Rule of 75 Retirement Calculation
Sorry! You are right! This formula works! Thank you so much!
"~L" wrote:
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?
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