About Retirement Calculator, Inc.

Recommended Reading

• The Nervous Retiree
• Why You Need Retirement Calculator Software
• Analysis of the Economics of Early Social Security Withdrawal

Boomer Income for Life

Boomer Income for Life: Are You Prepared?

If you are a member of the baby boomer generation, for better or for worse retirement is pretty much right around the corner ready to jump out and startle you - are you prepared?

Maybe no one is ever fully prepared for retirement, after all it is a pretty big change, but regardless of whether or not you know what you will be doing to fill your time when you no longer have to jump into the driver's seat in the morning and settle in for your commute, there is one element of retirement that you can do more to be prepared for. You can double check to be sure that you have boomer income for life.

What exactly is boomer income for life? On one hand, it's the savings and investment accounts that you will use to finance the lifestyle that you've become accustomed to once you no longer have a regular paycheck coming in. On another, boomer income for life is really just a fancy way of saying that you'll have taken the time to save and invest so that, regardless of what you have been saving for and what you intend to do with your retirement, you're prepared - and you won't have to worry about tapping into the kids' inheritance or the equity that you have built into your home.

Getting prepared and making sure that you have the income that you need once you are retired is, to some, an extremely daunting project. There is this sense that it means grabbing envelops full of bank statements and stock portfolio information and sorting through all of it. Fortunately, that simply is not the case.

With the free retirement calculator that you can download from this page, you will find that you are able to take a closer look at the savings accounts that you have to see how they have grown over time and how, with interest, they will continue to grow until you need them to finance your retirement. Likewise, you will be able to use the retirement calculator to look at the stocks and mutual funds that you have invested in to see how they have performed in the past and how they are projected to perform in the future - allowing you to get a sense of what your boomer income for life will be after you've retired.

Because there is a good chance that you will have some questions about what you see and about possible changes that can be made to ensure that you have the income you need to have the life that you've wanted, when you download the retirement calculator, your contact information will be sent to a financial planner in your area who will call you to follow up and help you come up with the answers that you need.

Having boomer income for life isn't about thinking about getting older or retiring, it's simply a matter of being prepared for having the life that you have always pictured yourself having. Are you ready to make that commitment?

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.