Meet Tom, Flexible Financier
Tom is a hard worker, who in the past prioritized his divorce and getting his kids through school over retirement savings but is now more focused on saving for retirement than ever before. He’d like to retire in his early 60s but realizes he may need to work for another 10 years or more in order to retire comfortably.
He’s at a point where he can contribute more to his 401(k) than in the past now that his children are grown and child support payments aren’t taking out a chunk in his budget. He probably needs some guidance on how much more he needs to save and when he can retire, and he’d also benefit greatly from a better understanding of how long his savings will last in retirement.
Many Americans who got a late start on their retirement savings can relate to Tom’s situation, behaviors, and attitudes—in terms of both retirement planning and his outlook on the world around him.
Click the + below to learn more about Tom:
Tom’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Tom can see how his real-life financial decisions, like how working a few additional years or increasing his current 401(k) contributions, could affect his future retirement outcomes and ultimate retirement readiness at the end of his career.
Breaking down his account balances this way helps Tom understand how his retirement savings will last in retirement, allowing him to make adjustments to his retirement strategy to reach his retirement goals.
To learn more about how CoPilot helps keep participants on track to reach ultimate retirement readiness, check out our CoPilot Journey Roadmap.
If you relate to Tom’s situation or for additional financial education to help you move further along the path toward retirement readiness, we’re here to help. Download the PDF version of this information to save and reference back when needed.
Using key assumptions, the Years of Retirement (YoR) calculator breaks down your retirement savings differently—in terms of years, not just account balances. Learn about the assumptions used and how they play into your projected YoR.
Your 401(k) plan allows you to save for retirement via payroll deduction, either as a pre-tax deferral or Roth (post-tax) deferral, with the option for an employer match. Download this PDF to learn more about your 401(k) contribution options.
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CoPilot recordkeeping services include Years of Retirement calculations and savings alerts. Services for CoPilot are provided by Plan Administrators, Inc. (PAi), an Ascensus company. The Years of Retirement resource is for illustrative purposes only and is not, in any way, a guarantee of future results. |