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?

My boss wants to know....

"how about if one of the factors ... years of service ... must be at least 8
years?
The rule is: Age plus years of service equal 75, with a minimum of 8 years
of service, i.e. a new hire who's 75 years old would not automatically be
eligible to retire on their hire date.

Do you any ideas on how to allow for additional years/days of service
elsewhere to count toward the service criteria, i.e. 7 years with the
ccompany plus 1 previous year with another eligible company would meet the 8
year criteria ... or 6 years with the company plus two one-year stints at two
other companies.

Any help would be appreciated.


"~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?

The simple answer is just wrap an IF around it. 8 years should be 2922
days, and I hope I grabbed the proper formula from this discussion, I
haven't tested it completely:

=IF(TODAY()-C22922,"Not Eligible",TEXT((27393.75+B2+C2)/2,"mm/dd/
yyyy"))

But for all the "another eligible company" parts, it gets more
complex. You'd have to have that data somewhere in the worksheet to
reference. No doubt it can be done, if those other dates are there.
So...what do you have?

Thanks Spiky. I tested with your formula but I got the "not eligible" text
in my field. Which is correct but I want the formula to tell me the date I
will be eligible.

"Spiky" wrote:

The simple answer is just wrap an IF around it. 8 years should be 2922
days, and I hope I grabbed the proper formula from this discussion, I
haven't tested it completely:

=IF(TODAY()-C22922,"Not Eligible",TEXT((27393.75+B2+C2)/2,"mm/dd/
yyyy"))

But for all the "another eligible company" parts, it gets more
complex. You'd have to have that data somewhere in the worksheet to
reference. No doubt it can be done, if those other dates are there.
So...what do you have?

I also have the date when the employee will complete 8 yrs of service if that
helps at all.

"Spiky" wrote:

The simple answer is just wrap an IF around it. 8 years should be 2922
days, and I hope I grabbed the proper formula from this discussion, I
haven't tested it completely:

=IF(TODAY()-C22922,"Not Eligible",TEXT((27393.75+B2+C2)/2,"mm/dd/
yyyy"))

But for all the "another eligible company" parts, it gets more
complex. You'd have to have that data somewhere in the worksheet to
reference. No doubt it can be done, if those other dates are there.
So...what do you have?

To build on Spiky's formula:

=IF(TODAY()-C22922,"Not eligible prior to "&C2+(365.25*8)
,TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy"))

"BAD" wrote:

Thanks Spiky. I tested with your formula but I got the "not eligible" text
in my field. Which is correct but I want the formula to tell me the date I
will be eligible.

"Spiky" wrote:

The simple answer is just wrap an IF around it. 8 years should be 2922
days, and I hope I grabbed the proper formula from this discussion, I
haven't tested it completely:

=IF(TODAY()-C22922,"Not Eligible",TEXT((27393.75+B2+C2)/2,"mm/dd/
yyyy"))

But for all the "another eligible company" parts, it gets more
complex. You'd have to have that data somewhere in the worksheet to
reference. No doubt it can be done, if those other dates are there.
So...what do you have?

Hi ~L,

Your formula gives me Not Elibile prior to 41795. How do you turn that into
a date?

"~L" wrote:

To build on Spiky's formula:

=IF(TODAY()-C22922,"Not eligible prior to "&C2+(365.25*8)
,TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy"))

"BAD" wrote:

Thanks Spiky. I tested with your formula but I got the "not eligible" text
in my field. Which is correct but I want the formula to tell me the date I
will be eligible.

"Spiky" wrote:

The simple answer is just wrap an IF around it. 8 years should be 2922
days, and I hope I grabbed the proper formula from this discussion, I
haven't tested it completely:

=IF(TODAY()-C22922,"Not Eligible",TEXT((27393.75+B2+C2)/2,"mm/dd/
yyyy"))

But for all the "another eligible company" parts, it gets more
complex. You'd have to have that data somewhere in the worksheet to
reference. No doubt it can be done, if those other dates are there.
So...what do you have?

Format the cell as a date (probably the best way) or:
=IF(TODAY()-C22922,"Not eligible prior to
"&TEXT(C2+(365.25*8),"mm/dd/yyyy"),TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy"))

"BAD" wrote:

Hi ~L,

Your formula gives me Not Elibile prior to 41795. How do you turn that into
a date?

"~L" wrote:

To build on Spiky's formula:

=IF(TODAY()-C22922,"Not eligible prior to "&C2+(365.25*8)
,TEXT((27393.75+B2+C2)/2,"mm/dd/yyyy"))

"BAD" wrote:

Thanks Spiky. I tested with your formula but I got the "not eligible" text
in my field. Which is correct but I want the formula to tell me the date I
will be eligible.

"Spiky" wrote:

The simple answer is just wrap an IF around it. 8 years should be 2922
days, and I hope I grabbed the proper formula from this discussion, I
haven't tested it completely:

=IF(TODAY()-C22922,"Not Eligible",TEXT((27393.75+B2+C2)/2,"mm/dd/
yyyy"))

But for all the "another eligible company" parts, it gets more
complex. You'd have to have that data somewhere in the worksheet to
reference. No doubt it can be done, if those other dates are there.
So...what do you have?