Before you can determine how much you need to save today to pursue your future financial goals, you may first want to get an idea of how much income you'll need to meet your expenses during retirement. Here are a few quick tips to help you learn what your retirement income needs may be:
- Estimate the percentage of your working income you'll need to replace, think about the age at which you expect to retire and consider how long you'll need your retirement income to last.
- Save as much as you can today and take advantage of catch-up paycheck contributions, as available, to go toward your savings in the years leading up to retirement.
- Consider consolidating assets from other eligible accounts into your current employer plan to potentially simplify your savings strategy and stay on track toward your retirement goals. You are encouraged to discuss rolling money from one account to another with your financial advisor/planner and to consider any potential fees and/or limitations of available investment options.
Tools and Resources
To help you understand how much you'll need to save to meet your retirement income goals – and the impact that saving can have on your financial situation – you can use the following calculator:1
Retirement Planner – Develop a realistic plan for your future retirement expenses and the income you'll need to help achieve the retirement lifestyle you want.
Saving for retirement is one part of your overall financial picture, and it helps to understand how the actions you take today affect your current and future finances. You can use this calculator at any time to clarify your goals and develop a personalized strategy to work towards achieving the retirement you hope to achieve.
1 The calculator is for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice. For that kind of specific financial help, please see your financial planner, attorney or accountant.
Representatives of Empower Retirement do not offer or provide investment, fiduciary, financial, legal or tax advice or act in a fiduciary capacity for any client unless explicitly described in writing. Please consult with your investment advisor, attorney and/or tax advisor as needed.
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