Author Topic: Where can i find.....  (Read 2801 times)

Bigjones

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Where can i find.....
« on: April 23, 2015, 09:38:11 AM »
Im looking for a spreadsheet or a site or calculator that can help me figure out something like the following.

Im 45 and want to retire in ten years at 55. I will collect SSI at 62 at X amount per month.   

How much in retirement savings will I need for the gap years 55 to 62yrs old.  And for the rest if factoring in my SSI income.

Any suggestions

BarkyardBQ

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« Last Edit: April 23, 2015, 10:33:13 AM by zdravé »

rubybeth

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Re: Where can i find.....
« Reply #2 on: April 23, 2015, 10:41:06 AM »
Totally depends on your income and your spending. Post more details or a case study, or read the links provided above and do a back of the napkin calculation.

MDM

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Re: Where can i find.....
« Reply #3 on: April 23, 2015, 04:17:47 PM »
Im looking for a spreadsheet or a site or calculator that can help me figure out something like the following.

Im 45 and want to retire in ten years at 55. I will collect SSI at 62 at X amount per month.   

How much in retirement savings will I need for the gap years 55 to 62yrs old.  And for the rest if factoring in my SSI income.

Any suggestions
Quick estimates:
E = annual expenses starting at age 55
i = inflation

For the gap, E * [(1 + i)^7 - 1] / i

For age 62+, 25 * (E - 12*X) * (1 + i)^7

NaturallyHappier

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Re: Where can i find.....
« Reply #4 on: April 23, 2015, 05:59:12 PM »
My spreadsheet will show you this.  You'll have to study the retirement spreadsheet.  Enter your numbers in the tan fields at the top and then look at the column "post tax savings withdrawl". 

You might also want to download the PC based social security calculator from the social security site.  Remember that if you retire early, you wont get as much SS because the SS estimates online assume you are making the same wage you made last year until you are at full retirement age.

https://docs.google.com/spreadsheets/d/1N_PN1Pa0znhJejkTU8_hmiAu18rjF5UBrggKnhi-W4o/edit?usp=sharing

http://www.ssa.gov/OACT/anypia/download.html