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About Retirement Calculator, Inc.

CBS The Early Show

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Michigan Office of Retirement Services

What can you learn when you visit the Michigan Office of Retirement Services?

If you live in Michigan and have started thinking about saving for and investing in your retirement, chances are good that you have at least heard about the Michigan Office of Retirement Services. However, if you are unfamiliar with the Michigan Office of Retirement Services, or if you have some questions about what you could learn by scheduling an appointment at the Michigan Office of Retirement Services, you might be surprised by what they can help you with.

For example, the Michigan Office of Retirement Services can help you to learn more about the differences between different retirement savings accounts. Those who work at the Michigan Office of Retirement Services are going to be able to tell you more about the different types of investments that you can make as a part of saving for your retirement, and can help to explain the differences between those investments.

Developing an understanding of retirement savings accounts on a general level is important because it can help you to determine the best way of saving for your own retirement. Understanding the different types of investments that you can make and the level of risk that is associated with them is also important. However, even if you do live in Michigan, you just might find that it is not necessary to visit the Michigan Office of Retirement Services in order to get the details and information that you need. What you might find, instead, is that you are able to gather a lot of the same details on your own and that it's possible to do more when you have more personalized information.

In other words, when you are able to look at your retirement savings accounts and see how they are performing and you are able to make a comparison to similar accounts, you will get a feel for whether or not you are saving for retirement in the way that is best for you. Likewise, when you are able to look at your investments to see how they have performed over time and to determine how they are projected to perform in the future, you will be able to see whether or not the risk that you undertake is worth it.

With the free retirement calculator that you can download at the bottom of this page, you can get that information and see the details for your savings and investment accounts. You will be able to look at alternatives to see whether or not they would be more beneficial to your retirement finances. And, because your contact information will be forwarded to a financial advisor in your area who will call you to follow up, you will also be able to get answers to your questions and to develop a plan for reaching your retirement goals.

While you could learn many of these things and a lot of additional information about your retirement savings with a visit to the Michigan Office of Retirement Services, you just might find that you are far more comfortable getting that information from the comfort of your own home. See for yourself: click to download the free retirement calculator to get started.

Find a Qualified Financial Planner in Your Area

Do You Know the Answers to These Important Retirement Questions?

• Are you retired or thinking about retiring?
• Do you have enough money to comfortably live throughout your retirement years?
• Would you like FREE face to face advice or retirement consulting from a trusted local financial advisor?
• Are you looking for help to achieve your long-term financial goals?
• Would you like to learn more about Annuities, 401's, Life Insurance and Long Term Care?

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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:

We 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.