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| Annual income your family would need if something were to suddenly happen to you |
?Annual income your family would need if something were to suddenly happen to you:
Enter a number that's between 60 - 80% of total income depending on how much you think you'll need. Include all salaries, dividends, interest, and any other sources of income. |
$ |
| Annual income available to your family from other sources |
?Annual income available to your family from other sources:
Enter a number that includes dividends, interest, spouse's earnings, and Social Security. |
$ |
| Annual income to be replaced |
?Annual income to be replaced:
This value represents the difference between Line 1 (Annual income your family would need if something were to suddenly happen to you) and Line 2 (Annual income available to your family from other sources). |
$ |
| Number of years for which funds would be needed to provide income: Enter 1-40 Years |
?Number of years for which funds would be needed to provide income:
This value represents the number of years for which funds would be needed. |
years: $ |
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| Funeral expenses, emergency fund |
?Funeral expenses, emergency fund:
Funeral expenses can run well over $10,000, according to the Federal Trade Commission (June 2000; www.ftc.gov). |
$ |
| Mortgage and other debt |
?Mortgage and other debt:
Include mortgage balance, credit card debt, car loans, home equity loans, etc |
$ |
| College costs |
?College costs:
2005-2006 average annual cost of a four-year education:
Public college: $15,566 per year
Private college: $31,916 per year
Source: The College Board, Trends in College Pricing 2005. Costs include tuition, room, board, books and supplies, transportation, and other expenses. |
$ |
| Total capital required |
?Total capital required:
This value represents the sum of factored replacement income, funeral expenses, mortgage and other debt, college costs, and the value of all you do. |
$ |
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| Savings and Investments |
?Savings and Investments:
Bank accounts, CDs, stocks, bonds, mutual funds, real estate, and rental property, etc. The rate of return on investments is assumed to be 6% after tax. The return is purely hypothetical and is used for illustrative purposes only. Performance results are not indicative of any particular investment. Actual results and investment
risks will vary. |
$ |
| Retirement savings |
?Retirement savings:
IRAs, 401(k) plans, SEPs, pension and profit-sharing plans. The rate of return on investments is assumed to be 6% after tax. The return is purely hypothetical and is used for illustrative purposes only. Performance results are not indicative of any particular investment. Actual results and investment risks will vary. |
$ |
| Present amount of life insurance |
?Present amount of life insurance:
Include group insurance and personal insurance purchased on your own. |
$ |
| Total of all assets |
?Total of all assets:
This value represents the sum of savings and investments, retirement savings, and the present amount of life insurance. |
$ |
| Estimated amount of additional life insurance needed |
?Estimated amount of additional life insurance needed:
This value represents total capital required less the total of all assets. |
$ |
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