Calculators

NOTICE: Some of these links to calculators will take you from the RIZZO & DIERSEN, S.C. web site to other sites. These links to third party sites are not operated by RIZZO & DIERSEN, S.C. , are not within our control and may not follow the same privacy, security, or accessibility standards as ours. We are not responsible for the content or availability of those sites, their partners, or advertisers.

• Minimum Monthly Maintenance Needs Allowance
Each State's Medicaid agency calculates the spouse's income of a nursing home resident – the “community” spouse – required to survive. The income amount is based on a standard formula which includes some housing costs. Based on the determination of this income or allowance, or “Minimum Monthly Maintenance Needs Allowance” or “MMMNA,” the agency determines how much of the nursing home spouse’s income the community spouse may keep.

• Patient Pay Amount Calculator
This will provide a basic estimate of the amount a nursing home resident covered by Medicaid must pay the nursing home each month. This amount is often referred to as the “patient pay amount” or “PPA.” In essence, the nursing home resident must pay all of his or her income to the nursing home less a small personal needs allowance, an allowance for a spouse or a dependent child living at home, and any health care expenses, such as health insurance premiums. The calculations may differ in your state, so consult with an attorney or the state Medicaid agency for an exact figure.

• TIAA-CREF Minimum Distribution Calculator
• Kiplinger Minimum Distribution Calculator
Generally, you must begin making withdrawals from tax-deferred IRAs by the April 1st following the year you reach age 70½ or the April 1st following the year you retire, if later. The amount you must withdraw in any given year thereafter is called the minimum distribution. Calculators are available to help you quickly calculate what your minimum distributions must be.

• MFS Retirement Planning
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Many Web sites now offer free "retirement calculators" to assist you with retirement planning. By providing a few details about yourself and your finances, these calculators calculate how much you need to save to achieve your retirement objectives. Below are links to three such calculators. The calculators differ on certain assumptions they make, such as the rate of earnings on investments and life expectancy, and will yield somewhat different results. Nevertheless, they can offer valuable insight into the factors to consider in planning for retirement. Using a retirement calculator should not replace the advice of a qualified attorney or financial adviser.

• Social Security Administration Benefits Calculator
You can calculate your future Social Security benefits based on your current and projected earnings by using the SSA Benefits Calculator. It can tell you exactly what the effects on your benefits will be, for example, postponing your retirement or cutting back on your work hours. Using this calculator should not replace the advice of a professional retirement or financial planner.

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More than 100 financial planning calculators are available at the American Savings Education Council's Web site. The calculators can help with a wide array of financial planning issues, including retirement planning, credit cards, home mortgages, and budgeting. Visitors to the site can start with The Ballpark Estimate, which offers users a way to obtain a rough first estimate of what they will need for retirement. The site also offers more finely tuned retirement calculators, including "What will my expenses be after I retire?", "How much effect can inflation have?" and "Which savings should be used first?" In addition to the retirement calculators, you’ll find calculators for Roth IRAs, Stocks, Bonds, Mutual Funds, Home Equity Loans, Insurance and more. The Council, a coalition of private- and public-sector organizations, works to raise public awareness about what is needed to ensure long-term personal financial independence.

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How much you need for retirement depends a great deal on how long you expect to live. There are now many Web-based calculators that can give you an idea of your life expectancy based on your current age, gender, family health history, smoking and drinking habits, exercise patterns, stress level, and other important lifestyle choices.