Is It the Right Time to Retire?

Tools for tracking expenses

There are numerous apps available for tracking expenses. These two useful reviews may help you choose one that will be a good fit for you:

• https://bit.ly/NerdBudgetApps
• https://bit.ly/NYTimesFinApps

Envelop budgeting can be a useful approach. Wikihow has a good explanation.

Monthly Spending Plan is a simple worksheet from University of Illinois Extension that you can print and fill out.  (http://web.extension.illinois.edu/toughtimes/docs/monthly_spending_plan.pdf)

Social Security Benefits

Social Security fact sheets for specific situations:

• SSA Publication 05-10069, How Work Affects Your Benefits (http://www.ssa.gov/pubs/10069.html)
• Social Security Administration. Windfall Elimination Provision, SSA Publication No. 05-10045. Available at http://www.socialsecurity.gov/pubs/10045.html or 1-800-772-1213.
• Social Security Administration.  Government Pension Offset, SSA Publication No. 05-10007. Available at http://www.socialsecurity.gov/pubs/10007.html or 1-800-772-1213.

Social Security benefit calculators

• Use your actual earnings history http://www.ssa.gov/estimator/.
• Enter your earnings information http://www.ssa.gov/retire2/AnypiaApplet.html
• Government pension – WEP version: http://www.ssa.gov/retire2/anyPiaWepjs04.htm

To evaluate different claiming strategies:

• http://www.maximizemysocialsecurity.com/ ($40 fee/year)
• https://www.SocialSecuritySolutions.com/ ($19.95 and up, depending on the plan you choose)

Net worth calculators and forms.

• http://office.microsoft.com/en-us/templates/
• http://web.extension.illinois.edu/toughtimes/docs/net_worth.pdf

Retirement income calculators:

• https://www3.troweprice.com/ric/ricweb/public/ric.do Often cited by popular press.
• http://personal.fidelity.com/planning/retirement/ise.shtml Requires registration if not a customer; somewhat intimidating.
• https://retirementplans.vanguard.com/VGApp/pe/pubeducation/calculators/RetirementIncomeCalc.jsf
• http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp Can specify if will receive spousal benefit.