+ Reply to Thread
Results 1 to 7 of 7

Retirement formula

  1. #1
    Registered User
    Join Date
    02-22-2020
    Location
    Canada
    MS-Off Ver
    365
    Posts
    11

    Retirement formula

    Hi all. I’m a little rusty in math so I have question. I’m trying to figure out a formula that will calculate how many years I have to work with a company before I can retire.

    Now the catch is the company uses the 85 factor which is age at retirement + years of service = 85

    I’d like to be able to put in age that a person started working with company and get the formula to calculate for me at what age I can retire to meet the 85 factor

  2. #2
    Forum Expert
    Join Date
    02-10-2019
    Location
    Georgia, USA
    MS-Off Ver
    Office 365
    Posts
    2,824

    Re: Retirement formula

    If you wanted to enter the person's age when they started working at the company, you'd also need to include what date they started at the company. So if you entered their age when they started in A1, the date they started in B1, in C1 you could try:
    =85-A1-(TODAY()-B1)/365

  3. #3
    Registered User
    Join Date
    02-22-2020
    Location
    Canada
    MS-Off Ver
    365
    Posts
    11

    Re: Retirement formula

    I tried that formula for myself but it doesn’t seem to work. It show me a number that’s def not the age when I would be able to retire

  4. #4
    Forum Expert
    Join Date
    02-10-2019
    Location
    Georgia, USA
    MS-Off Ver
    Office 365
    Posts
    2,824

    Re: Retirement formula

    I kind of misread your original post, plus it says 2 things - you first said, to figure out a formula that will calculate how many years I have to work with a company before I can retire and then said, formula to calculate for me at what age I can retire to meet the 85 factor.

    it seems based on what you are saying, if you want to know what age you can be to retire, you don't need to know what age you were when you started working there, just what date you started working there. So if you enter your hire date in cell A1, in cell B1 you could enter:
    =85-(TODAY()-A1)/365

    So if you started working on Jan 1, 2012, you could retire at age 76.84.

    Am I understanding correctly?

  5. #5
    Registered User
    Join Date
    02-22-2020
    Location
    Canada
    MS-Off Ver
    365
    Posts
    11

    Re: Retirement formula

    there I think I've attached it now, with what I have so far
    Attached Files Attached Files
    Last edited by tankrd; 02-28-2020 at 09:20 PM. Reason: attachment

  6. #6
    Registered User
    Join Date
    02-22-2020
    Location
    Canada
    MS-Off Ver
    365
    Posts
    11

    Re: Retirement formula

    I've also placed some conditioning on the retirement age as I did not want it to go past 65 as that is the official retirement age here. So the formulas account for the fact that if you would have to work past 65 to complete the factor 85 it stops at 65 and it also accounts and reduces the years to work up to age of 65.

  7. #7
    Forum Guru
    Join Date
    08-28-2014
    Location
    USA
    MS-Off Ver
    Excel 2019
    Posts
    17,532

    Re: Retirement formula

    If I understand correctly then what you have so far seems to work pretty well and the "(85-C2)/2+C2" part of the formula for age at retirement is clever.
    I simplified/modified some formulas and put in a check column (Factor).
    The formula for age at start could be: =DATEDIF(A2,B2,"M")/12
    The formula for age at retirement could be: =MIN(65,(85-C2)/2+C2) > the conditional formatting rule was removed.
    The formula for years to work could be: =D2-C2
    The formula for factor is: =SUM(D2:E2)
    The formula for retirement date could be: =EDATE(B2,E2*12)
    Note that the formatting of columns C:F has been changed to fraction > up to two digits
    Test by using the dates Sept 1 2026 and Sept 1 2027 as the start dates
    Let us know if you have any questions.
    Attached Files Attached Files
    Consider taking the time to add to the reputation of everybody that has taken the time to respond to your query.

+ Reply to Thread

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Formula for Retirement % in graduating levels
    By Gower Girl in forum Excel General
    Replies: 5
    Last Post: 02-12-2016, 06:51 PM
  2. [SOLVED] Formula required for retirement planning forecaster
    By patrick198uk in forum Excel Formulas & Functions
    Replies: 5
    Last Post: 11-04-2013, 06:58 PM
  3. [SOLVED] Retirement Date Formula
    By adam_crowther in forum Excel Formulas & Functions
    Replies: 1
    Last Post: 07-03-2013, 07:47 AM
  4. formula for calculating retirement date
    By sinchu in forum Excel Formulas & Functions
    Replies: 1
    Last Post: 01-29-2013, 12:38 PM
  5. Retirement Investment Formula
    By flds in forum Excel General
    Replies: 3
    Last Post: 05-10-2010, 07:55 PM
  6. Using FV formula to determine employee retirement plan
    By gomumy97 in forum Excel Formulas & Functions
    Replies: 3
    Last Post: 10-30-2007, 05:40 PM
  7. I need to know formula for matching retirement percents
    By pebbles2005 in forum Excel Formulas & Functions
    Replies: 1
    Last Post: 03-31-2005, 04:06 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

Search Engine Friendly URLs by vBSEO 3.6.0 RC 1