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About Retirement Calculator, Inc.
Retirement Calculator, Inc. provides the tools and resources necessary to assist you in making critical economic decisions regarding your retirement future.CBS The Early Show
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Retirement Intelligence Information Services
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Asset Allocation
Often financial "experts" make asset allocation difficult to understand. My goal in this series of articles is for you to understand asset allocation thoroughly, in an easy to understand format.- FREE Retirement Calculator recommended by Ray Martin on the CBS Early Show - Watch the video clip
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| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| 30 yr fixed mtg |
|
3.80% |
|
3.76% |
| 15 yr fixed mtg |
|
3.11% |
|
3.02% |
| 5/1 ARM |
|
2.69% |
|
2.68% |
| 30 yr fixed jumbo mtg |
|
4.38% |
|
4.39% |
| 5/1 jumbo ARM |
|
2.94% |
|
2.89% |
| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| $30K HELOC |
|
4.60% |
|
4.59% |
| $50K HELOC |
|
4.24% |
|
4.24% |
| $30K home equity loan |
|
5.77% |
|
5.76% |
| $50K home equity loan |
|
5.50% |
|
5.47% |
| $75K home equity loan |
|
5.47% |
|
5.44% |
| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| 36 month new car loan |
|
3.13% |
|
3.13% |
| 48 month new car loan |
|
3.24% |
|
3.25% |
| 60 month new car loan |
|
3.34% |
|
3.35% |
| 72 month new car loan |
|
3.31% |
|
3.31% |
| 36 month used car loan |
|
4.36% |
|
4.36% |
| NATIONAL OVERNIGHT AVERAGES | TODAY | +/- | LAST WEEK |
| 6 month CD |
|
0.46% |
|
0.46% |
| 1 yr CD |
|
0.70% |
|
0.70% |
| 5 yr CD |
|
1.38% |
|
1.38% |
| 1 yr IRA CD |
|
0.71% |
|
0.71% |
| 5 yr IRA CD |
|
1.49% |
|
1.49% |
Retirement Medicaid
Retirement Calculator, Inc.retirementmedicaid.com
Seniors can save money at the pharmacy just by knowing what benefits are available. Three of these services are Medicare, State Health Insurance Assistance Programs (SHIP), and the Partnership for Prescription Assistance (PPARX). Medicare The Medicare Prescription Drug Improvement and Modernization Act of 2003 changed how many people in retirement can save at the pharmacy. In the Prescription Drug and Other Assistance Programs section of www.medicare.gov, you will find information on:
These are some of the program highlights. Applying for a Medicare-approved drug discount card, which offers significant savings, is voluntary. Medicare enrollees are eligible to enroll in a Medicare-approved drug discount card, unless you receive outpatient prescription drugs through Medicaid. You do not need to enroll if you get significant help with your drug costs from other sources - such as retiree insurance, Medigap coverage, or health plan benefits. Brand-name drugs are discounted from 11 ½ percent to over 30 percent. The savings are even more dramatic when the discount drug card is applied to generic drugs - 30 to more than 60 percent off. Low-income seniors without drug coverage can get even more help. If you qualify, a $600 credit on the Medicare-approved drug discount card is available. Everyone has different drug needs and purchase preferences. On the Medicare website, there is a Price Comparison tool to help choose your card or you can download their Guide to Choosing a Medicare-Approved Drug Discount Card for more information. Enrollment forms for the Medicare-approved drug discount cards are available on www.medicare.gov or by calling 1-800-MEDICARE. The maximum card fee is $30 per year - many cards offer lower fees or no fee. State Health Insurance Assistance Programs (SHIP) You can get help with prescription drug costs from your State Health Insurance Assistance Program (SHIP), also called State Pharmacy Assistance Programs (SPAP). These state agencies work closely with Medicare and Medicaid. To contact your local SHIP, visit the Medicare website link. If you receive benefits under your State Medicaid's program, then you may not qualify for a Medicare-approved drug discount card. Some beneficiaries enrolled in SPAP get assistance from their state with the Medicare-approved drug discount card enrollment process. Connecticut, Maine, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Rhode Island are the current states helping to make it easier for beneficiaries enrolled in these programs. You should contact your SPAP for information before applying. Partnership for Prescription Assistance (PPARX) Most pharmaceutical companies help the uninsured and the underinsured with the high cost of their drugs, through patient assistance programs. Each company has different income guidelines - you must fall within these to qualify. Check with your pharmacist as to which pharmaceutical company manufacturers your prescription drugs. Then, to find which programs you qualify for, go to the Partnership for Prescription Assistance web site or call 1-888-477-2669. Conclusion Now that you know where to look for your retirement pharmacy savings - Medicare, State Health Insurance Assistance Programs (SHIP), and the Partnership for Prescription Assistance (PPARX) - go out there and get them. How do I keep up-to-date on the latest news impacting my retirement? To keep informed about retirement topics, try a FREE membership to Retirement Intelligence Information Services. At no cost to join, you will receive a bi-monthly newsletter full of financial information to inform and empower you to have a successful retirement. As an added bonus, www.retirementcalc.com will include the Retirement Calculator Software Version 2.0 (a $24.95 value seen live on CBS TV) for FREE. Copyright © 2008, Retirement Calculator, Inc. All rights reserved. |
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Retirement Knowledge Center
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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:
Find Out Your Breakeven AgeWe 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.
