Retirement Annuities

An annuity is a stream of income paid in a series of regular monthly payments. Annuities are usually set up to disburse these payments from a retirement account, and act as an income stream.

When planning for retirment, it is natural to ask what amount of monthly income will I receive given a planned retirment account balance of X dollars, with a planned retirement term of 360 months? Similarly, given a planned retirment account balance of X dollars and a desired monthly income of Y dollars, how many months may I draw income? Finally, given a desired term of income and monthly income amount, what would my retirement balance need to be?

Thus, there are three basic variables involved in computing an annuity: the beginning balance, monthly income amount, and the number of months of income. Given any of two, one may find the third. Instead of creating three different request and response JSON interfaces, only one request format and one response format are used, each of which is detailed below.

Sample Request

The following is a sample SCE request for an Annuity calculation:

{
  "Module" : "Annuity",
  "Data" : {
    "Calculate" : "Income",
    "Balance" : "500000.00",
    "Rate" : "5.000",
    "Term" : "360"
  }
}

Sample Response

{
  "Result" : 200,
  "Module" : "Annuity",
  "Data" : {
    "Errors" : [
    ],
    "Warnings" : [
    ],
    "Balance" : "500000.00",
    "Rate" : "5.000",
    "Income" : "5018.38",
    "Term" : "129",
    "TotalIncome" : "647371.02",
    "Gain" : "147371.02"
  }
}