I don't know what you mean by "early age withdrawal penalty", dogagility, but I have constructed a calculator that does compute the future value, after taxes, of pensions starting at different times. Here is an illustration assuming
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6 41 35% 35% 2,080
7 42 35% 35% 4,214
8 43 35% 35% 6,404
9 44 35% 35% 8,650
10 45 35% 35% 10,955
11 46 35% 35% 13,320
12 47 35% 35% 15,746
13 48 35% 35% 18,236
14 49 35% 35% 20,790
15 50 35% 35% 23,410
16 51 35% 35% 26,099 3,510
17 52 35% 35% 28,857 7,111
18 53 35% 35% 31,688 10,806
19 54 35% 35% 34,592 14,597
20 55 35% 35% 37,571 18,487
21 56 35% 35% 40,628 22,477
22 57 35% 35% 43,764 26,572
23 58 35% 35% 46,982 30,773
24 59 35% 35% 50,284 35,083
25 60 35% 35% 53,671 39,505
26 61 22% 22% 57,842 44,949 7,800
27 62 22% 22% 62,142 50,564 15,843
28 63 22% 22% 66,577 56,353 24,138
29 64 22% 22% 71,150 62,324 32,691
30 65 22% 22% 75,866 68,480 41,511
31 66 22% 22% 80,729 74,829 50,606
32 67 22% 22% 85,744 81,375 59,985
33 68 22% 22% 90,915 88,126 69,656
34 69 22% 22% 96,248 95,088 79,630
35 70 22% 22% 101,747 102,266 89,914
36 71 22% 22% 107,417 109,669 100,519
37 72 22% 22% 113,264 117,303 111,456
38 73 22% 22% 119,294 125,175 122,733
39 74 22% 22% 125,512 133,292 134,362
40 75 22% 22% 131,924 141,663 146,354
41 76 22% 22% 138,536 150,295 158,721
42 77 22% 22% 145,355 159,196 171,473
43 78 22% 22% 152,386 168,375 184,623
44 79 22% 22% 159,636 177,840 198,183
45 80 22% 22% 167,113 187,601 212,166
46 81 22% 22% 174,823 197,666 226,586 <--
47 82 22% 22% 182,773 208,045 241,455
48 83 22% 22% 190,972 218,748 256,789
49 84 22% 22% 199,426 229,785 272,600
50 85 22% 22% 208,144 241,166 288,906
51 86 22% 22% 217,134 252,903 305,719
52 87 22% 22% 226,405 265,005 323,058
53 88 22% 22% 235,965 277,486 340,937
54 89 22% 22% 245,823 290,355 359,374
55 90 22% 22% 255,988 303,626 378,387
56 91 22% 22% 266,471 317,311 397,993
57 92 22% 22% 277,281 331,423 418,210
58 93 22% 22% 288,428 345,976 439,058
59 94 22% 22% 299,923 360,982 460,557
60 95 22% 22% 311,777 376,457 482,726
61 96 22% 22% 324,000 392,414 505,587
62 97 22% 22% 336,605 408,870 529,161
63 98 22% 22% 349,603 425,838 553,471
64 99 22% 22% 363,007 443,337 578,540
65 100 22% 22% 376,829 461,381 604,390
, the life expectancy of a 40-year old man is 40.78 years. I picked the $3,200; $5,400; and $10,000 values so that,
, the pensions would grow to about the same value by age 81. The little table below shows this along with the three values with constant 35% tax rates, and with the 35% / 22% tax rates used in the big table above. It clearly shows the advantage -- for these assumptions -- of waiting to start the pension at age 60.
If you have Microsoft Excel and wish to use this calculator with your actual pension amounts, you can build it in a few minutes by following these steps: