Retirement Planner with Retirement Earnings
Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Social security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your social security benefits up to, but not over, the maximum.
Retirement Planner for Two Working Spouses
Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan if you have two working spouses in your household. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Best to use when a spouse does not work.
Retirement Planner for Two Working Spouses with Different Retirements
Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan if you have two working spouses in your household. View your retirement savings balance and your withdrawals for each year until the end of your retirement.
Notes:
- Retirement Planners updated on February 2, 2019
- Please refresh the page when you initially view this page after February 2, 2019
- Please clear browser cache when you initially view these Retirement Planners after February 2, 2019
Retirement Planner for Two Working Spouses with Different Retirements New features:
- Retirement work earnings (both spouses have this option) which is adjusted for inflation
- Monthly contributions increase with inflation
- Additional notes on report to make sure all items that change with inflation are clearly indicated
Note that the existing feature that the spouses can retire at different times remains in place. When a spouse keeps working (IE isn’t retired yet, different than retirement earnings) after the first one has retired that income begins showing up in the “Social Security & Other Income” column on the year by year schedule. This is the same column that contains the retirement income.
The calculation module has three “catch all” retirement income streams that can be used.
Each can have (but doesn’t have to have) the following assigned variables:
- Monthly amount (assumed this starts at retirement)
- Stop year (assumed it doesn’t stop unless this is defined)
- Adjust for inflation (now assume this is true)
Previously only 1 of three “income streams” was used and that is for the “other” income. Added 2nd one for the “retirement income”. Note that both spouses have all choices.
There are a few working assumptions that may be important note:
REMOVED: Married status check box removed, married status is assumed. New calculator assumes you have a married couple. If you don’t have a married couple will need to use the old calculator.
ASSMUMPTION: The entered monthly “retirement contributions” stop when the first spouse retires. At the point of the first retirement, the household is assumed be using the “Monthly income desired in retirement” and any excess would be saved. At this point the working spouse is now simply adding cash-flow to the retirement plan. You see this extra income on the year by year schedule at the bottom of the report.
ASSUMPTION: Both spouses use their own Social Security benefits unless one spouse has an estimated benefit lower than 50% of the other spouse. Then we use the spousal benefit of 50% of the “breadwinner”. These amounts are all calculated using the full social security benefit at full retirement age. Once the correct benefit has been determined, that amount is adjusted depending on whether benefits are taking early or late.
ASSUMPTION: When you enter “Years of retirement” this is the number of years starting from when the first spouse retires. So the second spouse may end up with “fewer” years in retirement.