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3rd Quarter 2018

Ask ICMA-RC: How can I determine how much income I’ll have in retirement?

The Retirement Income Planner (www.icmarc.org/retireeplanner) can help you estimate how much money you can withdraw in retirement under various scenarios. You input how much money you have in savings, the number of years you expect to take withdrawals in retirement, then estimate your annual investing returns and inflation rate, and the calculator shows you how much you can withdraw from the account each year. If that isn't enough money, you can see the impact of saving more and starting with a larger balance, reducing the number of years you'll need to withdraw (by working longer or tapping other retirement income first), or adjusting the investing returns.

The calculator doesn't take into account Social Security or pension benefits. Ask your employer for an estimate of any pension benefits you're on track to qualify for, and find out how many years you need to work to become eligible for larger payouts. And you can estimate your Social Security benefits by signing up for a My Social Security account at www.socialsecurity.gov/myaccount or using Social Security's Retirement Estimator at www.ssa.gov.

Have a question for us? Send your question to AskUs@icmarc.org. We will draft articles based on broad topics. If you have a specific question about your account, please log in to your account at www.icmarc.org/login and use a contact option for Investor Services.

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