Retirement Planner Calculator

Dear Clients and Friends:

Do you know what it takes to work towards a secure retirement?

We thought it might be helpful if we highlighted one of our retirement planning tools, which are located under the Resources tab on our website. By using our retirement planner calculator, you can create your own retirement plan. The tool will generate a report to help you monitor your plan.

Click here to access the retirement planner calculator.

How to use the tool: 

  • Begin by entering your current age, the age at which you wish to retire, and your total annual household income (if married, this should include your spouse’s income).
  • Next enter the total amount that you currently have saved toward your retirement (include all sources of retirement savings such as 401(k)s, IRAs, and annuities) as well as your annual retirement savings, which is the percentage of your annual income that you plan to contribute to your retirement savings.
  • Then enter your expected income increase, which is the annual percent increase you expect in your household income will go up.  Now, you should also enter the number of years of retirement income, which is the total number of years you expect to use your retirement income.
  • Additional input spaces can be found by clicking on the “Investment returns, inflation, and Social Security” tab.  These additional input spaces include a check box indicating if you are married, if you want to include expected social security benefits in the plan, the rate of return you expect to earn on your investments pre-and post-retirement, and the expected inflation rate.
  • Finally, after all of the data is input you should click on the “calculate” button and then the “view report” button.  A report will appear on the screen that provides you with your retirement projection.  Note that if the projection worksheet ends up with zero in the “Ending Retirement Balance” column before your estimated life expectancy, then the plan doesn’t work and you should go back to the input screen and try to remedy the shortfall by increasing the retirement savings rate, reducing the income required at retirement, or increasing the rate of return on investments.

We hope you find the tool useful and urge you to call us if you have any questions or concerns.

Warm Regards,

Berkson Asset Management, Inc.
Registered Investment Advisor

 

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