Retirement Pension Planner
Do you know what it will take to create a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Social security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your social security benefits up to, but not over, the maximum.
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Definitions
- Current age
- Your current age.
- Age of retirement
- Age you desire to retire.
- Household income
- Your total household income. If you are married, this should include your spouse's income.
- Current retirement savings
- Total amount that you currently have saved toward your retirement. Include all sources of retirement savings such as 401(k)s, IRAs and Annuities.
- Pre-retirement rate of return
- The annual percent you expect to earn on your investments before you retire.
- Post-retirement rate of return
- The annual percent you expect to earn on your investments after you retire.
- Percent of income to save
- The percentage of your annual income you will save for your retirement goals.
- Expected salary increase
- Annual percent increase you expect in your household income.
- Years until retirement
- Number of years before retirement.
- Years of retirement income
- Total number of years you expect to use your retirement income.
- Percent of income at retirement
- The percent of your working year's household income you think you will need to have in retirement. This amount is based on your income earned during the last year you will work. The default is 70%. You can change this amount to be as low as 50% and as high as 150%.
- Is savings is tax deferred?
- Check this box if your retirement savings are tax deferred. Savings in IRAs, 401(k)s, 403(b)s and Variable Annuities are examples of tax deferred retirement savings.
- Current Marginal Tax Rate
- Your current marginal tax rate. This is the tax rate that is applied to your retirement savings earnings if these earnings are not tax deferred.
- Retirement
Marginal Tax Rate
- Your expected tax rate at retirement. This is the tax rate that is applied to your retirement savings earnings. If this savings is not tax deferred this rate is applied as the earnings are accrued. If your savings is tax deferred, the tax rate is note applied until you make a withdrawal.
- Are you married?
- Check this box if you are married. Married couples have a higher maximum social security benefit than single wage earners.
- Include social security?
- Check this box if you wish to include social security benefits in your retirement planning.
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Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances.
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