[Skip to Content]

Retirement Planner for Two Working Spouses

Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan if you have two working spouses in your household. View your retirement savings balance and your withdrawals for each year until the end of your retirement.

Retirement Planner for Two Working Spouses Definitions

Your annual earned income
Enter the total of your gross earned income. This is the income that Social Security is based on, and does not include other income sources like interest, rental, dividends, etc.
Spouse's annual earned income
Enter the total of your spouse's gross earned income. This is the income that Social Security is based on, and does not include other income sources like interest, rental, dividends, etc.
If you are married
Check this box if you are married. Married couples have a higher maximum Social Security benefit than single wage earners.
Include Social Security
Check this box if you wish to include Social Security benefits in your retirement planning. **SS_DEFINITION**
Your age
Your current age.
Spouse's age
Spouse's current age.
Your age to begin Social Security
Select the age to begin Social Security, between age 62 and 70. Estimated benefits will be reduced if taken before full retirement age.
Spouse's age to begin Social Security
Select the age to begin Social Security, between age 62 and 70. Estimated benefits will be reduced if taken before full retirement age.
Years until retirement
If you are retired today, enter 0. This calculator assumes the spouse retires at the same time. Consider this as the number of years until you expect to begin taking withdrawals from your retirement savings.
Number of years in retirement
The number of years you expect to spend in retirement. If this retirement savings plan is intended to support you and your spouse, make sure this is enough years to account for your spouse's potentially longer lifespan.
Expected inflation rate
This is what you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI). From 1925 through 2015 the CPI has a long-term average of 2.9% annually. Over the last 40 years highest CPI recorded was 13.5% in 1980. For 2015, the last full year available, the CPI was 0.0% annually as reported by the Minneapolis Federal Reserve.
Expected salary increase
Annual percent increase you expect in your household income.
Current retirement savings
Total amount that you currently have saved toward your retirement. Include all sources of retirement savings such as 401(k)s, IRAs and Annuities.
Monthly retirement contributions
The amount you will contribute each month to your retirement savings. This calculator assumes that you make your contribution at the beginning of each month. We also assume that this amount remains constant until you retire. Your contributions should be the total you save toward your retirement each month. This should include any 403(b), 401(k), or 457(b) plans and your employer's contributions to these plans. It should also include any other retirement accounts such as an IRA or a Roth IRA and any retirement savings in non-retirement accounts.
Rate of return before retirement & Rate of return during retirement
This is the annual rate of return you expect from your investments before taxes. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending Dec. 1st, 2015, had an annual compounded rate of return of 7.76%, including reinvestment of dividends. From January 1970 through to Dec. 2015, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.5% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that Separate Account investment funds and/or investment companies may charge.

Monthly gross income desired in retirement
The total amount of monthly income that will be needed, including paying taxes. Be sure to include expenses paid on a semi-annual or annual expenses in your need, such as property taxes or insurance premiums. This income level will be increased with inflation.
Other monthly income in retirement (pensions, etc.)
Enter the monthly income streams that will be available in retirement. Examples include pensions, rental income, interest, etc.. This amount is not adjusted for inflation.