New retirement income calculator
Posted on September 25th, 2008 – 3:49 PMBy Kara McGuire
While I’ve been slaving away on a story about what local economists and investment analysts think this bailout ultimately means for us, T. Rowe Price launched its new retirement income calculator.
Take it for a test drive and let me know what you think….if you can stand to look at what your portfolio’s value is these days. I’ll weigh in later.
3 Responses to "New retirement income calculator"
I like the fact that you can exclude SS estimates in the calculator - since SS is a wildcard and we plan on future means-testing - no SS for those that saved. If we continue to save at our 23%/40% rate…we will have a slight surplus (<1K per month) per the calculator 65-95. Sobering considering what we already have accumulated.
For fun, I re-did it assuming we have zero saved (have to afford the nice lifestyle) and only plan on saving 10% per year + are counting on SS. Turns out we’d be 5K+ per month short.
Starting to wonder who we’ll hang out with when we are retired - seems like a lot of people our age will still be working…
I tried to run it as retiring at 55. It tells me that since I retire before the age of 62, they will not include SS in calculations. This is wrong, and it doesn’t give me a good picture.
Other than that, it is OK.
I also liked the ability to exclude SS. However, I couldn’t figure out a way to include my pension. It’s a rarity, but I work for a large company with a 401k match and a pension. I’m on track for retirement at 62, it’s interesting to see what it would take to push that back to 60 or even 55 (sigh).
