I need an IA calculation routine. I understand the parts of it but I think the formula itself works out as an actuarial routine, no? Is there a BASE routine that I can be informed of?
IE: Something that fits a request that this client wants demo'ed as:
(1) I deposit $100,000 as a single deposit. My payout term can either be LIFE, LIFE/PERIOD CERTAIN (5/10/15/yrs etc) or PERIOD CERTAIN (5/10/15 yrs etc). Therefore what would be my <monthly, semi, annual> payouts that this $100,000 would give me. (answer would come out to something like $500/month as an example)
and
(2) If I want $550 a month as a payout and I want the payout to last for LIFE, 5years, 10years etc. What do I have deposit to give me that $550/mth.
The IA routine takes into account the following factors (?):
---a premium amount (dollar amount)
---a life income option (life expectancy / years)
---a payment frequency
---an interest rate
---a Cost of Living Adjustment rate (COLA) that may apply.
IE: Something that fits a request that this client wants demo'ed as:
(1) I deposit $100,000 as a single deposit. My payout term can either be LIFE, LIFE/PERIOD CERTAIN (5/10/15/yrs etc) or PERIOD CERTAIN (5/10/15 yrs etc). Therefore what would be my <monthly, semi, annual> payouts that this $100,000 would give me. (answer would come out to something like $500/month as an example)
and
(2) If I want $550 a month as a payout and I want the payout to last for LIFE, 5years, 10years etc. What do I have deposit to give me that $550/mth.
The IA routine takes into account the following factors (?):
---a premium amount (dollar amount)
---a life income option (life expectancy / years)
---a payment frequency
---an interest rate
---a Cost of Living Adjustment rate (COLA) that may apply.