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#11
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Rule of 75 Retirement Calculation
Hi,
Maybe you should do as i suggested and put 'Any date' you desire. Excel will change that date when you run goal seek, It just requires the cell to have a date in to get it started Mike "BAD" wrote: In A3, you say "put any date you want". What date am I supposed to use here? "Mike H" wrote: Hi, There must be a formula bit I can't see it. Until someone comes up with one it can be resolved with Goal seek DOB in A1 DES in A2 Any date you want in A3 This formula in B1 =DATEDIF($A$1,A3,"y") This formula in B2 =DATEDIF($A$2,A3,"y") This formula in B3 =Sum(B1:B2) Select B3 then Tools|Goal seek In the 'To value box' enter 75 In the 'By changing' box enter A3 OK and you get your retirement date in B3 Mike "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#12
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Rule of 75 Retirement Calculation
Thanks but I am still about a year off using your formula.
"~L" wrote: Err... I guess it would help if I did the algebra on that. =TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy") "~L" wrote: I think with the person's name in column A, birthdate in column B, and hire date in column C and row 1 containing headers, in column D row 2: =(2*Today()-B2-C2)/365.25 gives you what you are looking for. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#13
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Rule of 75 Retirement Calculation
That's interesting. What combination of values did not produce the expected
result? "BAD" wrote: Thanks but I am still about a year off using your formula. "~L" wrote: Err... I guess it would help if I did the algebra on that. =TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy") "~L" wrote: I think with the person's name in column A, birthdate in column B, and hire date in column C and row 1 containing headers, in column D row 2: =(2*Today()-B2-C2)/365.25 gives you what you are looking for. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#14
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Rule of 75 Retirement Calculation
Thanks, I see how it works. It doesn't give me the correct date. It's a
little off by a couple months. Thanks though. "Mike H" wrote: Hi, Maybe you should do as i suggested and put 'Any date' you desire. Excel will change that date when you run goal seek, It just requires the cell to have a date in to get it started Mike "BAD" wrote: In A3, you say "put any date you want". What date am I supposed to use here? "Mike H" wrote: Hi, There must be a formula bit I can't see it. Until someone comes up with one it can be resolved with Goal seek DOB in A1 DES in A2 Any date you want in A3 This formula in B1 =DATEDIF($A$1,A3,"y") This formula in B2 =DATEDIF($A$2,A3,"y") This formula in B3 =Sum(B1:B2) Select B3 then Tools|Goal seek In the 'To value box' enter 75 In the 'By changing' box enter A3 OK and you get your retirement date in B3 Mike "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#15
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Rule of 75 Retirement Calculation
I'm sorry it says its about 4 months off.
My bday is 10/01/80. My hire date is 06/05/06. With the rule of 75 I should be eligible to retire on June 4, 2031 (On that date, I will complete 25 yrs of service and will be 50 yrs old). Your formula is giving me the date 02/01/2031. Unless I am doing something wrong???? Thanks again for your help "~L" wrote: That's interesting. What combination of values did not produce the expected result? "BAD" wrote: Thanks but I am still about a year off using your formula. "~L" wrote: Err... I guess it would help if I did the algebra on that. =TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy") "~L" wrote: I think with the person's name in column A, birthdate in column B, and hire date in column C and row 1 containing headers, in column D row 2: =(2*Today()-B2-C2)/365.25 gives you what you are looking for. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#16
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Rule of 75 Retirement Calculation
Maybe I'm not understanding the Rule of 75. I took it to mean You Age + Leng
of Employment = 75 years. With a birthdate of 10/1/80 and a hire date of 6/5/06, on 2/1/2031 you would be 50.33 (50.36 if you don't figure in the leap day) years old and you would have worked for the company 24.66 years (plus a bit extra in both cases, which puts you at 74.99 (and a bit) total age+length of employment. If you add one day ( =TEXT((27393.75+A2+B2)/2+1,"mm/dd/yyyy") ), you're over 75 years (age+employment). On June 4, you will be 50.67 years old, and will have worked 24.996 years at the company. Seems to me to be a rounding issue. Likely the case with the other formulas as well. If this doesn't work for you I can try to make this less accurate? "BAD" wrote: I'm sorry it says its about 4 months off. My bday is 10/01/80. My hire date is 06/05/06. With the rule of 75 I should be eligible to retire on June 4, 2031 (On that date, I will complete 25 yrs of service and will be 50 yrs old). Your formula is giving me the date 02/01/2031. Unless I am doing something wrong???? Thanks again for your help "~L" wrote: That's interesting. What combination of values did not produce the expected result? "BAD" wrote: Thanks but I am still about a year off using your formula. "~L" wrote: Err... I guess it would help if I did the algebra on that. =TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy") "~L" wrote: I think with the person's name in column A, birthdate in column B, and hire date in column C and row 1 containing headers, in column D row 2: =(2*Today()-B2-C2)/365.25 gives you what you are looking for. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#17
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Rule of 75 Retirement Calculation
Is there an additional rule that you haven't told us; specifically, that the
retirement date must be the workday that is one day earlier than your hire date? I ask because there is no way June 4, 2031 can be calculated as exactly 75 years total from your two dates. Consider that there are 18508 days between that retirement date and your birthday and that there are 9130 days between that retirement date and your hire date. The total is 27638 days and when divided by 366 (assumes every year is a Leap Year in order to produce the smallest possible number of calculated years) equals 75.5136612. So in order of June 4, 2031 to meet your 75 year criteria, there must be another rule at work here... or you calculated your retirement date incorrectly. -- Rick (MVP - Excel) "BAD" wrote in message ... I'm sorry it says its about 4 months off. My bday is 10/01/80. My hire date is 06/05/06. With the rule of 75 I should be eligible to retire on June 4, 2031 (On that date, I will complete 25 yrs of service and will be 50 yrs old). Your formula is giving me the date 02/01/2031. Unless I am doing something wrong???? Thanks again for your help "~L" wrote: That's interesting. What combination of values did not produce the expected result? "BAD" wrote: Thanks but I am still about a year off using your formula. "~L" wrote: Err... I guess it would help if I did the algebra on that. =TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy") "~L" wrote: I think with the person's name in column A, birthdate in column B, and hire date in column C and row 1 containing headers, in column D row 2: =(2*Today()-B2-C2)/365.25 gives you what you are looking for. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#18
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Rule of 75 Retirement Calculation
As a simple way to check an answer on this, you can simply subtract the two
dates. i.e. 2/2/2031-10/1/1980 will equal 18386 days (50.3..yrs) and then 2/2/2031-6/5/2006 will equal 9008 days.(24.6...yrs) If using 365.25 to convert it to years then the answer is 75.00068 the first day you go over 75. So my answer is 2/2/2031. "Rick Rothstein" wrote in message ... Is there an additional rule that you haven't told us; specifically, that the retirement date must be the workday that is one day earlier than your hire date? I ask because there is no way June 4, 2031 can be calculated as exactly 75 years total from your two dates. Consider that there are 18508 days between that retirement date and your birthday and that there are 9130 days between that retirement date and your hire date. The total is 27638 days and when divided by 366 (assumes every year is a Leap Year in order to produce the smallest possible number of calculated years) equals 75.5136612. So in order of June 4, 2031 to meet your 75 year criteria, there must be another rule at work here... or you calculated your retirement date incorrectly. -- Rick (MVP - Excel) "BAD" wrote in message ... I'm sorry it says its about 4 months off. My bday is 10/01/80. My hire date is 06/05/06. With the rule of 75 I should be eligible to retire on June 4, 2031 (On that date, I will complete 25 yrs of service and will be 50 yrs old). Your formula is giving me the date 02/01/2031. Unless I am doing something wrong???? Thanks again for your help "~L" wrote: That's interesting. What combination of values did not produce the expected result? "BAD" wrote: Thanks but I am still about a year off using your formula. "~L" wrote: Err... I guess it would help if I did the algebra on that. =TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy") "~L" wrote: I think with the person's name in column A, birthdate in column B, and hire date in column C and row 1 containing headers, in column D row 2: =(2*Today()-B2-C2)/365.25 gives you what you are looking for. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#19
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Rule of 75 Retirement Calculation
Here is your answer.
Assume DOB is in B1 and Date of Hire is in C1 (((75*365.25)-(C1-B1))/2)+C1 Taking your years needed and multiplying by 365.25 to get number of days. You can just use 27393.75, but wanted to show my work... Take the date of hire and subtract the date of birth from it. This will give number of days from birth to hire. Take that amount out of your 75 year calculation. This now normalizes your calculation. Divide by 2 since we are double counting every day, one for your aging, one for your working. This will give your number of days from hire to reach your 75 year goal. Now, just add all these days to your date of hire to show date of goal. Maybe confusing, but it works. "BAD" wrote: I need a formula to give me the date of when someone's age and years of service equals to 75. I have the birth date and the date of hire but have no idea where to begin. Any suggestions? |
#20
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Rule of 75 Retirement Calculation
Sean Timmons wrote:
Here is your answer. Assume DOB is in B1 and Date of Hire is in C1 (((75*365.25)-(C1-B1))/2)+C1 Taking your years needed and multiplying by 365.25 to get number of days. You can just use 27393.75, but wanted to show my work... Take the date of hire and subtract the date of birth from it. This will give number of days from birth to hire. Take that amount out of your 75 year calculation. This now normalizes your calculation. Divide by 2 since we are double counting every day, one for your aging, one for your working. This will give your number of days from hire to reach your 75 year goal. Now, just add all these days to your date of hire to show date of goal. Maybe confusing, but it works. This is virtually the same as what I posted almost three and a half hours ago...the OP responded to everyone with the "wrong" answer and not to the "right" answer (assuming you and I are "right"). |
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