GOAL: Retire at age 62
Profile:
US Citizen - Age 61.5 - Marital Status: Single -
Social Security Benefit: Earning Basis
Scenario 1: without reverse
mortgage Scenario 2:
with a reverse mortgage
Income total:
$75,000 Income
total: $75,000
1.
Salary (100%
taxable)
75,000 1. Salary (100%
taxable) $75,000
Begins at 61, ends at
62
Begins at 61, ends at 62
2.
Social Security Monthly 1,222 2. Social security amount
$2,141
FV
85%
taxable FV
85% taxable
Annual
increase 2% Annual
increase 2%
Begins
at 62, ends at 90
Beings at age 70, ends at 90
3.
Reverse Mortgage Monthy Amount
(PV, 0% taxable)
$1,223
Annual
increase
2%
The income begins
at age 62,ends at age 70
Expenses
Annual Total Assets
Housing
$7,800 Home value
Transportation
5,400 Mortgage or liens
Food,
beverage, clothing,
personal
care,
cash 9,900 Home equity $0
Medical
7,200 Bank
Accounts $0
Entertainment 5,900 Qualified Retirement
Accounts $300,000
Other
1,300 Investment
acounts $200,000
Total Market Value $500,000
Liabilities:
$0 Life insurance: NONE
Description
Required need Desired
Need
Total Need
RETIREMENT
Needs
Housing
$8,034
$0
$8,034
Transportation
5,562 5,562
Food, clothing
etc $10,197 $10,197
Medical 7,416
7,416
Entertainment
$0 $6,077
$6,077
Other
2,575 2,575
tax
on prior yr returns 4,375 4,375
TOTAL
$38,159
$6,077
$44,236
Has objective been met? Has objective been
met?
Scenario 1: Without a
Reverse Scenario 2: With a Reverse
Based on the analysis of your
retire Based on the
analysis of your retirement
ment income needs,
expected
income needs, expected income sources
income sources and
available
and available assets, your retirement
assets, your objective will
be
income objectives will be completely
will be satisfied until age
until
satisfied.
age 86. At retirement, additional
funds of $50,386 will be needed.
Scenario 1 (without reverse mortgage): Has Objective been met?
Age Total
Social
Additional Needed
Required Asset (Shortgage)
Needs Security Income fm
Assets Distributions
WD Unmet Needs
61
$47,100
$0
$47,100
$0
$0
$0 $0
62 42,738
12,321
0
$30,307 0 $30,307 0
63 41,456
12,679
0 28,776
0
28,776 0
64
45,502 12,933
0
29,569
0 29,569
0
65
43,572 13,191
0
30,380
0
30,380 0
66 44,665
13,455
0
31,210
0 31,210
0
67 45,784 13,724
0 32,059
0 32,059
0
68
46,927 13,999
0 32,928
0
32,928 0
69 48,096
14,279
0
33,817
0
33,817 0
70
49,290 14,564
0 34,725 17,801
16,924 0
71 50,645 14,856
0
35,789 18,479 17,310 0
72 52,036 15,153
0
36,884 19,180 17,704
0
73
53,466
15,456 0
38,010 19,900
18,111 0
74
55,070
15,765
0
39,305 19,855 19,450
0
75
56,722 16,080
0
40,642 19,714 20,928 0
76
58,424 16,402 0 42,022 19,457
22,565 0
77 60,176 16,730
0
43,447 18,974
24,473 0
78 61,982 17,065
0 44,917 18,417
26,500 0
79 63,841
17.406
0 46,435 17,578
28,857 0
80
65,756
17,754
0
48,003 16,512
31,490 0
81
67,729
18,109
0
49,620 15,181
34,440 0
82
69,761
18,471
0 51,290 13,535
37,755 0
83
71,854 18,841
0
53,013
11,516
41,497 0
84 74,009 19,217
0
54,792 9,056 45,736 0
85
76,230
19,602
0
56,628 9,025 50,603 0
86 78,517 19,994
0
58,523 6,025 31,499
0
87
80,872
20,394 0
60,479
0
0 (24,620)
88
83,298
20,802
0
62,497
0 0
(60,479)
89
85,797
21,218
0
64,580 0
0 (62,497)
Scenario 2 (with reverse mortgage) Has Objective met?
Based on the analysis of your retirement income needs, expected
income sources and available assets, your retirement income objective will be
completely satisfied.
Age Total
Social
Additional Needed
Required Asset (Shortage)
Needs Security
Income fm Assets
Distributions WD Unmet Needs
61
$47,100
$0
$47,100
$0
$0
$0 $0
62 42,738 0 12,431 $30,307 0 $30,307 0
63 41,456
0 12,679 28,776
0
28,776 0
64
42,502
0 12,933 29,569
0 29,569
0
65
43,572
0 13,191 30,381
0
30,381 0
66 44,665
0 13,455 31,210
0 31,210
0
67 45,784 0 13,724 32,059
0 32,059
0
68
46,927 0 13,999 32,928
0
32,928 0
69 48,096 0
14,279 33,817
0
33,817 0
70
49,290 21,761
0 27,529 17,801 9,728
0
71 50,699 22,196
0 28,503 18,479 10,024 0
72 52,148 22,640
0 29,508 19,180 10,328 0
73
53,638 23,093 0
30,544 19,904
10,640 0
74
55,168 23,555
0 31,613
20,653 10,960 0
75
56,742 24,026
0 32,716
21,427 11,289 0
76
58,424 24,507 0 33,917 21,818 12,099 0
77 60,176 24,997
0 35,180 21,925 13,254 0
78 61,982 25,497
0 36,485 22,053 14,432 0
79 63,841 26,007
0 37,835 21,973 15,862 0
80
65,756 26,527
0 39,230 21,767 17,463
0
81 67,729
27,057
0 40,672 21,411
19,261 0
82
69,761 27,598
0 42,163 20,876 21,287
0
83
71,854 28,150
0 43,704 20,125 23,579
0
84 74,009 28,713
0 45,296 19,114 26,182
0
85
76,230 29,713
0 46,942 17,670 29,272 0
86 78,517 29,873
0 48,643 15,857 32,786 0
87
80,872 30,471
0 50,401 13,604 36,798
0
88
83,298 31,080
0 52,215 10,821 41,397
0
89
85,797 31,702
0 54,095 7,399 46,696
Call Diane 0
