This calculator is intended to serve as an educational tool and all results shown are hypothetical, based on the information you provide.
Definitions
Social Security income Social Security is based on a sliding scale depending on your income, how long you work and at what age you retire. Social Security benefits automatically increases each year based on increases in the Consumer Price Index. Including a spouse increases your Social Security benefits by 1.5 times your individual estimated benefit. Please note that this calculator assumes that only one of the spouses work. Benefits could be different if your spouse worked and earned a benefit higher than one half of your benefit. If you are a married couple, and both spouses work, you may need to run the calculation twice - once for each spouse and their respective income. This calculator provides only an estimate of your benefits.
The calculations use the 2008 FICA income limit of $102,000 with an annual maximum Social Security benefit of $26,220 per year for a single person and 1.5 times this amount for a married couple. To receive the maximum benefit would require earning the maximum FICA salary for nearly your entire career. You would also need to begin receiving benefits at your full retirement age of 66 or 67 (depending on your birthdate). Your actual benefit may be lower or higher depending on your work history and the complete compensation rules used by Social Security.
Current age Your current age.
Age of retirement Age you desire to retire.
Household income Your total household income. If you are married, this should include your spouse's income.
Expected salary increase Annual percent increase you expect in your household income.
Expected rate of inflation What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2007. The CPI for 2007 was 2.4%, as reported by the Minneapolis Federal Reserve.
Are you married? Check this box if you are married. Married couples have a higher maximum Social Security benefit than single wage earners.
This calculator is intended to serve as an
educational tool and all results shown are hypothetical, based on the
information you provide. These results do not represent the performance of any
Van Kampen product. Keep in mind that all investing involves a certain degree of
risk and therefore you could lose money on your investments. Additionally,
investments offering high rates of return also involve a higher degree of risk
to principal and rates of return will vary over time. When comparing asset
allocation strategies to your personal financial situation, you should consider
your time frame and all of your personal savings and investments, in addition to
your retirement assets and risk tolerance level. Your financial advisor can help
you assess your individual situation before you make any decisions.
Additionally, keep in mind your circumstances will probably change over time, so
you should periodically review your investment strategy with your financial
advisor to be sure it continues to fit your situation. Van Kampen does not offer
tax or investment advice. Please consult a qualified tax or financial advisor
regarding your individual situation.
Please consider the investment objectives, risks, charges and expenses of the
fund(s) carefully before investing. The prospectus contains this and other
information about the fund(s). To obtain a prospectus, contact your
financial advisor or download and/or
order. Please read the prospectus
carefully before investing.
Not FDIC Insured—Offer Not Bank
Guaranteed—May Lose Value
Not Insured By Any Federal Government Agency—Not A Deposit
