Retirement resources

[35years]

I would like to start a thread listing resources for those considering retirement.

I will start with a simple retirement calculator from Vangaurd which allows for customization...
Vanguard - Retirement income calculator

 

[35years]

For those in the IBT/UPS pension (Central States fund replacement):
-Log into UPSers
UPS Enterprise Portal Log In
-under the "my HR" tab click retirement and savings
-click "retirement calculator"
-click the highlighted link for the retirement calculator.

This will automatically log you in to the calculator. You can run a single scenario calculation (one retirement date) or a 3 date calculation. The single scenario calculation yields more information.

The calculator will show the greater of two ways your pension is calculated..
1-A 25, 30 or 35 and out pension
2-And a accrual type pension which gives credit for all years worked (Age 62 for a full pension, otherwise reduced by 6% each year under 62).

The difference for me retiring at 56 vs 62 was $3,500 a month vs $5,100+ a month.

 

[35years]

Here is a quick calculator for Social Security benefits...
Quick Calculator

More in depth Social Security calculators are available here...
Benefit Calculators

Retirement Estimator | Social Security Administration

Quick calculator specific to the individual...
Information We Need, Verify Your Identity, Social Security

 

[35years]

Delaying SS till after normal retirement age?...
Delayed Retirement Credits | Social Security Administration

Retiring and collecting SS early?
Simple calculator to see how much it will cost you...
Early or Late Retirement

 

[rod]

I have a feeling this is going to get just about as many responses as my "Factory Recall" thread. Nice try though

 

[IVE GOTTA PACKAGE 4U]

Great idea for a thread.

 

[KOG72]

Great idea for a thread.

Who plays with themselves?????

 

[35years]

I have a feeling this is going to get just about as many responses as my "Factory Recall" thread. Nice try though

I was amazed using the Vangaurd calculator how little increasing my future retirement savings impacted my total retirement resources compared to SS and the pension.

-My wife and my SS yields about 37% of my $90,000 current salary.$3,300 month.
-My pensions yield about 60% of my current salary. $5,400 month.
-Even if I save 15% of my future income at 5% return, my retirement income only increases $500 a month.

That pension ends up being the equivalent of having already saved 1.1 million. 401k match instead of pension?...Not appealing.

 

[BrownFlush]

I needed this.... SS coming up . You are spot on with the 401k match vs pension .

 

[35years]

SS Q and A...
Press for Maximize My Social Security | Maximize My Social Security

 

[IVE GOTTA PACKAGE 4U]

I was amazed using the Vangaurd calculator how little increasing my future retirement savings impacted my total retirement resources compared to SS and the pension.

-My wife and my SS yields about 37% of my $90,000 current salary.$3,300 month.
-My pensions yield about 60% of my current salary. $5,400 month.
-Even if I save 15% of my future income at 5% return, my retirement income only increases $500 a month.

That pension ends up being the equivalent of having already saved 1.1 million. 401k match instead of pension?...Not appealing.

The Prudential site also has some nice calculators.

 

[1989]

The Prudential site also has some nice calculators.

Can I get your log in info? You know, so I can see those calculators.

 

[IVE GOTTA PACKAGE 4U]

Can I get your log in info? You know, so I can see those calculators.

My password is
868-5309

 

[rod]

I'm still way ahead in the number of postings in my "Factory Recall" thread----the greatest thread ever posted to BC.

 

[35years]

AARP has a quick calculator that takes into account pensions and shows when, and how much, you will need to draw from a 401K...
AARP Retirement Calculator - Retire The Way You Want - AARP

A more extensive calculator including inputs for fixed pension, 401K, traditional and Roth IRA, mortgage equity and other asests here...
How long will your money last? How should you allocate your assets? Use our tools to help solve your retirement questions.