculator from this page. With it, you will be able to look at your savings and investments. You will be able to see how stocks and bonds have performed in the past, how they are performing and how those individual shares are projected to perform in the future. You will be able to compare savings accounts, interest rates and see how inflation will affect the income that is available to you when you retire.

You will also be able to take advantage of using the retirement calculator to look at the changes that you've thought about making to your savings and investments strategy. You will have the chance to get a feel for which changes will benefit you and which you should avoid making. And, if you have any questions, you will be able to talk them over with a financial advisor in your area - a financial advisor who will receive your contact information when you download the retirement calculator.

Together with the financial advisor, you will be able to look at the income you will have available when you retire. You'll be able to look at where you are at and at where you want to be and then to figure out the best way of getting there. In other words, you can be sure that when you retire, the income you need will be available: all it takes is the right knowledge and information and making the decisions that are right for you.

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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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.