Paycheck to Retirement Check
This calculator provides an estimate of your 'net' paycheck after taxes and expenses, to your approximate net retirement check. You may enter a 401(k) withdrawal, and the calculator also takes into account your Social Security. This can give you an approximation of your own situation. (Please Note: this calculator is for ESTIMATE purposes only. Consult your tax advisor for your situation and consult your benefits department to receive an accurate rendition of your personal situation.)
The Internal Revenue Code sections 72(t) and 72(q) allows for penalty-free early withdrawals from retirement accounts, like the 401(k) or IRAs. These sections allow you to begin receiving money from your retirement accounts before you turn age 59-1/2 without the normal 10% premature distribution penalty. Use this calculator to determine your allowable 72(t)/(q) Distribution and how it can help fund your early retirement. The IRS rules regarding 72(t)/(q) Distributions are complex. Please consult a qualified professional when making decisions about your personal finances. Please note that your financial institution may or may not support all the methods displayed via this calculator.
401(k) Spend It or Save It Calculator
There are several ways to manage your 401(k) from Ford. The most fundamental of which is should you spend it or save it? Depending on your age and tax bracket, making the wrong decision can cost you thousands of dollars both in taxes and lost earnings. You should keep in mind that this amount represents pre-tax funds held within the retirement plan. Distributions are subject to income tax (distributions prior to age 59-1/2 may also be subject to a 10% additional tax penalty). This calculator helps illustrate the difference.
401(k) Contribution Accelerator
Your 401(k) can be one of the best tools you can use for creating a secure retirement. One feature of increasing savings is to do a Contribution Accelerator which allows you to increase your contributions consistently each year. With this feature you build your account balance faster. This calculator helps you project what your savings could be if you were to increase your payroll savings each year using Contribution Accelerator to manually increase your contributions each year.
Required Minimum Distribution (RMD)
The IRS requires that you withdraw at least a minimum amount - known as a Required Minimum Distribution - from your retirement accounts annually, starting the year you turn age 70-1/2. Determining how much you are required to withdraw is an important issue in retirement planning. Use this calculator to determine your Required Minimum Distributions.
1040 Tax Calculator
Enter your filing status, income, deductions and credits and the calculator will estimate your total taxes for 2011. Based on your projected withholdings for the year, it can also estimate your tax refund or amount you may owe the IRS next April 2012. Please note that this calculator uses the preliminary 2011 tax tables and includes tax law changes passed as part of the "Tax Hike Prevention Act of 2010".
Disclaimer and License Acceptance
The materials contained herein are based upon the best information available as of 01/10/2012, and such information may change, including but not limited to:
All information in the program is for educational and illustration purposes only. Your personal situation may and probably will vary; including, but not limited to:
Required Disclaimer Under IRS Circular 230: Internal Revenue Service regulations require us to notify the user that any U.S. federal tax advice provided in this communication is not intended or written to be used, and it cannot be used, by the user or any other taxpayer for the purpose of avoiding tax penalties that may be imposed upon the user or any other taxpayer, or in promoting, marketing or recommending to another party, a partnership or other entity, investment plan, arrangement or other transaction addressed herein.
All illustrations are based on contract language for the UAW-Ford National Agreement for the period 01/01/2012 through 09/30/2015 for Tier I employees covered by the Ford UAW Retirement Plan (the Defined Benefit Plan). Within those illustrations:
It is not the position of the UAW, Ford or the UAW-Ford National Programs Center to encourage or discourage retirement, but rather to provide the membership with tools to make informed decisions. When evaluating your personal decision, it is recommended that you consult with the appropriate advisors to obtain information regarding your situation.
This program is the property of (through appropriate licenses), the UAW-Ford National Programs Center (the ‘Center’). No portion of this program may be reproduced or copied without the express written consent of the Center. Reducing UncertaintyTM is a trademark of LJPR, LLC and may not be used without express written consent. This program is intended for the exclusive use of UAW-Ford Tier I employees, their family members and their professional advisors only.
Any unintentional errors in the program are not controlling. In the event of any conflict between the contents of this program and the UAW-Ford Contract, the official plan documents of the UAW Retirement Plan; the Contract and Official Plan documents shall be controlling.