Meet Mitch, Retirement Planning Rookie
After graduating high school, Mitch started an apprenticeship program that provided training and a paid job right out of high school without having to attend college.
He’s been participating in the 401(k) plan benefit offered by his employer and is working on continuing to save—however, retirement saving isn’t his first priority. His long term goals include gaining additional on-the-job experience as a journeyman electrician, work his way up to a master electrician, and, eventually, start his own business.
Many young people just starting out in their career can relate to Mitch’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 Mitch:
Mitch’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Mitch can see how his real-life financial decisions, like increasing his 401(k) contribution rate over time or taking an early withdrawal from his account, could affect his retirement outcomes and ultimate retirement readiness at the end of his career—both positively and negatively. So if Mitch continues his current retirement saving behaviors throughout the rest of his career, what will his future retirement look like?
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 Mitch or are new to retirement planning yourself, you may benefit from a little bit of help along the path to retirement readiness. 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.
Starting to save for retirement early in your career allows your initial investment more time to grow—and thanks to compounding interest, a little bit early on can grow significantly over time. Learn more about the magic of compounding interest.
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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. |