Lifetime Income Estimator
This estimator gives you an opportunity to explore the general relationship among pre-retirement savings, retirement age, and post-retirement income as part of setting your long-term financial well-being goals. These results provide only general guidance and are intended only as a starting point for developing a long term plan. Contact us to do a more detailed review.
In general, during your working lifetime, your gross earnings, minus Social Security taxes and your savings, provides your lifestyle and living expenses (commonly known as "standard of living"). Your income sources in retirement include Social Security, your savings, and what your employer provides. Try changing your savings rate or expected retirement age to see how it affects both your pre-retirement and post-retirement standard of living. Read What is Lifetime Income? for more information.
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Lifetime age:
Annual Pay 1: $,000
Annual Pay 2: $,000
Assets: $,000
Debt: $,000
About you (person 1). If you have a spouse or partner, enter that information for person 2.
Your lifetime age is the age you expect to live until for planning purposes. See Understanding Longevity or the Actuaries Longevity Illustrator (opens a new window) for more details.
"Annual Pay" is gross pay for each person.
Assets include all your bank, brokerage, IRA, employer savings plans, the value of your house, etc.
Debts include credit card balances, student loans, car loans, mortgage balance.
DB 1?: DB 2?:
Years 1: Years 2:
About your employers. Enter the total percentage of pay that each employer contributes to a defined contribution, 401(k), 403(b) or profit sharing plan (DC%) for person 1 or person 2. Include any match on contributions that you make.
If person 1 or person 2 participates in, and is still earning benefits in, a defined benefit (DB) pension plan, choose "Y" for the appropriate DB and enter how long (in years) you've been with that employer.
In most cases, DB benefits that are frozen or from a previous employer will not materially affect the estimated lifetime income balance.
Until person 1 age:
Savings %:
Retirement age:
Post-Ret Income. Enter the total income you expect from part-time work after retirement and the age (of person 1) to which it is expected to continue.
Savings % is the total amount of your earnings you expect save, including 401(k) contributions, other savings, or payments on any outstanding debt or mortgage.
You can change Savings % and the expected retirement age to estimate the effect on the balance your working and retirement lifetime incomes.
Note: the minimum savings % is the amount needed to pay back any net debt (debt greater than assets).
Notes: This estimator is intended to provide an approximate idea of the general effects that savings and retirement age can have on retirement income. It includes many simplifying assumptions that may differ from your actual results or circumstances. Please contact us if you are interested in more details or a financial well-being checkup.
For simplicity, the illustrations are expressed in current dollar terms and ignore the effects of inflation or salary increases. Real investment return in excess of these amounts is estimated at 2%/ year. In addition, sources of income are assumed to be spread evenly over the retired lifetime. Actual retirement planning will require more precise estimates of the amounts and timing of all sources of retirement income.