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Planning Your Mortgage with an Excel Calculator is One Thing; Planning Your Retirement Is Another
It is easy to create a mortgage calculator with Excel. You open a blank Excel spreadsheet and then you enter information about the mortgage that you have or the mortgage loan that you are taking into consideration: the interest rate of the mortgage loan, the number of months that you will have to make payments and the amount of the payments that you make or that you would be required to make. With a few cells of data and simple calculations, you will have an Excel mortgage calculator. While it is possible to build a mortgage calculator in Excel, building a retirement calculator is a more difficult project. To begin with, you will not be looking at the information about one loan account, nor will you be comparing a few loans that you might take out. Instead you may have multiple retirement savings accounts - IRAs, employer sponsored 401Ks, annuities, or other accounts that you are using in order to save for your retirement. Each savings account that you have will have different factors that are associated with it: interest rates, withdrawal fees and, in some cases, investments that are made using the account's funds. Similarly, you are likely to have more than one investment. You may invest in a number of different stocks or bonds or mutual funds. You may want to evaluate each of your investments separately as well as to evaluate the ways in which they work together. In order to evaluate all of your retirement savings accounts and investments, you will not need a simple spreadsheet like that of an Excel mortgage calculator. Instead you will have a sheet full of numbers, and no idea of how to evaluate them. You will have a sheet of numbers that may not even make sense to you. Based on that, an Excel retirement calculator similar to an Excel mortgage calculator does not seem like a practical solution. But a practical solution does exist; and all that you need to do in order to get it is to click the red button at the bottom of this page and to download it for free. Once you have downloaded it, you will be able to enter information about the savings and investment accounts that you have and your financial planning picture will come into focus. You will be able to see how your savings and investment accounts have performed over time - both individually and in combination with each other. Similarly, you will be able to use the retirement calculator to see projections for how your savings and investment accounts will perform over the next twenty five years. The projections will already take into consideration to impact of changing interest rates and inflation on your savings - you will not need to create a formula for determining the your actual income on your own. Another advantage of the retirement calculator over a spreadsheet-based mortgage calculator in Excel: you are not limited to looking at the values for the investments that you already have. You will also be able to look at those investments and other changes you might make to your retirement savings will affect your ending balance. And there is still another reason why the retirement calculator is better than a mortgage calculator built with Excel: when you download the retirement calculator, you will also receive a free consultation with a financial advisor who can answer your questions, give you advice and help you to put your financial plan into action. Just because a mortgage calculator can be built in Excel, does not mean that it is possible to do the same for a retirement calculator. If you are looking for a retirement calculator, click the red button below to download one at no charge. See for yourself how easy evaluating your retirement finances can be. |
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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:
Find Out Your Breakeven AgeWe 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.
