Create If/Then formula to return a specific % for an age range as of today's date

Hi all I am new to this forum and am in desperate need of assistance.

I am trying to create a spreadsheet to pay profit shares for my employees. Employees are given a certain percent of contributions according to their age. The percentage contribution is calculated on a bi-weekly basis to coincide with our payroll. The contributions are as follows:

Age 60 or greater 10%
55-59 9%
50-54 8%
45-49 7%
40-44 6%
35-39 5%
30-34 4%
20-29 3.33%

In the spreadsheet I have a datedif cell that calculates the employees’ age in Year Month Days format as of today’s date. I was trying to create an “if” “then” formula that would return the % of contribution associated with the employees’ age as of today’s date but it did not work. I only get 10% back regardless of age (here is my formula: =IF(AH7>=60,".10",IF(AH7<=59,".09",IF(AH7<=54,".08",IF(AH7<=49,".07",IF(AH7<=44,".06",IF(AH7<=39,".05",IF(AH7<=34,".04",IF(AH7<=29,".0333")))))))).

I know that I can simply do it based on the year of birth but then that would mean an individual who turns 45 in December would receive a higher payout for the entire year when he is not yet eligible for it. How can I write the formula to yield the information that I need.

Thanks in advance for your assistance.

Hi, I think you have to add some cutoff parameters (lets say you have to be 52 by July => offset -180 days in order to earn the next level of compensation. Given that all you have to do to correctly calculate the % is to subtract the 180 (let's say) from the cutoff date of the calculation.

Another way is to proportionally give the % for that turning year (birth month * old % + (12-birth month)* new %