About Retirement Calculator, Inc.

Retirement Calculator, Inc. provides the tools and resources necessary to assist you in making critical economic decisions regarding your retirement future.

Recommended Reading

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

Is That 401k Early Withdrawal Penalty Worth It?

<p>Retirement is a big part of the American Dream. You work hard, you save well, you invest well and it all pays off when you can stop working and finally relax. You can travel. You can spend time with the family. You can perfect your golf game or teach your grandchildren to fish. But the important thing is that you can take a few steps back and live off of the money that you saved when you were working.</p> <p>But when things aren't going well at work, many employers have taken to trying to save some money by offering older employees an early retirement. And, while your goal is, of course, to have time to yourself after all of the work you've done for someone else, you may not be sure that you want to take your employer up on the offer.</p> <p>After all, if you had planned to retire when you were 65 and you're only 58 there are seven more years that you'll need to finance with your retirement savings and investments. There are seven years that you won't be continuing to contribute to your 401k and other savings plans. </p> <p>And, of course, there are other issues to be aware of as well. There are penalties for making withdrawals from your 401k retirement account before you have reached a certain age; even though you may be retired at 58, you may still need to pay the 10 percent penalty for making a withdrawal from your 401k. In addition to the penalties for early withdrawals from your 401k when you retire early, you will have to pay the taxes on the money that you withdraw.</p> <p>If you have enough savings to live on without making a withdrawal from your 401k to fund your early retirement, you will need to look into rollover options. But when you are offered an early retirement by your employer, it is important for you to understand the way that your finances will be affected before you make any big decisions.</p> <p>One way that you can be sure that your savings and investments will still work for you is to download our free retirement calculator. With this calculator, you'll be able to study the way that your savings and investments accounts have performed over time.</p> <p>You'll also be able to look at the way they are projected to perform in the future, and the projections that you see will take interest rate changes and inflation into account. From there, you'll be able to see the ways that changes to your investment strategy, including taking an early retirement, will affect your financial security.</p> <p>But more importantly, before you make any final decisions, take advantage of the free consultation with a financial advisor that you'll be entitled to when you download our free retirement calculator. Get your questions answered by a professional retirement counselor, someone who will understand the effects of an early retirement on your 401k and other savings and investments.</p> <p>During your consultation with a financial advisor, you'll be able to develop a strategy for maintaining your financial security even with your early retirement. You'll be able to develop a plan and to put that plan into action.</p> <p>But before you make any big decisions, decisions that you might otherwise regret, make sure that you have as much information as possible, information that you can get when you download our free retirement calculator and talk with a financial advisor.</p> <p>Use that information to make the decisions that you need to ensure that all of your retirement goals will be achieved, even if you get started a little bit early. Just make sure that you have the information. Click the red button to download our free retirement calculator and get started. Make the decisions that are right for you.</p>

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?

Retirement Homes & Retirement Communities Retirement Homes is a comprehensive directory of retirement homes, retirement communities, senior housing, long term care and elder care facilities. Retirement Homes will help you learn about all your retirement living, senior housing, and long term care options in the USA and Canada. Search Zip Code Facility Region Select type of senior housing and preferred location to begin. Active Lifestyle Independent Living Congregate Living Assisted Living Continuing Care Nursing Care Alzheimer's Care Rehabilitation Care City: State: - State/Province - ---USA--- Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New England New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming ---Canada--- Alberta British Columbia Manitoba New Brunswick Newfoundland Northwest Territories Nova Scotia Nunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon Outside USA/Canada   Learn more about senior housing options. Advanced Search Select type of senior housing & zip/postal code to begin. (*Required Field) Active Lifestyle Independent Living Congregate Living Assisted Living Continuing Care Nursing Care Alzheimer's Care Rehabilitation Care Zip/Postal Code:* (eg. 90210 or M6A 1J2) Distance:* 5 10 25 50 100 Units: Miles Kilometers Learn more about senior housing options. Advanced Search Enter the name of the senior housing community to begin. Facility Name: Learn more about senior housing options. Advanced Search Select a region below to begin your senior housing search.

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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:

Find Out Your Breakeven Age

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.