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Beginning Your Financial Journey
Protecting Your Family
How much should I be saving for college?
With college costs increasing at twice the rate of inflation, it is important to start saving early. Interest working for you now in a regular savings program is much better than having interest work against you in the future in the form of education loans. Use our college savings calculator to determine how much you should be saving for college on a regular basis.
What is the value of a college education?
It may surprise you that, on average, an individual with a bachelor's degree earns approximately $57,026 per year, compared to the $34,197 average yearly salary of a worker with a high school diploma. Use this calculator to see the value of a college education. Source: U.S. Census Bureau, American Community Survey, 2006-2008.
When should I begin saving for my child's college?
When saving for college, compound interest can be your friend. However the longer you wait to start saving the less interest you will accumulate and the more you will have to save. Use this calculator to determine when to start saving for college and to help illustrate what a small amount of monthly savings might grow to if you start today.
How long will my current life insurance proceeds last?
You may think that you are adequately insured in the event of your death. It may surprise how quickly the tax-free insurance proceeds may be depleted by your survivor income needs.
How much disability income insurance do I need?
Your chances of becoming disabled are far greater than your chances of dying. It may surprise you that in December of 2010, there were over 2.5 million disabled workers in their 20s, 30s, and 40s receiving Social Security insurance benefits due to a disability.* * Source: Social Security Administration, Disabled Worker Beneficiary Statistics, ssa.gov
How much life insurance do I need?
Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step may require the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.
What are the chances of becoming disabled?
It may surprise you that just over 1 in 4 of today's 20 year-olds will become disabled before they retire.* Use this calculator to determine your chances of becoming disabled. * Source: Social Security Administration, Fact Sheet March 18, 2011
What is my life expectancy?
With medical advances and improved lifestyles, life expectancies in the United States are on the rise.* Use this basic calculator to help determine how many years you may need to plan for in retirement or how many years you may need to provide income to a surviving spouse or children. * Source: National Association of Insurance Commissioners, 2001
Compare taxable vs. tax-free investment return
Many investments are taxed differently. For example with bonds, some may be taxed federally only, some may be taxed at the state level only, and some may be taxed both at the state and federal level. Use this calculator to help make an apple-to-apple comparison of varying investment returns.
How should I allocate my assets?
Over 90 percent of investment returns are determined by how investors allocate their assets versus security selection, market timing and other factors.* Use this calculator to help determine your portfolio allocation based on your propensity for risk. * Source: Brinson, Singer, and Beebower, 'Determinants of Portfolio Performance II: An Update,' Financial Analysts Journal, May-June 1991
What is my risk tolerance?
On your way home from work, do you drive in the slow lane or the fast lane? Each person has a different propensity for risk. When investing, this risk propensity can be used to determine the percentage of your portfolio that is exposed to equities. Complete the following questionnaire to help determine your risk profile.
What is my current year required minimum distribution?
Current tax law specifies that once you reach age 70 1/2, you must begin taking RMDs annually from your IRAs and other retirement plans. Generally, the RMD amount is determined based on your prior year's IRA balance of all of your IRA assets divided by your life expectancy. If RMDs are not taken annually, you may be subject to an additional 50% penalty for the amount you were supposed to take. Please note this tool is designed to provide an estimate for individuals age 70 1/2 or older.
How does inflation impact my retirement income needs?
It may surprise you how much inflation can erode purchasing power. Use this calculator to estimate how much more income you may need when factoring in inflation between now and until you reach retirement to keep the same standard of living that you may have today.
How much will I need to save for retirement?
Retirement can be the saddest or happiest day of your life. This pre-retirement calculator will help you determine how well you have prepared and what you can do to improve your retirement outlook. It is important that you re-evaluate your preparedness on an ongoing basis. Changes in economic climate, inflation, achievable returns, and in your personal situation will impact your plan.
I'm retired, how long will my savings last?
Due to increasing life expectancies, many are running into the problem of outlasting their savings. Use this calculator to help determine when your retirement savings account may be depleted given a specified monthly income target. You may currently be in receipt of a company pension or other fixed income such as Social Security to help supplement your retirement savings account.
Social security retirement income estimator
Depending upon your current earnings, Social Security can be a significant part of your retirement income. However, many factors will impact the benefit you may receive. Use this calculator to approximate your Social Security benefit. For a more accurate estimate, taking into account your earnings history, contact the Social Security Administration at 1-800-772-1213 or visit www.ssa.gov.
When should I begin saving for retirement?
A penny saved is a penny earned, but a penny saved today is a penny potentially earning more. Use this calculator to determine how much more you could accumulate at retirement by beginning your savings plan today rather than waiting.