See how the size of the contributions to your group plan can affect your retirement income with this calculator.
Change your contributions and see what a difference it can make
Four tips to save more using your group plan(s):
The estimated annual income is based on a complete withdrawal of the savings in your retirement year. It isn't a payout annuity.
- If the contribution amount is indicated as a percentage, the amount will be adjusted proportionately based on your salary increase.
- If the contribution amount is indicated as a dollar amount, this amount remains the same for the entire contribution period.
- Annual contributions are made at the beginning of the calendar year.
- Value of existing retirement savings = 0 (i.e., the age entered into the calculator is the year of the first contribution)
- Annual salary increase = 2.5%
- Years in retirement = 25 (i.e., retirement income stops after 25 years)
- Post-retirement rate of return = 5%
This calculator is for information purposes only and is intended to show how your contributions to your group retirement and savings plan can affect your retirement income. It’s not a prediction or guarantee of future investment performance or a guarantee of what you’ll receive as retirement income when you reach retirement age. Your retirement income may be higher or lower based on market conditions, performance of your investments and legislative changes.
Wondering how to have the money talk with your kids? Here are some tips to put them on the road to financial success.
A great way to diversify your investments and lower your risk is to use asset allocation funds. They provide diversification within a single fund; each one is spread among asset classes, countries and investment management styles.