Simple Retirement Calculator

Frequently Asked Questions

1. QUESTION:
   Anyone found a seriously detailed retirement calculator?
   The ones I see seem so simple.
   How much do you have and how much do you save.
   No questions about current debt, size of house you plan to move to.
   I guess there is no need for those details.

   But is there anything more detailed that anyone has found?
   I’ve tried.
   CNN money, fidelity, schwab, AARP(which is really bad), ING, Vanguard, bankrate, etc

   Is there a calculator that misses nothing, that would take a half hour or a couple of hours to do?

   • ANSWER:
     I am sort of surprised that you didn’t find the Fidelity retirement calculator helpful. I think it works very well. I seems more than quite detailed to me.

2. QUESTION:
   Is ther a simple on-line calculator to figure out if going back to school is worthwhile?
   I am not sure about going back to school. I already get paid well. I need to know if it would be worth it to back to school. I would loose income, pay for school, loose income on money I could’ve saved in retirement funds, etc.

   • ANSWER:
     No. There isn’t. Because not only are the economic factors far from being certain, but there’s a lot more than economics involved. If you’re doing something you love to do and haven’t been to school, unless there’s something you’d rather be doing, why leave? Going to school is far more than simply improving your economic potential. It’s a major change in lifestyle, and at best, a step towards doing something that you love.

     As far as the money goes, on average, a person with a college degree makes about 2/3 more than a person who does not, but that’s an average, and your mileage may and will vary. You can’t simply plug numbers into a calculator and find out whether you’ll come out in the black. As a general rule of thumb, yes, you probably will, but there are certainly no guarantees, and you can’t come up with a dollar figure.

     As far as monies that could have been saved and invested, any money you’d make in four years on investment income isn’t really going to matter unless you’ve already got more than 0,000 saved. But if you’ve got that saved, you’ve already got a great job.

3. QUESTION:
   anyone know a site like mint.com, but for “fantasy financial portfolios”?
   So basically this is what I’m trying to do. I just read the book “millionaire next door” and I am now interested in personal finance and managing money.

   I am 22 years old, don’t have credit cards or bank accounts (I’m a student and my parents pay), and I will be in school for another 8-10 years to become a physician. I’m looking for a free personal finance site, where I can essentially make “theoretical” or “fantasy” financial decisions. Like for example, if I assume that I will make 250,000 a year at age 30, I would love to have a “fantasy” portfolio that shows how I could budget that, from paying student loans, to theoretical mortgages/car payments and investments (that make fundamental assumptions of like average 8% return compounded annually). I’d love to see how my 401k/roth ira would possibly add up too by age 60 etc, and how frugally I need to live to achieve my goals. That way I could see what a more frugal lifestyle looks like, what a reckless style of spending would lead, and what a moderate style would be like. Tweaking around with this stuff now could defintiely help me in the future, so I don’t become like 90+% of doctors out there who are horrific with finances and live way above their means, and end up with little retirement savings.

   Mint.com only works with real money, and actual bank accounts/credit cards. is there a site where I can play around with a budget of theoretical money to plan ahead for my finances. Something that is above simple calculators etc, but a complex site like mint.com that really takes into account lots of things. Thanks!

   • ANSWER:
     Just about every online broker has a “paper money” part of the site where you can trade and invest play money. I prefer Think or Swim, but there are literally dozens of sites out there. You just create an account and can start investing pretend money in whatever you would like.

4. QUESTION:
   is there a site like mint.com to keep track of “potential” finances?
   So basically this is what I’m trying to do. I just read the book “millionaire next door” and I am now interested in personal finance and managing money.

   I am 22 years old, don’t have credit cards or bank accounts (I’m a student and my parents pay), and I will be in school for another 8-10 years to become a physician. I’m looking for a free personal finance site, where I can essentially make “theoretical” or “fantasy” financial decisions. Like for example, if I assume that I will make 250,000 a year at age 30, I would love to have a “fantasy” portfolio that shows how I could budget that, from paying student loans, to theoretical mortgages/car payments and investments (that make fundamental assumptions of like average 8% return compounded annually). I’d love to see how my 401k/roth ira would possibly add up too by age 60 etc, and how frugally I need to live to achieve my goals. That way I could see what a more frugal lifestyle looks like, what a reckless style of spending would lead, and what a moderate style would be like. Tweaking around with this stuff now could defintiely help me in the future, so I don’t become like 90+% of doctors out there who are horrific with finances and live way above their means, and end up with little retirement savings.

   Mint.com only works with real money, and actual bank accounts/credit cards. is there a site where I can play around with a budget of theoretical money to plan ahead for my finances. Something that is above simple calculators etc, but a complex site like mint.com that really takes into account lots of things. Thanks!

   • ANSWER:
     I think Intuit may have some software for that, if all else fails, you can visit your local bank and they’ll play it all out for ya.

5. QUESTION:
   anyone know a site like mint.com for “fantasy finance”?
   So basically this is what I’m trying to do. I just read the book “millionaire next door” and I am now interested in personal finance and managing money.

   I am 22 years old, don’t have credit cards or bank accounts (I’m a student and my parents pay), and I will be in school for another 8-10 years to become a physician. I’m looking for a free personal finance site, where I can essentially make “theoretical” or “fantasy” financial decisions. Like for example, if I assume that I will make 250,000 a year at age 30, I would love to have a “fantasy” portfolio that shows how I could budget that, from paying student loans, to theoretical mortgages/car payments and investments (that make fundamental assumptions of like average 8% return compounded annually). I’d love to see how my 401k/roth ira would possibly add up too by age 60 etc, and how frugally I need to live to achieve my goals. That way I could see what a more frugal lifestyle looks like, what a reckless style of spending would lead, and what a moderate style would be like. Tweaking around with this stuff now could defintiely help me in the future, so I don’t become like 90+% of doctors out there who are horrific with finances and live way above their means, and end up with little retirement savings.

   Mint.com only works with real money, and actual bank accounts/credit cards. is there a site where I can play around with a budget of theoretical money to plan ahead for my finances. Something that is above simple calculators etc, but a complex site like mint.com that really takes into account lots of things. Thanks!

   • ANSWER:
     There are sites like moneytrackin.com and yodlee.com. Not sure if you can play with investments and automatic calculations on investments/ mortgages though.

6. QUESTION:
   Obama supporters if I make 249,000 how much will my taxes be? If I make 251,000 how much will my taxes be?
   married couple, 2 children, renting not buying a house, no savings, not retirement. Just to keepit simple. Tell me how much my taxes would increase or decrease under Obama’s plan. I could not answer it because, I can not get enough information from his site. But, if you truly know what you are voting for you shoul have no problem answering this.I have looked all over and I can not get details on the Obama tax plan all he says is you will probably get a tax cut. Now, we know that people making way over 250k will be taxed more, but we have right to know how much more. Obama’s site and calculator give no real information. This is so said 18 days from the election and people are voting for an Obama plan that has no details. It just states what he will do not how he will do it. I have tied the calculator and it was no help. Please help me Obama supporters.
   Thanks for the responses: But, I sill do not see an answer. How much would I save under Obama? How much more will I pay? Come on guys his plan is so detailed give me something. Maybe you could email this question to him. I would like to know?
   Ok, someone said 3 to 4% so lets go with that 251,000x.04= 10,040 in extra taxes now compare that with 249,000 and no or less taxes.
   That means I save over 10,000 dollars in taxes if I stay below 0,000 gross. So, it is clear as day, I have no incentive to break 0K. In fact if I am would be looking to lower my income as much as possible.
   I have no seen one once of proof that it would be on the amount over 250k. That can not be true if you look at information from the Obama campaign and can do basic math. You have been fooled, you need to start asking that man serious questions fast.

   http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

   This article in support of Obama show that what you say is a lie. The numbers do not add up that way. Do a little math and then go and ask Obama to tell the truth.

   • ANSWER:
     You would pay an additional 3% on just the 00 over the 0,000 mark. All taxes are teared. This means you only pay the increase within the bracket you fall in and each step of each bracket is calculated individually. So if the tax bracket were 10% for the first k you made and its 15% from ,001-,000, then you pay 10% on the first 20,000 and 15% on up to the next 00 etc. You don’t pay 15% on the whole amount.

     Keep in mind… these are campaign promises. I don’t know the exact number but we all know what we can do with campaign promises. But if Obama does win he will likely have an open door with the Democrat Senate and House to do as they please.

     Obama will not cut taxes. No Democrat has. Even Clinton ran on tax reform and failed to lower taxes.

     Also keep in mind that a tax on companies is paid by all of us. No company pays a penny in taxes. That is a built in cost just like any other cost and it is passed on to the buyers/consumers.

     In order to fix our issues we need to be allowed to save. We should end our income tax altogether and make it a tax on your purchases. If you don’t purchase much, you can save a lot and save the rest.

     If the Democrats like Obama are so damn happy to pay a little more, why don’t they just give it to who they want it to go to and avoid having to pay a middleman (the government) to redistribute it? The IRS will not reject you sending a check to them.

7. QUESTION:
   can you liberals please explain this to me?
   Is the Reagan Era Officially Over?

   Sen. Chuck Schumer has called the recent Democratic takeover of Congress the end of the Reagan era.
   Friday, December 1, 2006
   Star Parker – Scripps Howard News Service

   Sen. Chuck Schumer has called the recent Democratic takeover of Congress the end of the Reagan era.

   If we believe a red flag that the Wall Street Journal has run up about a possible Republican capitulation with the new Democratic majority on Social Security reform, our own Republican president might prove Schumer right.

   The Wall Street Journal, and other sources, now report that the Bush administration is expressing openness to forget the idea of private ownership as the basis for Social Security reform, and to work with Democrats to “save” Social Security as it is with tax increases and benefit cuts.

   Badly needed reform of our wounded and limping Social Security system has been seriously hampered by what I call the politics of cynicism.

   These politics are driven by politicians primarily motivated by protecting their own power and interests as opposed to those of their constituents.

   What’s my proof that Social Security reform is driven by this cynical brand of politics?

   No one could possibly argue that Social Security is a good program today. If we did not have it, and any politician tried to propose it and get it passed, he or she would be laughed out of Washington.

   Social Security is a unique government program in that every taxpayer can personally evaluate it by asking the simple questions – What am I paying, What am I getting, and Is it worth it?

   The Heritage Foundation’s Social Security calculator tells me, for example, that a 25 year old male earning ,000 can expect, based on the Social Security benefit he’ll receive, almost a negative one percent return on the money he puts in over his working life.

   If he purchased a diversified portfolio of stocks and bonds over this same period with this same amount of money, this guy could get an annuity five to six times greater than this Social Security benefit. But even a bank CD would produce a monthly payment that could double Social Security.

   There are other relevant points that anyone who has been following this debate can recite. With a private account this guy owns his money. Under Social Security, he doesn’t even have a legal right to the benefit. Which is material because the government is constantly changing the rules.

   Can you imagine getting a letter from your bank or broker saying they are lowering the return on your investment because they can’t afford to pay you what they promised?

   But, this is what is about to happen, again, with Social Security.

   Not only are the returns to taxpayers negative, but they are guaranteed, beyond any question, to get worse. The system is bankrupt and can only continue in its current form through some combination of tax increases and benefit cuts. Which will drive what individuals get for what they put in even further south.

   Why, then, does there seem to be a political consensus to save this monstrosity?

   Politicians will tell you it’s because the American people want it. The polls say so.

   And indeed they do. But the fact is taxpayers support this status quo out of fear and not knowledge.

   Certainly, no sane individual would buy a program that has the personal investment economics that I just described.

   When President Bush proposed changing the program to one of ownership and private accounts, the Democratic Party launched major league into the politics of cynicism. The message that working Americans heard was that they would be kicked off a government program guaranteeing them a payment at retirement in exchange for taking their money and investing it in the stock market.

   Is it any wonder that many dived for cover?

   I call this the politics of cynicism because there is not a single Democratic senator or congressman who would purchase an insurance policy with the type of legal and economic realities of Social Security. Shut the door and one by one they know the truth.

   The Democrats’ campaign to “save Social Security” has really been a campaign to save their own butts.

   To have endorsed the president’s reform would have been an endorsement of a fundamental move away from welfare state politics that has been the bread and butter of the Democratic Party.

   Now, playing on fears and not the real interests of working Americans, and the inability of Republicans to stick to and sell their message, the Democrats have won.

   The real victims are the low and middle income Americans whose hard earned money is being sucked into this black hole that will only get deeper and blacker. This is happening while Democrats bewail wage and wealth stagnation at the lower end of our income spectrum.

   Is a Republican White House, for fear that it will look like it did nothing on Social Security, about to join Democrats in the ranks of the politics of cynicism?

   The Reagan era is still alive for this writer. Let’s hope it’s still alive in the Bush White House.

   Photo Copyright Getty Images

   Copyright Scripps Howard News Service 2006
   you want Bush to “work” with you but you pick the things you your self think is stupid and nobody would do. you just want to make sure the service state stays in tact is how I read it but Im a stupid conservative.
   obviously not one of you read this….

   • ANSWER:
     You are absolutely correct. I wonder how many congressmen have diversified portfolio’s, and why they don’t figure out a way to wean us off the Social Security to a system of mandatory private accounts. I’d bet most have mutual funds where they see 8-12% gains a year. Is it right that our money goes to retired people? Before I get labeled uncaring, I’ll tell people that I don’t want my children supporting me in retirement. I’d rather they invest the money in mutual funds for their own retirement.

     Some numbers for some perspective. If you are employed and make merely 20k a year, you pay 30 into social security and medicare a year. And your employer matches it. If that money, not the employer’s money, just the employee’s money went to a mutual fund, using very conservative figures (conservative small c) of 8% return, which is low, ask a broker, then from 20-60 years old, at retirement, you have 5,103 at retirement. Consider that is never getting a raise making over 20K a year. If you use the median income about 40K, at retirement you have, 0,206. Which a person can pass on to their children. And that is using the low 8% return.

     Knowing this, how can politicians not be serious about private accounts? This shouldn’t be about Republicans and Democrats, it should be about the numbers.

8. QUESTION:
   1) 19 is 95% of what?
   2) The ratio of the length of a side of one square is 3:4. A side off the smallest square is 9 cm. Find the length of a side of the larger square.

   3) You invest 0 for three years and receive in simple interest. What is the annual interest rate? Use the formula for simple interest l=p*r*t, where l is the interest, p is the principal, r is the annual interest rate and t is the time in years.

   3) Suppose a person contributes 6% of her salary to her retirement account. She works 20 hours per at .50 per hour. Find her weekly contribution.

   Calculate the percent of change If necessary round to the nearest tenth.

   4) .50/h to /h

   5) 60 km/h to 45 km/h

   6) 150 lb to 135 lb

   7) to
   A random survey of 60 students showed that 36 students use calculators for computation. What is the probability that a student chosen at random used a calculator for computation?

   9) A softball player made a hit 34 times in the last 170 times at bat. Find the probability that the softball player would get a hit the next time at bat.

   10) 14 cent/oz = $_ /lb

   11) 7 gal/wk = _ qt/h

   12) 35 mi/h = _ft/min

   13) 120 ft/day = _ in./min
   3) You invest 0 for three ye

   • ANSWER:
     1. 20
     2. 12
     3. .80
     4 11.1%
     5 -25%
     6.-10%
     7. 33.3%
     8. 60%
     9. 20%
     10. .24/lb
     11. 0.17qt/h
     12. 3080 ft/min
     13. 1 in/min