Excel Model: Retirement Contribution Calculator

Title: Retirement Contribution Calculator

 опис:

 

This spreadsheet is designed to help employees and employers calculate monthly retirement contributions and project the total savings by retirement age. It includes sections for employee information, monthly deductions from pay, and a detailed month-by-month contribution breakdown.

 

  • Employee Information:
    • Collects basic details such as employee name, date of birth, designation, start date, and end date.

  • Monthly Deductions from Pay:
    • Details the monthly deductions for insurance, healthcare, and savings.

  • Month-by-Month Contribution Breakdown:
    • Tracks contributions for each month, including the month, date, current pay, monthly contribution, payment per month, start age, end age, and total contributions.

 

Advice/Tips:
  • Employee Information:
    • Ensure all personal details are up to date to provide accurate calculations.

  • Monthly Deductions from Pay:
    • Regularly update the deduction amounts to reflect any changes in insurance, healthcare, or savings contributions.

  • Month-by-Month Contribution Breakdown:
    • Review the monthly contributions to understand the progress toward retirement savings goals.

 

Джерело: Custom Calculator

Click the following icon to open the full workbook viewer in a new tab, allowing you to easily edit and save.

Click the following icon to download the spreadsheet, allowing you to save the file on your computer along with edits.

Example of using calculator:

Detailed example of using Spreadsheet: Tasks for user to complete:

 

  1. Employee Information Section:
    • Enter personal details.
      • Example values:
        • Employee Name: Mark Law
        • Date of Birth: 01/01/1985
        • Designation: Manager
        • Start Date: 01/01/2015
        • End Date: 01/01/2045

  2. Monthly Deductions from Pay:
    • Enter monthly deduction amounts.
      • Example values:
        • Insurance: $650.00
        • Health Care: $550.00
        • Savings: $450.00

  3. Month-by-Month Contribution Breakdown:
    • Review contributions for each month.
      • Example values:
        • January: Date: 01/01/2024, Current Pay: $4,500.00, Monthly Contribution: $1,650.00, Payment Per Month: 2, Start Age: 23, End Age: 55, Total: $2,822,400
        • February: Date: 01/02/2024, Current Pay: $4,500.00, Monthly Contribution: $1,650.00, Payment Per Month: 1, Start Age: 23, End Age: 55, Total: $1,094,400
Why is interactive calculator useful:

This spreadsheet consolidates all essential information to provide a detailed analysis of retirement contributions. It helps users understand the impact of their monthly deductions on their total retirement savings and plan accordingly.

 

Джерело: Custom Spreadsheet

Висновок:

The Retirement Contribution Calculator is an essential tool for managing and understanding retirement savings contributions. By providing a detailed and organized approach to tracking monthly contributions and projecting total savings, it helps users ensure financial stability and achieve their retirement goals. Regular updates and reviews ensure that the calculations remain accurate and aligned with current financial conditions.

Попередній Lesson
Повернутися до Course
Next Lesson

Залиште коментар