Taking The Mystery Out Of Retirement Planning

General Information

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You can fill out these worksheets to help you solve the retirement mystery. These worksheets are set up for individuals from age 50 to age 70. They are generally the same as those in the booklet, but they automatically perform the calculations for you. If you are following along in the booklet, the instructions will note which worksheets in the printed publication correspond to those here.

The information you enter will be saved for this session only. However, if you want to save the data for longer, you can register and create an account. That way, it'll all be here when you come back another day, for up to a year. Find out how to register by clicking here.

Remember, these worksheets will give you an estimate, not guaranteed numbers. Regard it as a starting point that will provide a big clue in taking the mystery out of your retirement planning.

General Information Worksheet Instructions

Start with the General Information Worksheet, where you enter information that will be used in the following worksheets. Enter your current age and the number of expected years until you will retire. We are assuming that you are between 50 and 70 years old and that you will retire by age 70. This worksheet will calculate how many years you will live in retirement, assuming you live to age 95. While life expectancy varies based on individual circumstances, this assumption will help you avoid outliving your income. If you are filling this out as a couple, you may want to assume that you are both the same age.

Enter the age at which you think you will start collecting Social Security benefits. Although you can collect reduced benefits as early as age 62, you will receive a larger benefit if you wait until the age for full retirement benefits and even more if you wait beyond that (up to age 70). You can use the chart below to find your age for full Social Security retirement benefits. You may want to round all of these up for this worksheet. If you will not be eligible to collect Social Security, check that box.

Next, enter the age at which you expect to begin collecting a fixed monthly benefit from an employer pension, or check the box if you don't expect to collect one.

Finally, check whether or not you will be eligible for Medicare when you reach age 65.

Age to Receive Full Social Security Benefits

If you were born: You can receive full Social Security benefits at age:
In 1937 65
In 1938 65 & 2 months
In 1939 65 & 4 months
In 1940 65 & 6 months
In 1941 65 & 8 months
In 1942 65 & 10 months
Between 1943 & 1954 Age 66
In 1955 Age 66 & 2 months
In 1956 Age 66 & 4 months
In 1957 Age 66 & 6 months
In 1958 Age 66 & 8 months
In 1959 Age 66 & 10 months
In 1960 or after Age 67