Annuity Calculator – Retirement Income Planning
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Annuity Calculator
Projected Annuity Payments
Monthly Payment
$1,250
Fixed monthly income for selected duration
Annual Payment
$15,000
Total yearly payout amount
Total Value
$300,000
Estimated total payout over lifetime
Understanding Annuities: A Complete Guide
What Is an Annuity?
An annuity is a financial product that provides guaranteed income payments, typically used for retirement planning…
Types of Annuities
- Immediate Annuities: Begin payments right after a lump sum investment
- Deferred Annuities: Grow tax-deferred until withdrawals begin
- Fixed Annuities: Offer guaranteed interest rates
- Variable Annuities: Payments vary based on investment performance
Key Benefits
Annuities provide several advantages for retirement planning:
- Lifetime income guarantees
- Tax-deferred growth
- Protection against market volatility
- Options for inflation protection
How Payments Are Calculated
Annuity payments are determined by several factors including:
- Principal amount invested
- Current interest rates
- Your age and life expectancy
- Selected payout options
- Insurance company fees
function calculateAnnuity() {
// Get input values
const principal = parseFloat(document.getElementById(‘principal’).value);
const age = parseInt(document.getElementById(‘age’).value);
const payoutAge = parseInt(document.getElementById(‘payoutAge’).value);
const rate = parseFloat(document.getElementById(‘rate’).value) / 100;
const inflation = parseFloat(document.getElementById(‘inflation’).value) / 100;
const duration = document.getElementById(‘duration’).value;
// Calculate deferral period
const deferralYears = payoutAge – age;
// Future value calculation
const futureValue = principal * Math.pow(1 + rate, deferralYears);
// Payment calculation based on duration
let monthlyPayment, annualPayment, totalValue;
if (duration === ‘life’) {
// Simplified life expectancy calculation
const lifeExpectancy = Math.max(85, payoutAge + 15);
const payoutYears = lifeExpectancy – payoutAge;
// Calculate monthly payment using simplified annuity formula
const monthlyRate = rate / 12;
const periods = payoutYears * 12;
monthlyPayment = (futureValue * monthlyRate) / (1 – Math.pow(1 + monthlyRate, -periods));
annualPayment = monthlyPayment * 12;
totalValue = monthlyPayment * periods;
} else if (duration === ‘joint’) {
// Joint life calculation (simplified)
monthlyPayment = (futureValue * (rate/12)) / (1 – Math.pow(1 + (rate/12), -25*12));
annualPayment = monthlyPayment * 12;
totalValue = monthlyPayment * 25 * 12;
} else {
// Fixed period calculation
const years = parseInt(duration);
const monthlyRate = rate / 12;
const periods = years * 12;
monthlyPayment = (futureValue * monthlyRate) / (1 – Math.pow(1 + monthlyRate, -periods));
annualPayment = monthlyPayment * 12;
totalValue = monthlyPayment * periods;
}
// Adjust for inflation (simplified)
monthlyPayment = monthlyPayment / Math.pow(1 + inflation, deferralYears);
annualPayment = annualPayment / Math.pow(1 + inflation, deferralYears);
totalValue = totalValue / Math.pow(1 + inflation, deferralYears);
// Display results
document.getElementById(‘monthlyPayment’).textContent = ‘$’ + monthlyPayment.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, “,”);
document.getElementById(‘annualPayment’).textContent = ‘$’ + annualPayment.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, “,”);
document.getElementById(‘totalValue’).textContent = ‘$’ + totalValue.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, “,”);
// Show results
document.getElementById(‘results’).style.display = ‘block’;
}
// Initial calculation
calculateAnnuity();