Retirement Calculator Resources
The Bluezones Vitality Compass
The Social Security Administration’s life expectancy calculator
Retirement Expenses Calculators
AARP health care costs calculator
Retirement Income Calculators
Department of Labor’s retirement guide
AARP’s Social Security benefits calculator
Saving for Retirement while Caregiving for a Friend
Figuring out your sources of retirement income and calculating how much you will need to live on once retired is one of the most important steps to take in planning for your future while you are a caregiver.
Some people might feel that knowing “the number” they need to save is too scary, but according to the Employee Benefit Research Institute, figuring it out may actually make you more confident.
Estimate what your monthly income in retirement will be: make a list of all sources of retirement income. Include Social Security, private or government pensions, IRA and 401(k) retirement savings.
For information about your Social Security benefit, you can get your Social Security statement online. If you participate in a pension plan through your employer, contact the plan administrator to get an estimate of how much your benefit will be. Finally, look at your 401(k)—or similar workplace plans, which might also be called 403(b)—and IRA statements to see how much you have saved. Enter all this information into WISER’s worksheet, Get Your Ducks in a Row, to see how much retirement income you have.
Estimate the total value of your assets, including cash, home equity, automobiles, other personal property, the value of insurance policies, and so on. Then, subtract the total of your liabilities, including mortgages, credit card and loan balances, home equity loans and other debts, from your total assets. The result is your net worth. Remember, not all of your assets will be available for retirement income unless you sell them or use your home equity as a source of income.
Many experts recommend planning for at least 85 percent of pre-tax income to maintain your current living standard. WISER recommends 100 percent for women to cover their longer life spans, inflation, and additional health care expenses.
Is there a gap between income from Social Security, retirement plans and assets, and your retirement income goal? The gap represents the amount you will need to save between now and retirement. How much you need to save each year to fill the gap is a complicated calculation.
Move your mouse over the graphics below to see links to additional relevant information.