Use our FREE interactive calculators to help with your retirement planning!
PENSION PLAN CALCULATOR
The Pension Calculation Spreadsheet allows you to calculate the MAXIMUM possible contribution (tax deduction) to a conventional defined benefit pension plan for an individual, given certain key pieces of information:
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Current Age
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Annual Compensation (or earned income for a sole proprietor)
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Retirement Age
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Years of past service with the employer
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Assumed annual rate of salary increase
This maximum contribution calculation assumes a NEW PLAN in the first year of operation. In subsequent years, the maximum contribution may change slightly due to a number of factors, including investment performance, change in pay, and changes in legal benefit limits.
This link takes you to an Excel spreadsheet that shows allows you to enter the calculation parameters above, and provides a detailed summary of annual contributions and assets accumulated. Requires a current version of Microsoft Excel.
RETIREMENT SAVINGS CALCULATOR
The Retirement Savings Calculator figures out how much money you will need to retire comfortably and then tells you what percentage of your pay you will need to save to achieve that goal. You will need to enter some important facts and assumptions, such as:
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Your current age
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Your current annual compensation (or earned income for a sole proprietor)
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The current balance of your IRA's, 401k's, and any other retirement savings accounts
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Your desired retirement age
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Your desired annual retirement income
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Assumed annual rate of salary increase
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Assumed annual rate of investment income