Welcome to Your Retirement Planner

This site provides useful resources that helps you with your retirement. Do you want to know how much you need to save in order to retire the way you want? Do you know what types of options exist for you for when you need in house or retirement home care?

Use the free tool below to get you an idea of the types of retirement living options.

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Inputs

Please input values that apply to your situation below.

Years Before Retirement Home Living
Enter how many years you plan to live before you enter retirement home living.

Current Total Cash Assets
Enter your current total estimated cash assets (cash, retirement accounts, liquid stocks and funds). Assumes invested in some interest yielding account(s).

Anticipated Annual Savings Contribution Before Retirement
Enter your estimated annual savings you will save each year prior to retirement living. Assumes contribution at the end of each year.

Home Purchase Price
The purchase price of your home (required to calculate amount subject to income tax for any home sale profits)

Home Value At Retirement
The value of your home if you sold it at your retirement.

Remaining Mortgage Outstanding
The remaining mortgage on your home you have outstanding to the bank if any at retirement

Anticipated Years In Retirement
Enter how many years you plan to live in retirement

Fixed Monthly Income At Retirement(pre tax)
Enter your estimated monthly income from pensions, social security, etc. (do not enter income you anticipate from stock or other investments which will be entered separately)

Monthly Bills At Retirement
Enter the amount you anticipate paying for required monthly bills such as utilities, health insurance premiums, etc.

Disposable Monthly Spending Money
Enter the amount you want for monthly spending to pay for food, travel, gifts, etc.

General Assumptions

These are general assumptions made based on typical user scenarios. You can change the values as applies to your situation.

Home Sale Selling Fee Percentage
This typically covers real estate selling fees up to 6% and 2% for house selling preparation fees.

Deduction Allowed for Home Sale Profits
Amount allowed by the IRS for married filing jointly couples to deduct from home sale profits (please check latest IRS publications for actual amount allowed)

Annual Investment Growth Rate Before Retirement
If you have investments in stocks, 401K, etc. - this would be the average anticipated growth rate per year of your investments before your retirement home living.

Income Tax Rate At Retirement
This would be your estimated tax rate at retirement based on your retirement income.

Annual Investment Growth Rate At Retirement
If you have investments in stocks, 401K, etc. - this would be the average anticipated growth rate per year of your investments.

Hourly Cost for In Home Nursing Care
Costs per hour may vary based on number of hours required.

This site is for high level estimating only and may contain out of date or inaccurate information. Please consult your tax advisor/IRS before making any actual financial decisions. This site and site owners hold no liability in the accuracy of the data presented. By clicking on the "Calculate" button below you agree to these terms.

Your results

Home Sales Income Estimate Summary

Home Sales Amount

$400,000

Home Sales Costs

Home Mortgage Remaining

$50,000

Amount of Home Sale Subject to Income Tax

Home Sale Income Tax Amount

Funds Available From Home Sale

Monthly Income Estimate Summary (over 20 years)

Current Cash Assets

$100,000

Current Cash Assets Growth*

Continued Annual Contribution**

Net Cash Assets At Retirement

Cash Assets Income Per Month***

Fixed Income Per Month

$3,000

Monthly Income Tax

Fixed Monthly Bills

$3,000

Disposable Monthly Spending

$4,000

Funds Available Per Month

*This is the amount of interest or other gains you would earn before you enter retirement living if all of your current cash assets increase by 0.07 in the 1 years before you move to a retirement home and earnings are tax deferred.

**This is the amount you would have available monthly if you contribute $2,000 each year to savings for the 1 year(s) before retirement living earning an interest rate of 0.07.

***This assumes you spend ALL of your net cash assets over your 20 year retirement period. This assumes that you would be earning interest at 4.000% per year so the amount you actually have available is more than your cash assets at retirement. The formula accounts for all these factors to come up with this resulting monthly number.

What are my retirement living care options?

In Home Care

In home care means living at home and hiring a skilled professional to provide in home care. This option assumes you won't sell your home (although you could always sell your home and move to a smaller unit.

Based on your monthly funds available of you could have approximately hours of home nursing care per day for the duration of your retirement. You would have an extra per month (or total) from your monthly funds not being spent on in home care that you could apply to your disposable monthly spending or leave to your beneficiaries. You would also have your home value to leave to your beneficiaries.

CCRC

This option assumes you move into a CCRC with independent living, assisted living, and skilled nursing - covering all phases of retirement living needs

UPGRADE - Example CCRC Facility - La Costa Clare

Your financial profile estimate shows you may not be within range of this type of property. Please see details below on what you would need to accumulate to afford this type of facility.

Initial Deposit Requirement:

Met by Funds Available From Home Sale

Monthly Rent Requirement:

Met by Monthly Funds Available

Assisted Living/Skilled Nursing

This option would be to move straight into assisted living when needed and skilled nursing as well.