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Retirement Planner for Two Working Spouses with Different Retirements

Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan if you have two working spouses in your household. View your retirement savings balance and your withdrawals for each year until the end of your retirement.

Retirement Planner for Two Working Spouses with Different Retirements Definitions

Household status
This planner allows you to choose one of the following for your household status
Household Status Options
SingleNo spouse or others with income sharing the household in retirement.
Married one spouse working outside the home Married couple with only one income before retirement. Social Security uses the working spouses income to determine the spousal Social Security benefit.
Married both spouses working outside the homeMarried couple with two incomes before retirement. Spouses will have their own Social Security benefits, however if one of the working spouses income greatly exceeds the other the calculator will use a spousal Social Security benefit if it exceeds their own.
Unmarried partners/others sharing householdUnmarried couple or others sharing a household with two incomes before retirement. The two income earners will have their own Social Security benefits and we do not use a spousal Social Security benefit for either.
Your annual earned income
Enter the total of your gross earned income. This is the income that Social Security is based on, and does not include other income sources like interest, rental, dividends, etc.
Partner/Spouse annual earned income
Enter the total of your partner/spouse gross earned income. This is the income that Social Security is based on, and does not include other income sources like interest, rental, dividends, etc.
Your employer retirement contribution
This is the percentage of your annual income that is contributed to your retirement by your employer. This could be for any employer retirement plan such as a 401(k), 403(b), etc.
Your employee retirement contribution
This is the percentage of your annual income that you contribute to your retirement. This could be for any employer retirement plan such as a 401(k), 403(b), etc.
Partner/Spouse employer retirement contribution
This is the percentage of partner/spouse annual income that is contributed to your retirement by their employer. This could be for any employer retirement plan such as a 401(k), 403(b), etc.
Partner/Spouse employee retirement contribution
This is the percentage of partner/spouse annual income that is contributed to your retirement. This could be for any employer retirement plan such as a 401(k), 403(b), etc.
Invest annual surplus
Check this box if you wish invest (or save) any annual surplus that occurs during your retirement. You can have an annual surplus if you have a year in which your pensions, Social Security and other income exceeds your projected retirement needs. If you invest your annual surplus, instead of spending it, your retirement savings will be increased for that year.
Include Social Security
Check this box if you wish to include Social Security benefits in your retirement planning. **SS_DEFINITION**
Social Security Percent
Indicated what percentage of your estimated Social Security you wish to include in your retirement plan. 100% will includes your full estimated Social Security benefit. 0% will not include any of your benefit.
Your age
Your current age.
Partner/Spouse age
Partner/Spouse current age.
Age you begin taking Social Security
The age you plan to begin receiving Social Security benefits. This must be between age 62 and 70 but can't start before retirement. For example, if you are currently 55 and the household will retire in 10 years, the minimum Social Security age to start is 65. Also note that estimated benefits will be reduced if taken before full retirement age. Full retirement age was 65 for those born before 1943. If you were born between 1943 and 1954 it is 66, then gradually increases to 67 from 1955 to 1959. If you were born in 1960 or later full retirement age is 67.
Age partner/spouse begins taking Social Security
The age your partner/spouse plans to begin receiving Social Security benefits. This must be between age 62 and 70 but can't start before retirement. For example, the Spouse/Partner is currently 55 and the household will retire in 10 years, the minimum Social Security age to start is 65. Also note that estimated benefits will be reduced if taken before full retirement age. Full retirement age was 65 for those born before 1943. If you were born between 1943 and 1954 it is 66, then gradually increases to 67 from 1955 to 1959. If you were born in 1960 or later full retirement age is 67.
Years until retirement
If you are retired today, enter 0. This calculator assumes the spouse retires at the same time. Consider this as the number of years until you expect to begin taking withdrawals from your retirement savings.
Number of years in retirement
The number of years you expect to spend in retirement. If this retirement savings plan is intended to support you and your spouse, make sure this is enough years to account for your partner/spouse potentially longer lifespan.
Expected inflation rate
This is 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). From 1925 through 2019 the CPI has a long-term average of 2.9% annually. Over the last 40 years highest CPI recorded was 13.5% in 1980. For 2019, the last full year available, the CPI was 1.8% annually as reported by the Minneapolis Federal Reserve.
Current retirement savings
Total amount that you currently have saved toward your retirement. Include all sources of retirement savings such as 401(k)s, IRAs and Annuities.
Additional monthly retirement contributions
The amount you will contribute each month to your retirement savings that is in addition to any employer or employee contribution. This calculator assumes that you make your contribution at the beginning of each month. We also assume that this amount increases at the rate of inflation annually until you retire. This could include IRAs, Roth IRAs, annuities or any retirement savings in non-retirement accounts.
Rate of return before retirement & Rate of return during retirement
This is the annual rate of return you expect from your investments before taxes. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31st 2019, had an annual compounded rate of return of 13.2%, including reinvestment of dividends. From January 1, 1970 to December 31st 2019, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.

Pre-retirement income desired in retirement
The percentage of your pre-retirement household income you think you will need in retirement. This amount is based on the household income earned during the year immediately before your retirement. You can change this amount to be as low as 40% and as high as 160%. The percentage should reflect an after-tax amount if the majority of your retirement savings is not in a tax-deferred savings account such as a 401(k), IRA or other tax-deferred account.
Misc. income / pensions
Enter the annual income streams that will be available in retirement. Examples include pensions, rental income, interest, etc. This amount is not adjusted for inflation.
Retirement work income
Enter your annual amount from retirement work or employment. This amount is adjusted for inflation annually before and during your retirement.
Work years
Number of years you plan to work in retirement.