Get Real
Presenting U.S. News's ultimate retirement calculator--the essential tool you need to plot your strategy for the future
Multiply line 3 by a health care inflation adjustment factor * from below
Years until you retire
Retirement age 0 5 10 20 30 40
55 28.8 33.4 38.8 52.1 70.0 94.1
60 24.9 28.8 33.4 44.9 60.4 81.1
62 23.4 27.3 31.5 42.4 56.9 76.5
65 21.5 24.9 28.8 38.8 52.1 70.0
70 17.6 20.4 23.6 31.7 42.7 57.3
4. Here is how much extra you'll need during your retirement to replace the Medicare cuts you expect.
*Factors assume health care costs increase at 3 percent over the general rate of inflation.
WORK SHEET 4
What will my Social Security benefits be worth?
1. Enter your current annual earned income.
The factors in the table below, multiplied by 100, tell you approximately what percentage of your income Social Security currently promises to replace. If you believe benefits will be cut by the time you retire, choose a smaller factor. Multiply line 1 by the factor you choose and enter the result on line 2. Note, however, that the amount on line 2 must not exceed the maximum Social Security benefit of $16,104.
Current pay $15,000 $35,000 $55,000 $75,000 $95,000
Full-benefit factor 0.5 0.37 0.29 0.22 0.17
2. This is your expected annual Social Security benefit. Multiply this amount by an adjustment factor from the table below.
Years until you retire
Retirement age 0 5 10 20 30 40
55 11.2 11.3 11.6 12.5 13.2 14.6
60 12.9 13.0 13.4 14.5 15.3 16.9
62 13.7 13.8 14.2 15.4 16.2 17.9
65 16.1 16.7 16.6 18.3 18.8 20.8
70 16.4 18.0 19.9 22.5 23.9 25.8
3. Lifetime value of your Social Security benefits (again, assuming you live to age 90)
WORK SHEET 5
How much will my private pension be worth? *
If you are entitled to a defined-benefit pension (not a 401(k)) from an employer, an easy way to complete this work sheet is to call the plan administrator and ask for your annual estimated benefit at retirement age; enter it at line 4. You can also use steps 1-3 to obtain an estimate for your current job.
1. Enter your current annual salary.
To determine your final pay, enter the appropriate adjustment factor below (factors assume your raises will average 1 percent per year).
Years until you retire 0 5 10 20 30 40
1 1.03 1.08 1.2 1.32 1.46
2. Multiply the appropriate factor times line 1. This is your estimated final salary.
3. Enter your total years of service at the time you plan to retire.
4. Multiply line 3 by line 2 and divide by 100. This is your estimated pension benefit.
Enter the appropriate factor from the table below to adjust for possible early retirement and length of retirement.
Age at retirement 55 60 62 65 70
Age factors 7 8.9 10.4 12.5 11.3
5. Multiply this factor times line 4. This is the lifetime value of your pension benefits.
* If you have never participated in a defined-benefit pension plan, enter 0 at line 5.
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