You may have retirement savings in a 401(k), 403(b), or 457(b) plan. You may also have an IRA or cash and investments. Find out when you will be able to retire based on your financial circumstances. **App Highlights** *The "When Can I Retire" app calculates your retirement age based on numerous optional inputs such as your current salary, yearly salary increase, yearly retirement contribution, yearly contribution increase, employer matching contribution, post-retirement expense, social security, and other retirement income. *The unique app factors in the retirement age calculation that you cannot withdraw your retirement savings from a 401(k) plan, 403(b) plan, or an IRA before you turn 59 ½ without incurring a possible 10% penalty. However, you can withdraw your retirement savings from a 457(b) plan without facing an early withdrawal penalty. *The app considers that you can contribute only up to a specific maximum limit to your employer-sponsored retirement plan. For example, you can contribute a maximum of 23,000 dollars to your 401(k), 403(b), or 457(b) plan for this year as per the current law. However, there is a catch-up contribution limit of an additional 7,500 dollars if you are aged 50 and older. *The app considers the combined total of your contributions and employer matching contributions to a 401(k) or 403(b) plan cannot exceed your salary or 69,000 dollars for this year as per the current law. There is a catch-up contribution limit of an additional 7,500 dollars if you are aged 50 and older. *The app lays out a clear picture of your finances with both a pre-retirement and post-retirement plan. *The app allows you to email your pre-retirement plan and post-retirement plan in tabular and graphical views to yourself or others. *This app saves your inputs and retains them across the launches upon successful retirement age calculation. *You can share the app via Text Message, WhatsApp, Facebook, or Twitter from within the app. Terms of Use: https://www.apple.com/legal/internet-services/itunes/dev/stdeula/
Not free
Wont tell you anything without a subscription
Good app
Great app to approximate retirement income
Easy to use
A great way to experiment with retirement savings variables to look at options and plan ahead.
Requires purchase
I filled in the long questionnaire asking my financial status and savings. After that long process it asked me if I wanted to pay monthly or annually for the results. What a terrible waste of time. The votes are clearly inflated.
Don’t waste your time downloading this unless…
Don’t waste your time downloading this unless you plan on paying for it. They don’t tell you this upfront. You waste your time filling out all of the data and then hit calculate only to find out that to get the answer you have to pay.
False advertising. Not a free app
The app is not free. It collects your information first but to see the analysis result you will have to pay
Simple straightforward.
Does the job. Not super flexible but certainly a great start to get an idea of where you are and where you need to be. Thank you for this.
We have updated the contribution limits for the retirement plans.
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