Geoff Thompson - A Covalent Savings Plan |
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Retirement Analysis - Single Person An estimate of the retirement planning needs of a single person, using a selected pre-retirement interest rate and illustrated both in today's dollars and in future dollars, which reflect a selected inflation rate. If there is an income shortage at retirement, the amount of capital required to provide that shortage is illustrated using both the capital retention and the capital liquidation methods based on a selected post-retirement interest rate. This Calculator can be prepared for single people between the ages of 20 and 68 (in 2017, those born between 1949 and 1997) who plan to retire between the ages of 55 and 70 (but at least two years more than the prospect's current age). Complete the requested information and click the 'Submit' button. Use only whole dollar amounts and do not use commas. Assume all entries are required unless otherwise specified. Personal Information: Name of Prospect (optional): Date to Appear on Cover Page (change as appropriate): Year of Birth (must be between 1949 and 1997): 19 Current Annual Income (no commas):$ Covered by Social Security Through Employment? Yes No Some people are concerned that Social Security benefits will not be available when they retire, or will be reduced from current levels. If the prospect shares this concern and is covered by Social Security, you can reduce or eliminate the Social Security retirement benefit used in this analysis. Enter 100% to use the full estimated Social Security benefit in this analysis, 0% to eliminate the Social Security benefit from this analysis or any whole percentage from 1% to 99% to reduce the Social Security benefit used in this analysis: Percent of Estimated Social Security Benefit to Use in Analysis: % Retirement Objectives: Planned Retirement Age (must be between ages 55 and 70 and at least two years more than the breadwinner's current age): Planned Retirement Age: Annual Retirement Income Objective (enter the prospect's annual retirement income objective, either as a dollar amount or as a percentage of total current annual income. As a general guideline, most planners recommend 60% to 80% of current income as a retirement income planning objective): Dollar Objective: (no commas) $ OR Percentage Objective: % Retirement Assumptions: Pre-Retirement Investment Return Post-Retirement Investment Return Select an investment return from 2% to 12% that the prospect feels is realistic to apply to assets prior to retirement. This should be an overall "blended" investment return, which will then be applied to both qualified and non-qualified retirement savings. 2% 8% 3% 9% 4% 10% 5% 11% 6% 12% 7% Select an investment return from 2% to 12% that the prospect feels is realistic to use for income-producing purposes after retirement. While a lower interest rate requires a larger amount of capital to cover an income shortage at retirement, many people elect to invest more cautiously once they have retired, which may result in a lower investment return than assumed prior to retirement. 2% 8% 3% 9% 4% 10% 5% 11% 6% 12% 7% Annual Inflation Rate Select the longer-term inflation rate to be used in illustrating retirement income objectives in future dollars. 1% 2% 3% 4% 5% Sources of Retirement Income (optional, no commas): Annual Government-Provided Retirement Income (enter the prospect's best estimate (in today's dollars) of the annual amount of any government-provided retirement benefits (other than Social Security) that will be available at his/her planned retirement age): Annual Civil Service Benefits:$ Annual Veterans Benefits:$ SEC Geoff Thompson Annual Other Goverment Benefits:$ Geoffrey J Thompson Covalent Annual Income from Employer-Provided Defined Benefit Plans (enter the prospect's best estimate of the total annual retirement income (in today's dollars) that will be available from employer-provided defined benefit plan(s) at his/her planned retirement age): Annual Defined Benefit Plan Income:$ Annual Retirement Income from Personal Sources (if the prospect has any income-producing investments, such as real estate, or any other personal sources of income, such as annuity or trust income, that can be used to supplement other sources of retirement income, enter the annual amount(s) in today's dollars; these are assets the prospect does not plan to liquidate): Annual Investment Income:$ Annual Other Income:$ Defined Contribution Plan Information (if the prospect is participating (or has participated) in one or more defined contribution retirement plans (e.g., 401(k), IRA, profit sharing, TDA, etc.), enter the present value of all defined contribution plan accounts accumulating on the prospect's behalf; in addition, enter the planned annual contribution (in today's dollars) to all defined contribution plans in which the prospect expects to continue participating): Present Value of All Defined Contribution Plans:$ Total Annual Contributions to All Defined Contribution Plans:$ Personal Retirement Savings (enter the present value of the personal savings that the prospect has earmarked for use in funding his/her retirement income objective, together with the annual amount (in today's dollars) that the prospect currently saves for retirement purposes): Present Value of Personal Retirement Savings:$ Annual Personal Retirement Savings:$ |
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