How? 2 In the column for You:
What should I enter for retirement age?
Enter the age when youÆd like to stop working full-time. The Planner will tell you whether or not you can afford to retire then. You may need to try different ages until you find one that works.
How do I know when IÆm eligible for Social Security?
When you enter your birth date, Money will supply the age when youÆre eligible to receive Social Security benefits as the default retirement age.
What if I plan to work part-time in retirement?
You still enter the age youÆll be when you plan to stop working full-time. Also, be sure to enter income from a part-time job in the Income place. Because Social Security is based on your earnings, be sure to check with a Social Security representative to learn how your benefits will be affected by working part-time.
What if I don't plan to retire?
Enter your life expectancy as your retirement age. If you plan to work full-time after age 65, be sure to check with a Social Security representative to learn how your benefits will be affected.
Enter the age when you retired as your retirement age. When you do this, Money will know to apply your Social Security or pension income instead of a salary to your financial plan.
What should I enter for life expectancy?
Use the default that Money suggests, or enter a higher number. ItÆs better to over- rather than under-estimate here to ensure your savings donÆt run out too early. For more help, click Calculate estimated life expectancy to go to the Decision CenterÆs Life Expectancy Calculator.
Use the Planner to consider the possibilities and discuss the results with your family. Try entering different values for your life expectancy to see if your family would have adequate means of support if you died. Also, be sure to enter any insurance money your family will get in the Income place.