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Part: 5 Here's Our Advice > Meeting My Retirement Goal Worksheet - Pg. 265

Worksheets 4. 5. 6. 7. 8. 265 Determine the additional money required to inflation-protect your pension income during re- tirement. Identify and project your current retirement resources. Determine the additional money required to fund your retirement goal. Determine how much you'll need to save each year to meet your retirement goal. Close the gap between current savings level and the level needed to meet your retirement goal. Worksheet 5: Determining the Impact of Social Security and Pension on Your Retirement Goal Annual retirement income goal (from Worksheet 3) minus Pension benefit from current employer minus Estimated Social Security benefit at planned retirement age of: ___ (see Social Se- curity table) equals Additional retirement income needed in today's dollars $________ (A) ­ $________ (B) ­ $________ (C) = $________ (D) Meeting My Retirement Goal Worksheet When I Retire, How Much Social Security Will I Get? Table A-1. Your Current Earnings Age in 2001 34 & under 35 40 45 50 55 60 65 $20,000 $10,296 $10,260 $10,176 $10,092 $10,020 $9,936 $9,876 $9,000 $25,000 $11,892 $11,856 $11,760 $11,652 $11,568 $11,472 $11,364 $10,584 $30,000 $13,500 $13,440 $13,320 $13,188 $13,068 $12,960 $12,864 $11,724 $40,000 $16,692 $16,620 $16,488 $16,308 $16,164 $16,020 $15,852 $14,212 $50,000 $18,300 $18,252 $18,168 $18,072 $17,988 $17,904 $17,748 $15,766 $60,000 $19,800 $19,740 $19,632 $19,500 $19,404 $19,260 $18,936 $16,956 $70,000 $21,300 $21,240 $21,120 $20,976 $20,856 $20,604 $19,992 $17,493 $80,400+ $22,860 $22,800 $22,680 $22,476 $22,272 $21,804 $20,880 $18,432 Put this number in Social Security line on prior page. 1. 2. 3. 4. Find the year you were born in the following table. Then find the age you want to retire. Write in your Social Security benefit (from the preceding table). Multiply by this %. Write the answer here. This is your estimated benefit for early retirement. Born 1943­1959 66 Born 1942 or Earlier 65 $________ 100% $________ Born 1960 or Later 67