Meet Parker, Retirement Savings Skeptic
Parker recently graduated with an Associate’s Degree and is just starting out her professional career as a Dental Assistant. She chose to take classes at a local technical school to keep her student loan debt to a minimum and lived at home while she completed her degree.
She has a 401(k) available through her new employer, but she’s not necessarily worried about saving for retirement right now. She received a packet outlining her benefits and the company match available but hasn’t bothered to look at it too in depth yet. She knows she has a long career ahead of her and thinks saving can wait to be prioritized later on in her life and career.
Many young people just starting out in their career can relate to Parker’s situation, behaviors, and attitudes—in terms of both retirement planning and her outlook on the world around her.
Click the + below to learn more about Parker:
Parker’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Parker can see how her real-life financial decisions, like delaying contributions to her 401(k) account, could affect her retirement outcomes and ultimate retirement readiness at the end of her career. If Parker decided to start saving today rather than continuing to wait until later in her career, what would her retirement outcomes 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 Parker or are debating the value of saving early in your career, you may benefit from a little bit of help on 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. |