Your employer-sponsored retirement plan is an important part of your overall retirement savings strategy. And for that strategy to be successful, it's important to estimate how much you need to save.
Less than half of workers (46%) report they and/or their spouse have tried to calculate how much money they will need to have saved for a comfortable retirement by the time they retire.1
Use the Tools and Resources below to estimate how much you need to save to reach your retirement savings goals.
Enroll in your employer-sponsored retirement plan now and save as much as you can afford.
When you ask yourself how much you should save, the quick and easy answer is, "as much as you can." The following quick tips show you that it may be more affordable than you think.
Before-tax paycheck contributions mean that your take-home pay may not be affected as much as you think.
Before-tax savings have the potential to lower your current taxable income, and that means you pay less income tax each year you make before-tax paycheck contributions than you would have without making a before-tax paycheck contribution.
Save as much as you can as soon as you can because the earlier you begin, the longer you'll have to benefit from tax-deferred growth and earnings.
Start saving today. Even a small paycheck contribution will get you in the habit of saving and begin to help you on your way to building a retirement income.
To help you understand how much you'll need to save to toward your retirement income goals – and the impact that saving will have on your financial situation – you can use the following calculators:
Retirement Planner – Develop a realistic plan for your future retirement expenses and the income you'll need to achieve the retirement lifestyle you want.
Log into your account to access over 40 other tools and calculators to clarify your goals and develop a personalized strategy for achieving the retirement 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.
Once you enroll in your plan, you'll have access to transactional features and tools through your plan's website that can help you learn how much you need to save to reach your retirement income goals. The following are some examples of the features and tools you'll have at your fingertips.
Each time you log in, you'll see a retirement income projection based on your current balance, contributions and estimated rate of return, which can help you keep your retirement strategy on track.
You'll be able to manage your account and make changes affecting your savings and investments.
The Asset Allocation Guidance Tool is available to you and can provide you with a recommended paycheck contribution amount and suggested asset allocation based on your retirement income goals.
There are many good reasons to save for retirement. Knowing how much to save is an important part of the enrollment process. And once you're enrolled, these tools and features can help keep you on the right path.