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About Retirement Calculator, Inc.

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Calculate Life Time Income

How to Calculate Lifetime Income

What will your lifetime income be? Have you thought about what it would take to calculate your lifetime income?

Of course, when we are talking about how to calculate lifetime income, it is not in reference the amount of income that you will make in terms of what you will earn from your employment - it isn't a matter of just collecting all of your W-2s and other tax forms to determine how much you have been paid. Instead, the lifetime income that is being referred to is the amount that you can earn with the savings accounts that you have and the investments that you make; in other words, lifetime income is about the income that you will have available after you don't have a paycheck coming in, the income that will last you for the lifetime you have looked forward to the most.

With the right tools, you will find that it's a lot easier to calculate lifetime income than you may think that it will be. Once such tool that can help you to calculate lifetime income is to download the free retirement calculator on this page.

With it, you will be able to take a much closer look at the savings accounts that you have chosen for growing your money and continuing to earn income. Simply enter the details of savings accounts that you have - whether they are individual retirement accounts, certificates of deposit, annuity accounts or other accounts that you may have - and you will be able to see the ways in which interest rates will help that income to grow.

Similarly, you will be able to take advantage of the retirement calculator to help you calculate the income that you will earn on the investments that you have made. Enter details about the stocks that you have as well as the mutual funds that you have invested in. You'll then be able to take a look at how each investment in your portfolio has performed over time, and you'll be able to see how they are projected to perform in the future. That performance is also a key component of calculating your lifetime income.

More importantly, you will find that you are able to calculate your lifetime income based on small changes that you make to your investment portfolio and savings accounts. And, because your contact information will be forwarded to a financial advisor in your area who will give you a follow up call, you'll find that it's easy to get the answers that you need and to get your savings and investments on track to help you earn the lifetime income that you've always wanted to have.

There is no reason why, when you calculate lifetime income, you should not be able to see figures that make you happy and ensure that you are able to reach all of your financial goals. All it takes is an understanding of how to save and invest, the right tool for identifying how much you are earning and the right advice that will help you to reach all of your goals.

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.