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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.Excel Spreadsheet Mortgage Calculator
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When It Comes to Retirement Planning, You Need a Better System than Your Excel Spreadsheet Mortgage Calculator
It has become increasingly popular for homeowners to use an Excel spreadsheet mortgage calculator. You start with a blank Excel spreadsheet; you enter in information about your mortgage - the interest rate of your mortgage, the number of months that you have left to make payments and the amount of the payments you make. You create a quick little formula and you have an Excel spreadsheet mortgage calculator. But when it comes time to calculate your retirement, the process is not as simple as the one used to create an Excel spreadsheet mortgage calculator. To begin with, you are likely to have more than one type of retirement savings account - you may have IRAs, employer sponsored 401K accounts, annuity accounts, certificates of deposit or other bank accounts that you are using in order to save for your retirement - and each of those accounts will have a different balance and a different interest rate. Similarly, you are likely to have a variety of investments. You may invest in a number of different stocks, each of which performs at a different level. You may have invested in a number of government sponsored bonds; these too may have different interest rates depending upon when you made the investment. And, just as you may have a number of different stocks and bonds, you may have a number of different mutual funds in which you have invested. The end result is that, unlike an Excel spreadsheet mortgage calculator, you will have a sheet full of numbers that may not make a great deal of sense - even to you, even right after you entered them. That is why, while an Excel spreadsheet can be used for a mortgage calculator. An Excel spreadsheet is not a desirable retirement calculator. The good news is this: there is already a great retirement calculator that is available. And all that you need to do in order to get it is to click the red button at the bottom of this page to download it for free. Once you have downloaded it, you will be able to enter just a few figures - information about the savings and investment accounts that you have, You will be able to enter in a few more numbers, and suddenly your financial planning picture will come into focus. You will be able to see how your savings and investment accounts have performed over time. You will also be able to look at the retirement calculator to see how you can expect your savings and investment accounts to perform over the next twenty-five years - and the results that you see will have taken into consideration to impact of changing interest rates and inflation on the amount of income you will have available once you have retired. Another advantage of the retirement calculator over the Excel spreadsheet mortgage calculator: you are not limited to looking at the values for the investments that you already have. You will also be able to evaluate investments that you have only begun to consider so that you will be able to see how making them would affect your retirement income. And there is still another reason why the retirement calculator is better than an Excel spreadsheet mortgage calculator for analyzing your retirement savings. When you download the retirement calculator, you will also receive a free one on one consultation with a financial advisor - someone who can answer your questions and give you advice, someone who can help you to put your financial plan into action. Why try to recreate an Excel spreadsheet mortgage calculator and turn it into something that it was never meant to be? Click the red button below to download your free retirement calculator and see how easy evaluating your retirement finances can be. |
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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.
