- Click Include spouse to include your spouse in your plan.
- Enter your name and your spouse's name, and your dates of birth.
- Enter your retirement ages.
- Enter the life expectancy for yourself and your spouse, or click Calculate and answer the questions in the Calculate Life Expectancy dialog. If desired, you can add additional years to the figure provided by the Planner.
- Add dependents. (Optional)
Notes
- Tips about including or excluding a spouse
Remember that you can include or exclude your spouse at any time. If you exclude a previously included spouse, the information you entered is not lost. All spouse data will reappear in the plan if you later decide to include your spouse again. However, you'll need to update your spouse's information, particularly savings and investments, if it's been some time since you last included your spouse.
- Tips about estimating your retirement age
Retirement age is when the Lifetime Planner will start withdrawing automatically from your savings to fund cash shortfalls. In general, the earlier you retire, the fewer years you will save and invest for retirement, and the more years of retirement you'll need to fund.
As a starting point, plan to retire between 62 and 67 years old. The earliest age at which retirees are eligible to collect Social Security benefits is 62, and Medicare benefits aren't available until age 65. If you dream of retiring early, you'll be more secure if your home is paid off and you have no more debt. For additional information, consult a financial planner. or the Social Security website.
If you or your spouse have tax-deferred investments from prior employment, then the earliest age to withdraw from those investments without penalty is 59½. If you or your spouse will be eligible for Social Security and/or pension benefits, use the age when the benefits start.
- Tips about how Quicken estimates life expectancy
Life expectancy is how long you expect to live. The longer your life expectancy, the more years of retirement you'll need to fund.
In the Lifetime Planner, your death and the death of your spouse (if included in the plan) are simulated to help estimate living expenses for the surviving spouse and to calculate the value of your estate and benefits to your survivors. Throughout the plan, you'll see these terms:
- First death: The death of you or your spouse, whichever comes first.
- End of Plan: The death of the last surviving plan participant (you or your spouse). You see the End of Plan event in Smart Date selection lists.
- Benefits: When first and final deaths are simulated in the plan, the Lifetime Planner make the necessary adjustments for pension, Social Security survivor, and dependent benefits.
Quicken uses an actuarial table to determine life expectancy. The figures included are averages. Thus, there is close to a 50 percent chance that you (and your spouse) will live longer than the figures provided, so you should add up to 10 years to the life expectancy number. This will make it tougher for you to achieve your retirement goals, but it will also make your plan more conservative. It will help ensure that your family's savings don't run out during your retirement.
To decrease living expenses for a surviving spouse after the first death, enter an adjustment in the Adjustments section.
- Tips about how the Lifetime Planner figures retirement for plan elements
| For | Retirement is when |
|---|
| Post Retirement Taxes | First person retires |
| Post Retirement Return on Your Tax-Deferred Investments | You retire |
| Post Retirement Return on Spouse Tax-Deferred Investments | Spouse retires |
| Post Retirement Return on Taxable Investments | First person retires |
- General tips
For general information on filling out the Lifetime Planner, see the
Tips topic.
Return to Get started with the Lifetime Planner.