Meet Davis, Retirement Plan Procrastinator
Davis was a musician for the first part of his life and career, spending his time traveling up and down the East Coast playing gigs at small venues and other local events. While he made a consistent living, he never had a benefits package available to him or a retirement plan to save in, though he was able to save some money in a savings account over the years.
Now, Davis has retired from the band and left his life of touring behind. He’s managing a music store, where he has access to a 401(k) plan and is currently saving a small portion of his paycheck. He knows he needs to start taking his retirement savings more seriously but is overwhelmed by all of the information, financial jargon, and investment options available to him.
Many Americans who got a late start on their retirement savings can relate to Davis’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 Davis:
Davis’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Davis can see how his real-life financial decisions, like continuing to delay contributions to his 401(k) plan, could affect his future retirement outcomes and ultimate retirement readiness at the end of his career—both positively and negatively.
Breaking down his account balances this way helps Davis understand how his retirement savings translate in real life: how many years he can afford to be retired.
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 Davis’s situation or could benefit from additional financial education and help with your retirement plan strategy, 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. |