Amount needed in college fund. Amounts you wish to provide your surviving children to cover future college expenses:
Expected average annual living expenses:
Expected spouse's average annual income after taxes:
Annual Social Security Benefits and Social security survivor benefits. Depending on your work history, your family may qualify for Social Security benefits. Typically, Social Security benefits for the widow/widower cease when the youngest child turns 16. The child's benefit generally continues to age 18. Once the children are gone, Social Security benefits are generally not available until the widow/widower turns age 60:
Spouse's current age:
Value of current liquid assets ($ total of savings, investments, etc.)
Cash and savings - Total you have in cash, checking accounts, savings accounts or other accounts that can be used to help cover expenses.
Home equity - Total amount of equity in your home that you are willing to use toward your living expenses. Only include the home equity that you consider available to use toward your living expenses. For example, the equity you would make available by selling your home and moving into a smaller one.
Investments - Total value of all investments that you are willing to use toward your living expenses.
Other - Any other assets that you may be willing to sell or liquidate.