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About Retirement Calculator, Inc.

CBS The Early Show

Watch the video clip

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Retirement Savings Contribution

Retirement Savings: What Contribution Should You Make?

How much of a contribution are you able to make to your retirement savings on a regular basis? How much of a retirement savings contribution are you making to your accounts on a weekly, bi-weekly or monthly basis? How much of a retirement savings contribution should you be making? And, one last question for you, how can you be sure that the retirement savings contribution that you make is going into the right accounts and will really be there for you once you retire and no longer have a steady paycheck coming in?

Each question that was asked in that first paragraph flows from the next. Your retirement savings contribution should be based on what you are able to do, what you are doing and what you could be doing as each of these elements contributes to whether or not you are going to be able to have the money you need when you retire. Likewise, the accounts that you make retirement savings contributions to are going to have an affect on your retirement income: accounts with a higher interest rate or that accrue interest monthly rather than annually will help you to save more for your retirement.

There is another thing that those questions have in common though, something that may be less obvious. When it comes to retirement savings contributions, it is important to keep your finger on the pulse of what's happening. On one hand, that means making and sticking to a budget. On the other, it means understanding your income, your retirement goals and the different accounts that are available to help you save for retirement. Fortunately, there are tools that can help you to simplify the process.

One of those tools is the free retirement calculator that you can download from the bottom of this page. With it, you will be able to look at annuity accounts, individual retirement accounts, certificates of deposit and other accounts that will help you to save for retirement. You will be able to look at the ways in which your savings will accrue based on the retirement savings contribution that you are currently making and you will be able to see the ways in which an additional contribution would help you to reach your goals. Likewise, you will be able to look at the possibility to making a retirement savings contribution to a different account so that you would be able to see alternative options.

Because your contact information will be forwarded to a financial advisor in your area when you download the retirement calculator, you will not be on your own to figure out whether or not your retirement savings contribution is going to the right place. Instead, while you will be able to do some research on your own, you will also be able to take advantage of a follow up call during which you can ask questions, get answers and advice and make any changes that may help you out a great deal in the end.

Your retirement savings contribution is going to have a big impact on your retirement income; shouldn't you know what that impact will be? With the free retirement calculator, it is easy to figure out, so why not click to download and get started?

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?

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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.