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About Retirement Calculator, Inc.
Retirement Calculator, Inc. provides the tools and resources necessary to assist you in making critical economic decisions regarding your retirement future.CBS The Early Show
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Retirement Intelligence Information Services
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Asset Allocation
Often financial "experts" make asset allocation difficult to understand. My goal in this series of articles is for you to understand asset allocation thoroughly, in an easy to understand format.- FREE Retirement Calculator recommended by Ray Martin on the CBS Early Show - Watch the video clip
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| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| 30 yr fixed mtg |
|
3.80% |
|
3.76% |
| 15 yr fixed mtg |
|
3.11% |
|
3.02% |
| 5/1 ARM |
|
2.69% |
|
2.68% |
| 30 yr fixed jumbo mtg |
|
4.38% |
|
4.39% |
| 5/1 jumbo ARM |
|
2.94% |
|
2.89% |
| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| $30K HELOC |
|
4.60% |
|
4.59% |
| $50K HELOC |
|
4.24% |
|
4.24% |
| $30K home equity loan |
|
5.77% |
|
5.76% |
| $50K home equity loan |
|
5.50% |
|
5.47% |
| $75K home equity loan |
|
5.47% |
|
5.44% |
| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| 36 month new car loan |
|
3.13% |
|
3.13% |
| 48 month new car loan |
|
3.24% |
|
3.25% |
| 60 month new car loan |
|
3.34% |
|
3.35% |
| 72 month new car loan |
|
3.31% |
|
3.31% |
| 36 month used car loan |
|
4.36% |
|
4.36% |
| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| 6 month CD |
|
0.46% |
|
0.46% |
| 1 yr CD |
|
0.70% |
|
0.70% |
| 5 yr CD |
|
1.38% |
|
1.38% |
| 1 yr IRA CD |
|
0.71% |
|
0.71% |
| 5 yr IRA CD |
|
1.49% |
|
1.49% |
Retirement Learning: Education for Your Future
Colleen Mulder-Seward, MBARetirement Calculator, Inc.
retirementlearning.com
|
Most of us can expect to spend the same amount of time in retirement as we did when we worked. But, unfortunately, most of us are not properly prepared for this. Only five-percent of all Americans are financially independent at age 65 - this according to a study conducted by the U.S. Department of Commerce. In addition, the government's study also showed that a shocking 75 percent of all retirees are forced to depend on Social Security, family and friends as their only sources of income. According to the Social Security Agency, Americans can expect to receive only 40 percent of their pre-retirement income from Social Security. This assumes that Social Security is secure. Most financial planners suggest that retirees will need at least 75 percent of their pre-retirement pay, to ensure a comfortable retirement. The remaining 35 percent (75 percent, if Social Security fails), not provided by the U.S. government, will have to be provided by individuals using their pension funds, savings or investments. Therefore, it is imperative that every worker learn about finance and investing to ensure a comfortable retirement. This learning process can even be enjoyable. When beginning your learning adventure, there are some quotes you may want to keep in mind. In Philip Crosby's book Reflections on Quality, he said " Making a wrong decision is understandable. Refusing to search continually for learning is not." From Ed Parker - "The intelligent man is one who has successfully fulfilled many accomplishments, and is yet willing to learn more." Finally, from Albert Einstein - "Never regard study as a duty, but as the enviable opportunity to learn to know the liberating influence of beauty in the realm of the spirit for your own personal joy and to the profit of the community to which your later work belongs." Perhaps the best first step you can take on your financial education adventure is to subscribe to the FREE Retirement Intelligence Information Services newsletter. The newsletter provides investment education in easy to understand terms, to help you, the individual investor. The articles are to-the-point and full of valuable information. The service more than pays for itself each month in savings and investment return. Providing retirement education is our passion. Through the FREE Retirement Intelligence Information Services newsletter, you will become informed and empowered to take over control of your investments. Topics covered by the Retirement Intelligence Information Servicesnewsletter include:
In addition, Retirement Intelligence Information Servicesnewsletter subscribers are encouraged to submit questions or topics you would like to see covered in the newsletter. Colleen Mulder-Seward is our newsletter author and can be reached at Colleen@retirementcalc.com . We at retirementcalc.com want nothing more for you, than for you to be on the positive side of the government's statistics. We deliver high quality education each month to help with your retirement learning; the rest is up to you. Copyright © 2008, Retirement Calculator, Inc. All rights reserved. |
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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.
