It’s an important question — one that has a different answer for everyone. But how much money you need for your future doesn’t have to be a random guess.
To help you put things in perspective, you first need to know how your retirement savings balance translates into a regular retirement income.
Similar to the way you'll create a monthly budget based on your monthly income and expenses, you’ll want to determine if your monthly retirement income lines up with your expected retirement expenses.
Seeing your projected retirement income is a key first step. As part of your plan’s website experience, you have access to a retirement income tool that allows you to easily model how things such as your savings rate, portfolio allocation and retirement age may affect your estimated monthly retirement income amount.
If your estimate shows that you have some ground to make up to reach your goal, the tool will offer you options to help you close the gap.
You have options to get you to your goal — and it may be easier than you think. So, take that first step and access the tool on your account home page
1 Source: EBRI Retirement Confidence Survey, 2015
This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.