How it is worked out
retirement date = date of birth + retirement age
Why it is done this way
The arithmetic is simply adding years to a date. What is not arithmetic is the retirement age, which each country sets by law and usually ties to your contribution record, your occupation and the year it falls due. That is why it is a field you fill in here and not a figure the page takes for granted.
Step by step
- Add your retirement age to your date of birth
- That is the date you reach the age
- Count the calendar days from today to that date
- Take out Saturdays and Sundays to get the working days left
What is worth knowing
Statutory retirement age is not a fixed number even within one country: it rises in steps with the year of birth in much of Europe, it depends on which scheme and which law apply to you in Mexico, and nearly everywhere there is an early option with a penalty. Look yours up with the body that covers you and type it in above. To find out how much money you will have by that date, rather than how much time is left, the retirement plan calculator does the other half of the job.