I am working on a retirement planning spreadsheet. One of the parts of this is to determine how long someone can withdraw fund at a certain percent of their income. For example, the user inputs there age, current savings, ivestment return rate, and desired retirement age. The sheet then calculates how much money the person will have at retirement given these factors.
The user also inputs what percentage of current income they will need in retirement. If the user needs 80% of income, then the sheet withdraws 80% of income each year from the assets at retirement while adjusting for inflation.
I need to determine how to add social security money to this retirement withdraw process. The problem is, people can first access social security at age 62. So if someone retires at age 50, the calculator should not reduce the size of retirement withdrawls until the person reaches age 62. How do I set this up?????
The retirement data is displayed like:
Years of Retirement.....Retirement Savings.....Annual Withdrawl
..........1.......................4,166,989...................204,500.......
..........2.......................4,239,987...................210,000.......
So the annual withdrawl is increasing with inflation, and retirement savings is compounding at a specific rate. I want to reduce the amount of the annual withdrawl by social security payment, starting at age 62.
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