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Calculators

Only 41% of U.S. workers have tried to determine how much they will need to save for a comfortable retirement.

Source: Employee Benefit Research Institute, 2017

How much retirement income will you need? How much life insurance is enough? What type of IRA is right for you?

Our financial calculators are designed as educational tools to help you estimate answers to common financial questions. They are not intended to predict future returns or results. Simply click on one of the general financial topics below and you'll find a selection of easy-to-use calculators about related financial topics.

These calculators are hypothetical examples used for illustrative purposes and do not represent the performance of any specific investment or product. Rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk of loss. Actual results will vary.

Loans & Credit Cards

Estate Planning

  • Estate Taxes

    Use this calculator to estimate the federal estate taxes that could be due on your estate after you die.

Retirement & Inflation

Taxes & IRAs

  • Federal Income Tax

    This calculator can help you estimate your annual federal income tax liability.

  • Tax-Deferred Savings

    Compare the potential future value of tax-deferred investments to that of taxable investments.

  • IRA Eligibility

    Use this calculator to determine whether you qualify for the different types of IRAs.

  • Roth IRA Conversion

    This calculator can help you determine whether you should consider converting to a Roth IRA.

Saving & Investing

  • College Funding

    Use this calculator to estimate the cost of your child’s education, based on the variables you input.

  • Savings Goals

    How much do you need to save each year to meet your long-term financial goals?

  • Savings Accumulation

    Estimate the future value of your current savings.

  • Taxable Equivalent Yield

    Calculate the rate of return you would have to receive from a taxable investment to realize an equivalent tax-exempt yield.

Cash Management

  • Cash Flow Analysis

    This Cash Flow Analysis form will help you weigh your income vs. your expenses.

  • Net Worth

    A balance sheet summarizes your assets and liabilities and reveals your net worth.

  • Lifetime Earnings

    This calculator is designed to help you attach a dollar figure to your life’s work.

Risk Management

Disability Income Insurance

How Much Do You Need?

According to the LIFE Foundation, one in seven workers will suffer a disability lasting five years or more before retirement.

If you were to become disabled due to an illness or injury, how would your cash flow be affected? Would you have enough income to meet monthly expenses? This calculator can help you estimate your need for income protection in the event you become disabled.

According to CNNMoney, nine out of 10 disabilities are caused by common illnesses and health conditions such as back problems rather than by injuries.

 

Based on the information you provided, the amount of income shortfall you might experience during a long-term disability is shown below.

Your Results

Your current monthly expenses: $0
Additional monthly expenses if you were disabled: $0
Your estimated total monthly expenses: $0
Your estimated monthly income during an extended disability: $0
Monthly funds available from other/retirement assets: $0
Your estimated additional monthly income needed: $0
The percentage of estimated total monthly expenses that you would need to replace in the event of a long-term disability: 0%

Long-term disability (LTD) benefits are taxable when the employer pays the premiums, reducing an already limited benefit. In addition, employer provided LTD, even if employee paid, may not be portable. Disability income insurance coverage is generally limited to 60 percent to 70 percent of salary and typically has a monthly cap. Income may not be fully covered due to the cap. Bonuses are not counted as covered income by most LTD policies.

Income may be available from the following sources, but only for a limited time:

  • Accumulated sick-pay benefits.
  • Salary continuation benefits.
  • Short-term disability benefits (typically one year or less, limited amount).

This chart shows the percentage of your monthly expenses that you may need to replace in the event of a long-term disability. A disability income insurance policy is one tool you may want to consider to help you address this potential shortfall. Social Security pays disability benefits, but you must be considered totally disabled, and it can be difficult to qualify for benefits.

Total Monthly Expenses

 

LTCI Cost of Waiting

What Is the Potential Cost of Waiting to Purchase a Long-Term-Care Insurance Policy?

According to The Wall Street Journal, people typically buy long-term-care coverage in their 50s or early 60s and often pay premiums for 20 to 30 years before making a claim.

There is a time-honored phrase related to long-term-care insurance and it goes like this: "Your money pays for long-term-care insurance, but your health buys it."

As one ages, the risk of not being able to qualify for long-term-care insurance may increase due to deteriorating health.

In addition to the risks of health problems as we age, the dollar cost of long-term-care insurance rises dramatically because the insurer has less time to accumulate sufficient reserves to cover its part of the risk.

A complete statement of coverage, including exclusions, exceptions, and limitations, is found only in the long-term-care insurance policy. It should be noted that carriers have the discretion to raise their rates and remove their products from the marketplace.

According to LongTermCare.org, in 2013, the annual average cost nationally for long-term care was $83,950, up from $81,030 in 2012.

 

Long-term-care premiums are based on your age at the time of application. This calculator assumes that premiums are 8 percent higher each year that you delay purchase. Individual policies may vary.

Your Results

Current age: 0
Annual premium for a long-term-care policy: $0
Age you anticipate buying long-term-care insurance: 0
Age you anticipate requiring long-term-care benefits: 0
In this case, your premium at the higher age would be: $0
The total cost difference now through the year when you expect to need benefits as a result of delaying the decision to acquire long-term-care coverage: $0

Based on the information you provided, this chart illustrates the estimated annual costs of a long-term-care insurance policy now vs. waiting. Note that in many cases, your total cost for coverage may be lower if you purchase sooner at a lower premium than if you wait and pay a higher premium, despite the fact that you would potentially pay premiums for fewer years.

Cost of Waiting to Purchase Long-Term-Care Insurance

 

This hypothetical example is only an estimate and assumes that premium levels remain stable over time. This example does not represent any specific insurance policy or product. Actual results will vary.

Life Expectancy

What Is Your Life Expectancy?

Are you planning and preparing to enjoy a long, full life? While no one expects to live forever, you may live much longer than you think. According to the National Center for Health Statistics, a male born today can expect to live to age 76 and a female to age 81. 1

1) Source: National Vital Statistics Report, Vol. 66, No. 6, 2017 (data as of 2015)

Your Results

Considering that 65-year-old retirees could spend as much as one-third of their lives in retirement, the need for sound lifetime financial management becomes evident. Remember that these figures are based on averages — so you are just as likely to live longer than the average expectancy as you are to die sooner than expected. Are you financially prepared for a long, full life?

Your gender: 0
Your current age: 0
Your life expectancy is age: (This figure is just an average. Make plans for a long life.) 0

Did you know that the older you are, the longer you are likely to live? It seems illogical, but it's true. The chart below shows the current life expectancy of males and females at various ages.

Life Expectancy

 

Long-Term Care
Self-Insurance

Will You Be Able to Afford Nursing Home Care?

Medicare will pay for medically necessary skilled nursing-facility care only if admission follows a minimum three-day hospitalization and the patient’s condition is improving.

Nobody wants to think about the possibility of needing long-term care. But if, somewhere down the line, you and/or your spouse do need assistance, will you have the funds available to pay for care? How much will an extended stay in a nursing facility or care received in your own home cost? Will you be able to meet this cost and still pay your and/or your spouse’s personal living expenses? Will there be enough left over to provide an inheritance for your loved ones or your favorite charity? Does it make sense to self-insure when private long-term-care coverage may be available? This calculator will assist you in answering these questions.

The current average daily nursing home cost nationwide is $267 according to the 2017 Genworth Cost of Care Survey. But in some areas of the country, and/or for a private room at a high quality facility, the daily amount can easily exceed $300.

 

Based on your assumptions, the results show the potential cost of care for one year, three years, five years, and 10 years of care.

Your Results

Your current age: 0
Age you begin to use long-term-care services: 0
Assumed inflation rate for long-term-care services: 0%
The current daily cost of a nursing/long-term care facility: $0
Based on your answers, the average daily cost when care is needed: $0
Monthly, this works out to: $0
Total estimated cost if you need one year of long-term care: $0
Total estimated cost if you need three years of long-term care: $0
Total estimated cost if you need five years of long-term care: $0
Total estimated cost if you need 10 years of long-term care:  $0

Long-term care costs can be financially devastating, especially if care is needed for an extended time. And remember, these results estimate the potential costs for one person. What if both you and your spouse needed care simultaneously?

Can You Afford To Self-Insure?

 

This table assumes that long-term-care inflation continues at the same rate entered above.

Life Insurance

How Much Life Insurance Do You Need?

In a 2013 LIFE Foundation study, more than 80% of respondents cited financial reasons for not having enough life insurance coverage to meet their needs. Yet they overestimated the cost of life insurance by about three times the actual price.

Providing for your family in the event of your death is a fundamental of risk management. And life insurance benefits that replace your income may be one of the best ways to meet your family’s ongoing financial needs. This calculator is designed to help you estimate the amount of life insurance you would need to produce a sufficient income stream for your family.

According to LIMRA, the cost of basic term life insurance has dropped by almost 50% over the last decade.

Ensuring that your family can maintain its current lifestyle in your absence is the purpose of life insurance. The figure below shows the life insurance benefit you would need to provide the income stream you specified for the desired number of years.

Your Results

View how the life insurance benefit income stream would be paid out

Current income before taxes $0
Number of years income is needed 0
Based on the above assumptions, you need the following amount of life insurance: $0

The information provided is not specific insurance advice, a guarantee of coverage, or a recommendation. The Life Insurance Calculator is a tool that can help you estimate your life insurance needs. The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance. As with most financial decisions, there are expenses associated with the purchase of life insurance. Please consult your insurance professional to determine the coverage appropriate to your individual situation.

How will the income stream from your life insurance benefit be paid out? What will the balance be year after year? The chart below shows the initial value of a life insurance benefit, how the account balance would fluctuate year by year, and when the benefit would be exhausted. Adjust your answers below and recalculate to see how the new numbers will affect your life insurance benefit.

Year by Year Benefit Value

 
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