Financial Tools
These calculators have been provided as a resource for you to help plan your financial matters. Enter your criteria, and you will find answers with dynamic graphs and personalized reports.
Budget
Inflation can erode purchasing power. For example, a dollar today cannot buy the same amount of goods and services it could 20 years ago. It will continue to erode purchasing power in the future. Use this calculator to determine the impact inflation may have on your standard of living.
Where does all the money go? An itemization of your living expenses may help you budget better and plan for future expenses. Use this calculator to help you recall and itemize your living expenses.
It is prudent planning to have at least three to six months of liquid/cash assets set aside in the event of a loss of job, medical emergency, short-term disability, etc. Use this calculator to help determine how much you need to set aside monthly or as a lump sum to create an emergency fund.
When you receive some extra money, it may be difficult to determine whether you should invest the funds or use them to retire debt. Financial theory recommends that if your after-tax return on investments is greater than your after-tax cost of debt, then you should invest. However, remember to consider the inherent riskiness of the investment you select (i.e. you may lose the money you invest yet still have obligations to pay back the liability). Use this calculator to help analyze your situation.
You have worked hard to accumulate your savings. Use this calculator to determine how long those funds will last given regular withdrawals.
A working spouse can provide additional needed household income. However, when making your decision, you need to look at the net income generated by a working spouse, not simply the gross income. Factors such as health insurance savings, increased daycare expenses, additional transportation costs, etc. need to be considered. Use this calculator to help determine the potential additional take-home pay.
In order to get to where you want to go, you need to know where you are. You can get a view of your financial position by generating a personal net worth statement. Over time, your net worth will change as your assets earn interest or are depleted, and your liabilities increase or decrease. Use this calculator to estimate what your net worth could be in the future based on specified growth rates.
In order to get to where you want to go, you need to know where you are. You can get a view of your financial position by generating a personal net worth statement. Over time, your net worth will change as your assets earn interest or are depleted, and your liabilities increase or decrease. Use this calculator to estimate what your net worth could be in the future based on specified growth rates.
Businesses generate a sources and uses of cash statement to evaluate their income and expenses and to check profitability. Similarly, a cash flow statement can help you evaluate your personal income and expenses and see if you are running 'in the red or the black' each month.
Businesses generate a sources and uses of cash statement to evaluate their income and expenses and to check profitability. They also create a pro forma, which is a projection of future cash flows based on assumptions about growth/decline of income and expenses. Similarly, a projected cash flow statement can help you evaluate your personal income and expenses and see if you potentially may run 'in the red or the black' at a future date.
Use this calculator to help determine what you could accumulate by reducing or eliminating discretionary monthly expenses.
College
With college costs increasing at twice the rate of inflation, it is important to start saving early. Interest working for you now in a regular savings program is much better than having interest work against you in the future in the form of education loans. Use our college savings calculator to determine how much you should be saving for college on a regular basis.
When you borrow money for college, you might not be thinking about your ability to repay the loan once you graduate. Outstanding student loan balances may infringe upon your ability to qualify for a home, auto and other personal loans. Use our student loan calculator to help gauge the feasibility of your student loan repayment with your anticipated future income. The government provides a wealth of information on potential student loan debt based on program, career or location.
Tax-deferral can have a dramatic effect on the growth of an investment. With the new Coverdell ESA (formerly known as the Education IRA) your contributions can grow tax-deferred and distributed income tax-free as long as distributions are used for qualified education expenses. These costs can include school uniforms, computers, and transportation for elementary or secondary school, public, private or religious. An annual limit of $2,000 per year for any individual under age 18 applies. Once the beneficiary reaches age 18, they can take control of the account, but funds must be used by the time the beneficiary turns 30 years of age or transferred to a younger sibling. The ability to contribute to a Coverdell ESA is phased out based on the Modified Adjusted Gross Income (MAGI). The annual contribution deadline is April 15 of the following year.
Tax-deferral can have a dramatic effect on the growth of an investment. With a state-sponsored 529 College Savings Plan your contributions can grow tax-deferred (some states allow contributions to be partially or completely deductible) and distributed income tax-free as long as distributions are used for qualified education expenses such as tuition, fees, room and board at higher education institutions. There is no limit on contributions, but some states tend to limit contributions once the plan assets have reached a defined maximum (typically $230,000 - $500,000). Under a special election, you may make contributions per beneficiary in a single year without triggering a federal gift tax by accelerating five years' worth of contributions - based on the applicable gift tax exclusion amount*. Assets are professionally managed by fund managers selected by the state. Participants can choose from two to almost 30 mutual fund-type investments. Control of the account remains with the contributor, regardless of the age of the beneficiary.* This gift is viewed as an accelerated gift over five years. Any other gifts to the same beneficiary by the contributor within five years may result in a federal gift-tax liability. If the contributor dies within the five-year period, a prorated portion of the contribution may be included in his or her taxable estate for federal estate tax purposes.
It may surprise you that, on average, an individual with a bachelor's degree earns approximately $82,576 per year, compared to the $46,228 average yearly salary of a worker with a high school diploma. Use this calculator to see the value of a college education. Source: Bureau of Labor Statistics, 2023.
PLUS loans are low-interest federally insured loans for parents of undergraduate students to help pay a dependent student's college costs. PLUS loans are also available to graduate and professional students. The rate is fixed 2.75% for loans made on or after July 1, 2020.
Before deciding on room and board options when attending college, it may help to itemize and project expenses. These expenses will vary depending on whether you will commute from home, stay on campus, or rent an apartment off campus. Use this calculator to help determine whether living on or off campus is better and to see the costs associated with these alternatives.
Debt
Americans today owe more money than ever before. The fact that 'interest never sleeps' means that the situation will continue to worsen unless steps are taken at the individual level to reduce or eliminate debt. Additional monthly payments can make a difference to accelerate paying off your credit cards and save yourself hundreds and thousands in interest payments. Use our Credit Card Repayment Calculator to figure out when you can pay off your credit card.
By making consistent regular payments toward debt service, you will eventually pay off your loan. Use this calculator to determine how much longer you will need to make these regular payments in order to eventually eliminate the debt obligation and pay off your loan.
The loan amount, the interest rate, and the term of the loan can have a dramatic effect on the total amount you will eventually pay on a loan. Use our loan payment calculator to determine the payment and see the impact of these variables on a specified loan amount, complete with an amortization schedule.
If you know your current payment, the interest rate and the term remaining, you can calculate your outstanding loan balance. Use this calculator to determine the loan balance along with an amortization schedule.
It may make sense to consolidate some of your credit card and other personal debt into a new consolidated loan - perhaps a home-equity loan. Consolidation loans can significantly reduce your required monthly payment because they are generally amortized over 10 or 15 years. Use this debt consolidation calculator to determine how quickly you could get out of debt and how much interest you might save.
The quickest way to retire your debt is to 1) determine what your total debt payment is now, then 2) sort your debts from the highest interest rate to lowest, then 3) continue to make the same total payment amount except pay Minimum Payments on all debts except the highest rate debt, then 4) once the highest rate debt is paid off apply those new savings to the next highest rate debt and so on. Use this calculator to determine the interest and time saved using this 'Roll-Over' technique, along with the potential increase in savings once all the debts have been paid off. The calculator will sort the debts for you when completing the analysis. You may also apply an extra amount to the total payment to accelerate debt payoff even further.
Use this calculator to help determine whether you are better off receiving a lump sum payment and investing it yourself, or receiving equal payments over time from a third party.
Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward the principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments. Use our extra payment calculator to determine how much more quickly you may be able to pay off your debt.
When you receive some extra money it may be difficult to determine whether you should invest the funds or use them to pay towards liabilities. Financial theory recommends that if your after-tax return on investments is greater than your after-tax cost of debt then you should invest. Use this calculator to help analyze your situation.
Home & Mortgage
When you're buying a home, mortgage lenders don't look just at your income, assets, and the down payment you have. They look at all of your liabilities and obligations as well, including auto loans, credit card debt, child support, potential property taxes and insurance, and your overall credit rating. Use our new house calculator to determine how much of a mortgage you may be able to obtain.
Depending on when you bought your home, your mortgage interest rate may be higher than what's available today. This means you may be paying more than you need to every month! Refinancing gives homeowners the opportunity to update their mortgage terms and take advantage of lower rates. Whether through market changes or changes in your credit score, you could qualify for a lower rate and end up saving a significant amount of money on mortgage payments over time. Use our refinance calculator to analyze your situation today!
The loan amount, the interest rate, and the term of the mortgage can have a dramatic effect on the total amount you will eventually pay for the property. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI). Use our mortgage calculator to see the impact of these variables along with an amortization schedule. Accurately calculating your mortgage can be a critical first step when determining your budget.
Different mortgage terms and rates can make the loan selection process confusing, especially if you don't plan on keeping the loan for the full term. Use this calculator to determine the total cost in today's dollars of various mortgage alternatives taking into account your opportunity cost of money.
In some cases, it may benefit you to 'buy down the interest rate' by paying extra money up front in the form of discount points. Use this calculator to help determine if this makes sense for you.
With interest rates near forty year lows, the decision to rent versus buy becomes difficult. Use this calculator to help determine which makes sense for you at this time.
It may surprise you that most banks and mortgage companies collect two to three dollars for every dollar that you borrow! However, there is a way to accelerate mortgage payoff using a method called Bi-Weekly Mortgage Payments. This program is implemented by dividing your monthly mortgage payment in half and paying it every other week - resulting in a net effect of paying an extra payment toward principal each year.
Many lenders will offer a 'no-cost' loan in lieu of a traditional mortgage. 'No-cost' loans are generally priced at a higher interest rate than a traditional mortgage. The higher rate allows the lender to make enough money on the interest rate spread from the underwriter to pay for all your closing costs and provide them with their profit. Use this calculator to help determine if a no-cost loan with your lender is better than a traditional mortgage.
With the interest on a mortgage being deductible when you itemize deductions, it may surprise you how much you can save in taxes. Use this calculator to determine your potential tax savings with a mortgage. (Consult your tax advisor regarding the deductibility of interest.)
It is a difficult decision to decide between a fixed and an adjustable-rate mortgage. Factors such as loan duration, the index used by the lender, the number and timing of rate adjustments, and your assumption about the increase/decrease of future interest rates all have an impact. Use this calculator to help compare the total cost of each alternative.
Unlike fixed rate mortgages, the payments on an adjustable rate mortgage will vary as interest rates change. Use our adjustable rate mortgage (ARM) calculator to see how interest rate assumptions will impact your monthly payments and the total interest paid over the life of the loan.
If you choose to finance your closing costs, the monthly loan payments will be higher than if you had paid the closing costs out-of-pocket. In order to help borrowers compare loans, lenders use a standard calculation called annual percentage rates (APR) which takes into account the closing costs. Use this calculator to itemize the closing costs and to compare loans with different rates, fees or terms.
Income
In 2023 estates worth up to $12.92 million will be excluded from paying federal estate tax. This means that the federal government could 'inherit' a significant portion of your estate unless you take measures to preserve your wealth. Use this federal estate tax calculator to help estimate your tax liability.
Taxes are unavoidable and without planning, the annual tax liability can be very uncertain. Use the following calculator to help determine your estimated tax liability, along with your average and marginal tax rates.
Each April, many taxpayers are surprised as they realize that they have either over withheld or under withheld on their taxes. Use this paycheck withholding calculator at least annually to help determine whether you are likely to be on target based on your current tax filing status and the number of W-4 allowances claimed. Then make adjustments to your employer W-4 form, if necessary, to more closely match your 2023 federal tax liability. In the event of a projected tax surplus, you may be able to increase your W-4 paycheck withholding allowances and, thereby, increase your paycheck amount.
Interest paid on debts incurred in order to invest (such as 'margin accounts') is generally deductible to the extent that it offsets investment income (such as interest, dividends and short term capital gains). Interest payments in excess of investment income can be carried forward in hopes of offsetting future investment income. This calculator can help you better manage the use of debt as an investment tool, and more accurately time your income and interest payments to take the best advantage of current deductibility laws and limitations.
Self-employment taxes are comprised of two parts: Social Security and Medicare. You will pay 6.2 percent and your employer will pay Social Security taxes of 6.2 percent on the first $128,400 of your covered wages. You each also pay Medicare taxes of 1.45 percent on all your wages - no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings, but you are able to deduct the employer portion. You will pay an additional 0.9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers, $250,000 for married filing jointly, and $125,000 married filing separate. Use this calculator to estimate your self-employment taxes.
Federal taxes on net long-term gains (assets held more than one year) will vary depending on your filing status and income level. Use this calculator to help estimate capital gain taxes due on your transactions.
Investment vehicles are taxed differently. This investment growth calculator is intended to help compare a fully taxable investment to two tax advantaged situations. In one situation, an investment account is not taxed until the money is withdrawn. In the second scenario, the money is an investment that is not subject to Federal or State tax.
Did you know that up to 85% of your Social Security Benefits may be subject to income tax? If this is the case, you may want to consider repositioning some of your other income to minimize how much of your Social Security Benefit may be taxed and, thereby, maximize your retirement income sources.
Interest paid may or may not be tax-deductible, depending on the type of interest paid. Use this calculator to help determine what, if any, interest you pay this year may be deductible and to what extent it may save you on taxes.
If you have numerous itemized deductions such as mortgage interest, charitable contributions, etc., it may make sense for you to itemize your deductions instead of using the standard deduction for your tax filing status. However, with a change in tax law capping some itemized deductions while increasing the standard deduction, it might be better not to itemize and take the standard deduction. Calculate below to find out what is best for your situation when it comes to filing your taxes.
Tax-free investments such as municipal bonds have lower yields due to their tax-exempt status. Use this calculator to determine an equivalent yield on a taxable investment. The higher your marginal tax bracket (state and federal), the higher the tax-equivalent yield. Note: This calculator assumes state taxes paid are fully deductible on your federal form. If that is not the case, then include the state tax percentage as part of the federal tax percentage.
Insurance
Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step may require the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short. This life insurance calculator will help you determine the policy that is right for you.
With medical advances and improved lifestyles, the average life expectancy in the United States is on the rise.* Use this life expectancy calculator to help determine how many years you may need to plan for in retirement or how many years you may need to provide income to a surviving spouse or children.* Source: National Association of Insurance Commissioners, 2016
Long gone are the days of being buried in a pinewood box. Funeral expenses can vary from several thousand dollars up to $15,000 and more depending on which services you select. Funeral homes and crematoriums provide a list of expenses, some of which have been enumerated here. Use this calculator as a guideline to help estimate your burial and final expenses.
Your chances of becoming disabled are far greater than your chances of dying. It may surprise you that in December 2010, there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving Social Security insurance benefits due to a disability.** Source: Social Security Administration, Disabled Worker Beneficiary Statistics, ssa.gov
It may surprise you that just over 1 in 4 of today's 20 year-olds will become disabled before they retire.* Use this calculator to determine your chances of becoming disabled.* Source: Social Security Administration, Fact Sheet, March 18, 2011
There are basically three ways to fund your long-term care needs: self-insure, qualify for Medicaid, or obtain long-term care insurance. Use this calculator to determine your potential long-term care needs and how long your current assets might last.
Most people earn a small fortune during their lifetime. Yet many of them are unaware of how their annual income adds up over the years. This calculator, designed to help you estimate how much you'll earn before you retire, may surprise you with your own earning capacity.
Deposits into an annuity are not tax-deductible, however you don't have to pay taxes on the interest earned until you begin making withdrawals. This tax-deferral period can have a dramatic effect on the growth of an investment. Use this calculator to compare the tax advantages of saving in an annuity versus an account where the interest is taxed each year, such as a CD.
You may think that you are adequately insured in the event of your death. It may surprise how quickly the tax-free insurance proceeds may be depleted by your survivor income needs.
Unlike a taxable account, a fixed annuity enjoys the benefits of tax deferral. In addition, many annuity companies offer a higher first year bonus rate. To be able to offer these higher rates, companies typically require you to keep the funds invested for a period of time or suffer a surrender penalty for early withdrawal. Use this calculator to help determine your annuity value in a given year and compare it to a taxable savings account like a CD.
Health Savings Accounts (HSAs) were created by the Medicare bill signed by President Bush on December 8, 2003. HSAs are a form of medical savings account that must be accompanied by a high-deductible health insurance plan. HSAs allow individuals/employers to set aside money on a pre-tax or tax-deductible basis and then withdraw the money tax-free to pay qualifying medical expenses. Use this calculator to help compare a traditional, low-deductible health plan to a high-deductible health plan accompanied by an HSA to cover out-of-pocket expenses.
Investment
Over 90 percent of investment returns are determined by how investors allocate their assets versus security selection, market timing and other factors.* Use this calculator to help determine your portfolio allocation based on your propensity for risk.* Source: Brinson, Singer, and Beebower, 'Determinants of Portfolio Performance II: An Update,' Financial Analysts Journal, May-June 1991
Many investments are taxed differently. For example, with bonds, some may be taxed federally only, some may be taxed at the state level only, and some may be taxed both at the state and federal level. Use this calculator to help make an apple-to-apple comparison of varying investment returns.
Bond values are very sensitive to market interest rates. For example, if you purchased a bond with a stated/coupon rate of 10% and market rates had declined to 8% since you purchased the bond, then the value of your 10% bond in a market crediting 8% would be higher. Use this calculator to help determine the value of a bond.
Purchase price, loan terms, appreciation rate, taxes, expenses and other factors must be considered when you evaluate a real estate investment. Use this calculator to help you determine your potential IRR (internal rate of return) on a property.
Compound interest can have a dramatic effect on the growth of an investment. Use this compound interest calculator to illustrate the impact of compound interest on the future value of an asset.
A Call option represents the right (but not the requirement) to purchase a set number of shares of stock at a pre-determined 'strike price' before the option reaches its expiration date. A call option is purchased in hopes that the underlying stock price will rise well above the strike price, at which point you may choose to exercise the option. Exercising a call option is the financial equivalent of simultaneously purchasing the shares at the strike price and immediately selling them at the now higher market price. A Put option represents the right (but not the requirement) to sell a set number of shares of stock (which you do not yet own) at a pre-determined 'strike price' before the option reaches its expiration date. A put option is purchased in hopes that the underlying stock price will drop well below the strike price, at which point you may choose to exercise the option.
Tax-deferral can have a dramatic effect on the growth of an investment. Use this calculator to determine the future value of an investment being subject to income tax each year, versus deferring the tax until withdrawal.
On your way home from work, do you drive in the slow lane or the fast lane? Each person has a different propensity for risk. When investing, this risk propensity can be used to determine the percentage of your portfolio that is exposed to equities. Complete the following questionnaire to help determine your risk profile.
It may surprise you how much more you could accumulate in savings simply by repositioning assets to achieve potentially a slightly higher return. Even one, two, or three percent return over a short number of years can make a dramatic difference.
Use this Certificate of Deposit Calculator to help determine the potential interest growth and tax liability on your Certificate of Deposit.
Dividends paid by a corporation can make up a significant portion of the cash flow generated by a stock purchase. Use this calculator to help determine your pre-tax and after-tax yield on a particular stock.
It may surprise you how sales charges, management fees and lost opportunity cost can erode the total return on your mutual fund. Use this calculator to estimate the impact these charges may have on the growth of your investment.
Payroll & Benefits
A bonus from your employer is always a good thing, however, you may want to estimate what you will actually take-home after federal withholding taxes, social security taxes and other deductions are taken out. Use this calculator to help determine your net take-home pay from a company bonus.
Contributions to a qualified plan, participation in a company-sponsored cafeteria plan, change in filing status, or number of allowances claimed will have a direct impact on take-home pay. For example, due to federal tax savings, contributions to a qualified plan do not translate into a direct dollar-for-dollar tradeoff on take-home pay. Use this take home pay calculator to help compare your current situation to what-if scenarios.
Use this calculator to determine what your hourly wage equates to when given your annual salary - it may surprise you what you make on an hourly basis.
Use this calculator to determine your equivalent annual salary when given what you get paid per hour - it may surprise you what you make on a yearly basis.
Your company-issued employee stock options may not be 'in-the-money' today but assuming an investment growth rate may be worth some money in the future. Use this calculator to help determine what your employee stock options may be worth, assuming a steadily increasing company value.
When your employee stock options become 'in-the-money', where the current price is greater than the strike price, you can choose from one of three basic sell strategies: Exercise your options, then hold the stock for sale at a later date (exercise and hold); hold your options and exercise them later (defer exercise); or exercise your options and immediately sell the stock (exercise and sell). This calculator will help you decide which choice will likely maximize your after-tax profits.
It may surprise you how significant your retirement accumulation may become simply by saving a small percentage of your salary each month in your 401(k) plan. Use this calculator to estimate how much your plan may accumulate for retirement.
It may surprise you how significant your retirement accumulation may be simply by increasing the percent of your salary that you save each month in your 401(k). Use this calculator to estimate how much more you could accumulate, taking into account any employer match (if applicable).
Qualified Plans
When you reach retirement, and if your company provides a pension program, you will be offered a number of payout options. Typically, they will be the Single Life and the Joint Survivor payout options. Single Life pays a higher monthly amount but stops paying once you die, whereas, the Joint Survivor will pay a lower monthly amount but will continue until both you and your spouse are deceased. This calculator will help evaluate total payout amounts under both scenarios given specified life expectancies.
Many factors can affect your eligibility and contribution limits to either the Traditional IRA or Roth IRA — tax filing status, your current earned income level and whether you participate in a retirement plan at work. Use this calculator to help you determine whether you are eligible to contribute to both the Traditional IRA and Roth IRA and the maximum amount that may be contributed.
Your retirement income can vary widely depending on what type of IRA holds your savings and what assumptions you make about return and tax rates during the accumulation and withdrawal periods. Use this calculator to help estimate your monthly and annual income from various IRA types.
Roth IRA is a great way for clients to create tax-free income from their retirement assets. Yet, keep in mind that when you convert your taxable retirement assets into a Roth IRA, you will generally pay ordinary income tax on the taxable amount that is converted. The conversion amount is not subject to the 10% early distribution penalty. Your tax-free potential is maximized if you pay the taxes from your current income or personal savings and not from your IRA. Individuals of all income levels are eligible to convert to a Roth IRA.
It may surprise you how significant your retirement accumulation may be simply by contributing regularly to a qualified plan. Use this calculator to estimate how much you may accumulate by saving in a qualified plan.
Current tax law specifies that once you reach age 73, you must begin taking RMDs annually from your IRAs and other retirement plans. Generally, the RMD amount is determined based on your prior year's IRA balance of all of your IRA assets divided by your life expectancy. If RMDs are not taken annually, you may be subject to an additional 25% penalty for the amount you were supposed to take. Please note, this tool is designed to provide an estimate for individuals age 73 or older.
Current tax law specifies that once you reach age 73 (75 if born after 1959) you must begin making taxable withdrawals from your Traditional IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, account balance at the end of the previous year, marital status and spouse's age. If you do not meet the annual minimum distribution, you may be subject to a 50% penalty on your underpayment, plus ordinary income tax as the funds are withdrawn.
You've spent a long time accumulating funds in your retirement account. When you retire and take distribution of your funds, you have many options to consider.
Many employees are not taking full advantage of their employer's matching contributions. If, for example, your contribution percentage is so high that you obtain the $22,500 (year 2023) limit or $30,000 (year 2023) limit for those 50 years or older in the first few months of the year then you have probably maximized your contribution but minimized your employer's matching contribution.
Some qualified retirement plans include the option for qualifying participants to take a loan against their retirement account balance. Many people borrow from their retirement plan to pay off high-interest debt or to make a major purchase. Although the borrowing rates may be favorable, usually 1-2% above the prime rate, the impact on future retirement earnings needs to be taken into account. This calculator can help you make a more informed decision about whether a loan is the right approach for your financial situation. During the loan repayment period, if you elect to suspend ongoing contributions to the plan, your future retirement accounts balance may be further impacted. This analysis does not take into account any loan initiation fees that might apply. It also does not consider the impact of taking a withdrawal from the plan for financial hardship (purchase of a primary residence, college tuition, funeral expenses, etc.). Contact your plan administrator for details on the loan and withdrawal options available to you.
Many people feel the need to withdraw funds from their 401(k) plan due to hardship or other emergency. Use this calculator to help determine the impact of lost contributions and retirement funds due to early withdrawal.
Compensation for a self-employed individual (sole proprietor or partner) is that person's earned income.* The starting point to determine the individual's earned income is the net profit amount from the Schedule C (or Schedule K-1 for a partnership). Use this calculator to determine your maximum contribution amount for the different types of small business retirement plans, such as Individual(k), SIMPLE IRA or SEP-IRA.*Earned Income = Net Profit – 1/2 of Self-Employment Tax – Contribution
Consideration of NUA strategy is important if you are distributing highly appreciated employer securities from your prior employer's qualified plan, such as 401(k). Cost basis, the value of the employer contribution to your behalf, is subject to ordinary income tax upon distribution. In addition, the 10% early distribution penalty may apply unless you have an exception (i.e. attained age 55 or older and separated from service). Taking in-kind distribution allows the appreciation (NUA) above the cost basis to be taxed at the more favorable capital gains tax rate. For this reason, upon separation from service it may be more tax advantageous to transfer the employer securities to a regular taxable account instead of rolling the asset into an IRA where future distribution will be taxed as ordinary income.
Retirement
Your living expenses may increase or decrease at retirement, but will likely not stay the same. You may travel more, reduce business expenses such as eating out and transportation costs, perhaps your house will be paid off. Use this calculator to help compare living expenses now from the day you retire. This will also help you to plan your saving requirements for the day you retire.
Retirement can be the happiest day of your life! This pre-retirement calculator was developed to help you determine how well you have prepared and what you can do to improve your retirement outlook. It is important that you re-evaluate your preparedness on an ongoing basis. Changes in the economic climate, inflation, achievable returns, and in your personal situation will impact your plan.
One method of retirement planning is to project what you are currently saving and have already accumulated to see if you will have enough to meet your retirement objectives. Use this retirement planning calculator to determine when/if the money will run out during retirement, and it will recommend additional savings if required.
Depending upon your current earnings, Social Security can be a significant part of your retirement income. However, many factors will impact the benefit you may receive. Use this calculator to approximate your Social Security benefit. For a more accurate estimate, taking into account your earnings history, contact the Social Security Administration at (800) 772-1213 or visit www.ssa.gov.
It may surprise you how much inflation can erode purchasing power. Use this calculator to estimate how much more income you may need when factoring in inflation between now and until you reach retirement to keep the same standard of living that you may have today.
Due to increasing life expectancies, many are running into the problem of outlasting their savings. Use this calculator to help determine when your retirement savings account may be depleted, given a specified monthly income target. You may currently be in receipt of a company pension or other fixed income such as Social Security to help supplement your retirement savings account.
A penny saved is a penny earned, but a penny saved today is a penny potentially earning more. Use this calculator to determine how much more you could accumulate at retirement by beginning your savings plan today rather than waiting.
It may surprise you how much you can accumulate for retirement simply by foregoing a few luxuries such as a one-time purchase of a boat or cabin, or trimming back recurring monthly expenses such as eating out, movies, magazine subscriptions, cable tv programming, video rentals, vending machines, etc. Use this calculator to determine how much you could accumulate for retirement by saving instead of spending.
It may surprise you how significant your retirement accumulation may become simply by saving a small percentage of your salary each month in your 401(k) plan. Further, it may be useful to estimate your future monthly income generated by these savings and what that means in today's dollars.
Your retirement income can vary widely depending on what type of account holds your savings and what assumptions you make about return and tax rates during the accumulation and withdrawal periods. Use this calculator to help compare employee contributions to the new after-tax Roth 401(k) and the current tax-deductible 401(k).
Savings
It may surprise you how quickly you can accumulate a million dollars. Use this calculator to determine the annual amount you would have to set aside each year to reach a million dollars and reach your goal of being a millionaire.
Saving regularly can help you achieve your future income goals. Use this calculator to determine how much income an existing balance and/or a regular savings plan can provide.
Compound interest can have a dramatic effect on the growth of a single deposit. By dividing 72 by your investment return, you can determine the amount of time required for your money to be worth about twice as much as it is today.
Compound interest can have a dramatic effect on the growth of a single deposit. Use this calculator to determine how many years an existing savings account will take to reach your stated objective.
A penny saved is a penny earned, but a penny saved today is a penny earning more. It is important to start saving as soon as possible for events such as retirement due to the impact of compounding. If you start saving now, you will need to save considerably less than if you wait a few years. Use this calculator to determine how much extra you will need to save if you wait.
What are you saving for: a computer, car, boat, summer home, down payment? Use this calculator to determine what you need to save on a regular basis to have the funds ready when needed.
Compound interest can have a dramatic effect on the growth of regular savings and lump sum deposits. Use this calculator to determine the potential future value of your savings.
The rate of return (ROR), sometimes called return on investment (ROI), is the ratio of the yearly income from an investment to the original investment. The initial amount received (or payment), the amount of subsequent receipts (or payments), and any final receipt (or payment), all play a factor in determining the return. Use this rate of return calculator to calculate these returns.
Taxes and inflation can have a dramatic effect on the growth of an investment. Use this investment return calculator to determine the impact taxes and inflation can have on the purchasing power of your investment.
The number of compounding periods per year will affect the total interest earned on an investment. For example, if an investment compounds daily, it will earn more than the same investment with the same stated/nominal rate compounding monthly. Use this calculator to determine the effective annual yield on an investment.
Business
Implementation of a Qualified Plan and/or Section 125 Cafeteria Plan can result in significant tax savings and benefits to both the employer and employee. Use the following calculator to estimate the potential savings generated by implementing one or both of these plans.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice or supplement the advice of a professional advisor. There is not and can not be a guarantee of their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. You are encouraged to seek personalized advice from qualified professionals regarding all personal finance issues.