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Calculating Income: Think It's Beyond You?
Calculating income. For some, it's all about figuring out whether or not they are getting paid what they believe they are worth, whether or not their compensation is fair for the position that they hold. For others, calculating income is about determining how much they actually have left after they've paid taxes, bought groceries, paid the mortgage and car payment and set some money aside for retirement. For others still, calculating income is all about saving for retirement; specifically, it's about determining whether or not they will be able to set aside the money that they'll need to have available once there isn't a steady paycheck coming in.
For calculating income, regardless of which camp you're in, there are going to be tools that will help you to crunch numbers to see the big picture. For those who are simply looking at their pay scale, there are a variety of comparison sites available, the same is true for those who are budgeting. Likewise, for those looking for a better way to calculate the income that will be available when their savings is the only income that they have, there are ways that can simplify the process.
One very effective tool for calculating income that will be available to you is Bob's free retirement calculator that you can be downloaded on this page. With it, whether you are saving only a couple of hundred dollars each month or you are able to save or invest ten times that amount or more, you will be able to take a much closer look at the savings accounts and investments that you've made. In terms of your savings accounts - individual retirement accounts, annuity accounts and certificates of deposit - you will be able to look at interest rates and at projected inflation to determine not only how much money you will have but also how much it will be worth when you retire.
Similarly, you will find that you are able to look at your investments - individually and on the whole - to see how stocks or mutual funds have performed in the past, how they are performing currently, and what the future is projected to hold. As for calculating income, if you don't like what you see, you will also find that you are able to see how a few small changes could have a large effect on your income after you retire.
When you access Bob's retirement calculator, your contact information will be given to a financial advisor in your area who will give you a call to ask what questions you may have about calculating your income. You will be able to discuss your goals, talk about the investments and savings that you have and the changes that you'd like to make and decide what you should be doing in order to reach all of your retirement goals.
calculating income, at least in terms of your retirement income, is a far less challenging project than you may expect. With the right tool and the right advice, you'll be able to see where you are, where you are going and how you will get there.
Try Bob's free retirement calculator - The retirement calculator was featured on 'The Saturday Early Show' by CBS' top financial analyst just click the blue button below. Take control and reach your retirement goals.
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