Do you know what it will take to create a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Social security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your social security benefits up to, but not over, the maximum.
Definitions
Current Age
Your current age.
Age of Retirement
Age you wish to retire. This calculator assumes that the year you retire you do not make any contributions to your retirement savings. So if you retire at age 65, your last contribution happened when you were actually 64. This calculator also assumes that you make your entire contribution at the end of each year.
Household Income
Your total household income. If you are married this should include your spouse's income.
Current Retirement Savings
Total amount that you currently have saved toward your retirement. Include all sources of retirement savings such as 401(k)s, IRAs and Annuities.
Pre-retirement Rate of Return
The annual percent you expect to earn on your investments before you retire.
Post-Retirement
The annual percent you expect to earn on your investments after you retire.
Percent of Income to Save
The percentage of your annual income you will save for your retirement goals.
Expected Salary Increase
Annual percent increase you expect in your household income.
Years until Retirement
Number of years before retirement.
Years of Retirement Income
Total number of years you expect to use your retirement income.
Percent Income Desired
The percent of your working year's household income you think you will need to have in retirement. This amount is based on your last year's salary. The default is 70%. You can change this amount to be as low as 50% and as high as 150%.
Are You Married?
Check this box if you are married. Married couples have a higher maximum social security benefit than single wage earners.
Include Social Security?
Check this box if you wish to include social security benefits in your retirement planning.
Expected Rate of Inflation:
What you expect for the average long term inflation rate.
All information and tools within the Financial Guidance Centre and the UNFCU Mortgage Centre web pages are made available to you for informational purposes only. Situations and circumstances differ for each individual. We cannot and do not guarantee results, or the applicability of the information and tools provided, to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues and any matters related to your property and property purchases.
For personalized attention from a knowledgeable Member Service Representative who can answer your detailed financial management questions, please email us by clicking on "contact us" at the top right of this page. You can call us at (212) 338 8100, visit a branch, or write to UNFCU, 820 Second Avenue, 12th Floor, New York, NY 10017, USA, ATTN: Member Directed Services.
