When Can I Retire 8.2

You might have retirement savings in a 401(k), 403(b), or 457(b) plan, as well as an IRA or cash and investments. Discover the projected date for your retirement based on your financial situation.

App Highlights

• When Can I Retire app computes your retirement age by considering various optional factors such as current salary, annual salary increment, yearly retirement contribution, contribution increase, employer matching contribution, post-retirement expenses, social security benefits, and other retirement income.
• The app takes into account the constraint that you cannot withdraw funds from a 401(k), 403(b), or an IRA prior to age 59 ½ without incurring a 10% penalty. However, withdrawals from a 457(b) plan do not face this early withdrawal penalty.
• The app acknowledges that there is a specified maximum limit for contributions to your employer-sponsored retirement plan. For instance, you can contribute up to $22,500 to your 401(k), 403(b), or 457(b) plan for the current year as per regulations. Additionally, individuals aged 50 and above have a catch-up contribution limit of an extra $7,500.
• The app considers that the total of your contributions and employer matching contributions to a 401(k) or 403(b) plan cannot surpass your salary or $66,000 for the ongoing year as per statutory provisions. An additional catch-up contribution limit of $7,500 is applicable for individuals aged 50 and above.
• It presents a comprehensive overview of both pre-retirement and post-retirement financial plans.
• You are able to send your pre-retirement and post-retirement plans in tabular and graphical formats via email to yourself or others using the app.
• The app securely stores your inputs and maintains them across sessions after calculating your retirement age successfully.
• You can easily distribute the app through Text Message, WhatsApp, Facebook, or Twitter directly from within the application.

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