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• What They Didn't Tell Ya About Money In High School Part 5
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About Retirement Calculator, Inc.

CBS The Early Show

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• FREE Retirement Calculator recommended by Ray Martin on the CBS Early Show - Watch the video clip
• FREE Retirement EBook written by Bill Losey, America’s Retirement Strategist
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• FREE Consultation with a certified financial advisor in your area

Baby Boomer Income Planning

Baby Boomer Income Planning and You

Baby boomer income planning : what efforts are you making now that can help to ensure that, when the time comes, you are not just able to retire but you are also able to spend time with your kids and grandkids, have a buffer to cover expenses that come up and money to pay for the traveling that you promised yourself would come after you retire?

When it comes to baby boomer income planning, there seem to be two schools of thought. There's one group of boomers who have already been taking action to save for their retirement - a group that has focused on savings accounts, certificates of deposit, bonds, stocks and mutual funds and carefully planning their finances and who believe that they have everything figured out. Then there is the other group. They are waking up, realizing that they are quickly approaching the age that their fathers were when they retired and are starting to get a sinking feeling like it may be too late to plan for their futures.

Both of these groups are missing an important bit of information about baby boomer income planning . What is it? Simply this: when it comes to baby boomer income planning , there's always something that you can be doing that will help you to have the retirement that you have always wanted. Whether you have been committed to saving for some time or you are looking for a way of starting now and still reaching your goals, it's important to consider that it's possible - it may take a bit of effort, but it is possible.

One thing that can help to make baby boomer income planning a bit easier is the free retirement calculator that you can download on this page. With the retirement calculator, you will be able to:

1. Look at the savings accounts that you have, interest rates, and the way that inflation will affect your savings when you retire.
   
2. Look at the stocks that you're holding to see how they have performed in the past, how they are doing now and how they are projected to perform in the future.
   
3. Look at mutual funds to determine whether or not you've invested in the right group of companies.
   
4. Identify changes that you can make with the way that you allocate your savings.
   
5. Determine which changes you can make that will help you to reach your goals (if you haven't already been saving and investing, the first step is to start; the second step is to choose the right accounts and investments.

The next thing that you can do, once you've looked at the situation on your own, is to talk with a financial advisor who can help with baby boomer income planning . To take the confusion out of choosing an advisor, when you download the retirement calculator, you will receive a call from a financial advisor in your area who can help with answering your questions and determining what you need to do in order to reach your retirement goals.

Baby boomer income planning is essential. Don't let yourself get caught up in the trap of "it's too late" - it's never too late to save, invest and reach your financial goals. The right information and advisor can help.

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?

Would you like to retire, but aren't sure you can?

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Everyone who has thought about retirement has asked themselves these and other questions. Now you can get ALL the answers in Retire in a Weekend! This short, simple, humorous, easy-to-understand book answers the 10 most popular questions and addresses the 5 biggest concerns people have about retiring! So stop asking yourself IF you can retire ... with Retire in a Weekend! you'll learn HOW to actually do it.

For a limited time, purchase Retire In a Weekend for $29.95 and receive a free download of Retirement Calculator Premium.

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.