Charitable Giving: Calculate your retirement age
If only we could peer into a crystal ball to find the perfect age to retire. Unfortunately, there’s no crystal ball, and setting a retirement age isn’t a one-size-fits-all affair that can be quickly determined by a financial planning professional.
Calculate your magic date
An online retirement calculator, such as one offered by the Financial Industry Regulatory Authority, can estimate how much money you will have at retirement.
This tool can also outline any adjustments you need to make. Take the wheel in planning your future with these four easy ways to calculate your expected retirement age.
1.) What are my expectations for retirement? Do you want to volunteer, travel or move out of state? This will be the basis for your future budget.
2.) What are my Social Security benefits? For most Baby Boomers, full retirement benefits kick in at age 66. Reduced benefits can be claimed beginning at age 62. Your age at the time you seek benefits factors heavily into the amount of income you’ll need.
3.) What kind of health-care coverage do I need? You can qualify for Medicare coverage at age 65. If you retire earlier and need health care coverage, you may need to find a private plan, which can be expensive. Health-care costs may be one of your biggest expenses as you age.
4.) How can I take care of loved ones and the causes I care about? There are many flexible giving options to incorporate into your estate plan. Consider leaving a gift to a charitable organization in your will or leaving a percentage of your estate. Planned gifts also help nonprofits prepare for the future!
Take control of your retirement future and make a plan. If your plan involves making a charitable gift, consider helping children and adults living with autism through the Eden II & Genesis Foundation. For more information, please email info@eden2.org or call (718) 816–1422 ext. 1040. You can also visit www.plannedgiving.eden2.org.
This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.
