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“How Much Should I Save?”
Get a ballpark figure in 2 minutes or less!
It’s the number two question that 401k Savers have,
ranking only behind, “Where should I invest my money?”**
In less
than 2 minutes
Fidelity’s
My Plan Snapshot*
can get you in the ballpark of how much you should be saving,
if your financial situation is not too complex.
You’ll need to know your:
age, annual salary, 401k savings balance, monthly savings rate
and investment style (moderate, growth, aggressive growth,
etc…)
You’ll receive:
an estimate based on an 85% income replacement rate in
retirement. This snapshot does not consider any
pension money that you may have coming, IRA money or Spouse
Retirement Income sources.
In 10 to 15 minutes
Fidelity’s
Retirement Quick Check
takes ten to fifteen minutes, giving you a more thorough
estimate. But you’ll need more information including your:
projected pension income, Spouse 401k and/or pension income,
IRA and other retirement savings assets.
One
word of advice would be to dig out your annual Social Security
Statement and use those numbers.
We found Fidelity severely underestimated out projected Social
Security benefits when making their projections for us.
To
access
Quick
Check
click the “CREATE A PLAN” button at the end of the 2 minute
My Plan Snapshot and Log in. Your entries here will be
remembered for future easy updates when you return.
Comprehensive Check in 30 to 45 minutes
Go All
The Way in less than an hour with
Fidelity’s
Retirement Income Planner.
Just be sure to first evaluate your expected lifespan (perhaps
by looking at the longevity of your parents and grandparents),
your approx. income needs in retirement and list any probable
work income you may have in retirement.
To find
the
Planner,
log in to 401k.com and select the Tools and Learning
link in the lower left corner. Then in the center of the page
click Create You Retirement Plan Now. Finally scroll
down to select Retirement Income Planner.
Avoid Late Career Panic
So often
it holds true; “Prior Planning Prevents Poor Performance.”
The very last thing we want is for our late-life income to
perform poorly for us just when we need it most.
**Deloitte,
2008 401k Benchmark Survey
Wishing You The Very Best Of Returns,
The Fed’s Funds Staff
*
Included source links and/or logos serve only
to further viewer research and in no way indicates any
endorsements, sponsorships or relationships. No accuracy
guarantee of their content is implied. This information is
not presented as legal, tax or financial advice.
Reported performances of the past are not a
prediction or guarantee of future returns. |
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