Your retirement age will have a big impact on how long your money will last. You'll have another chance to raise your retirement age to increase your RSI score.
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We'll assume your income keeps up with inflation until you retire. Please include all your income sources.
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Be sure to include any household savings you have set aside for retirement including 401k, IRAs, CDs, Stocks, Bonds and additional investments. Don't include savings you expect to use to fund other major purchases such as education or buying a home.
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In addition to your monthly household retirement savings please remember to include any employer matching contributions, automatic paycheck deductions or monthly equivalent contributions for IRAs, SEPs or other plans (if you make one contribution at the end of the year).
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If you were to retire today, what income would you want to receive annually? Remember, even your retirement income may be taxed so be sure to include taxes and your desired lifestyle in your income estimate. We will increase this amount with an estimated annual inflation rate, currently at 3%.
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The RSI calculation assumes Social Security benefits for one person. If your household includes your spouse or partner, the Social Security benefits may be understated. Although you may be eligible to receive reduced Social Security benefits at age 62, we assume that you'll begin to take Social Security with full benefits at your "Full Retirement Age" which differs based on your date of birth. For more information about Social Security, go to www.ssa.gov.
