About Retirement Calculator, Inc.

Recommended Reading

• The Nervous Retiree
• Why You Need Retirement Calculator Software
• Analysis of the Economics of Early Social Security Withdrawal

Boomer Income Solutions

What Are Your Boomer Income Solutions?

As the baby boomer generation is starting to see the light at the end of their working life - the glowing halo of retirement - some members are starting to take a look at their situation a bit more closely. For some, there's a sense that the lifestyle that they have been living has been so focused on "in the moment" that they are not sure they have done enough to plan for the future. The fifty is the new thirty mentality, it seems, has stopped a lot of boomers from thinking about retirement up until the time that it comes rushing at them.

That's why so many are looking for boomer income solutions. The boomer income "problem" is simple: there's a sense of uncertainty about whether or not they will have the money that they need in order to have the retirement that they have always imagined. boomer income solutions, however, seem to be a bit more difficult to clearly define.

Rather than calling up the kids and saying that you're just going to go ahead and spend their inheritance or quickly selling borrowing against your home equity - short term boomer income solutions - take a deep breath and look at the big picture. First, you're never too old (or too young at heart) to start planning for, saving for and investing in your retirement. Second, there are tools available to you that will make finding boomer income solutions easier than you may have thought it would be.

One such tool is the retirement calculator that you can download on this page. No matter where you are at with your savings accounts and the investments that you have, you will be able to use the retirement calculator to see where you really stand. You will also be able to look at small changes that you can make to your savings and investment styles that will reward you with big payoffs if you know the right time to act.

A financial advisor can provide invaluable guidance when it comes to making drastic changes to your retirement savings and investment plan; that's why when you download the retirement calculator, your contact information will be forwarded to a financial advisor in your area who will be able to help you find the boomer income solutions you are looking for. He or she will be able to work with you to choose the best way of using your savings to invest, and the best way of changing from a low risk mutual fund holding to a higher risk stock portfolio that is more likely to grow.

In other words, you will be able to use the retirement calculator to develop an understanding of how to solve your retirement savings situation, and then, together with a financial advisor, you will be able to put that understanding to work. boomer income solutions are out there - no matter how unprepared you may feel, it's still possible to reach your goals. Download the retirement calculator, talk with a financial advisor and see for yourself.

Find a Qualified Financial Planner in Your Area

Do You Know the Answers to These Important Retirement Questions?

• Are you retired or thinking about retiring?
• Do you have enough money to comfortably live throughout your retirement years?
• Would you like FREE face to face advice or retirement consulting from a trusted local financial advisor?
• Are you looking for help to achieve your long-term financial goals?
• Would you like to learn more about Annuities, 401's, Life Insurance and Long Term Care?

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Analysis of the Economics of Early Social Security Withdrawal

Robert J. Phillips
Chief Retirement Consultant

Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.

Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.

The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution

FREE Social Security Calculator:

We developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.

To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.

The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.