Retirement Income Estimator

Contributions

Also known as a deferral, this is the amount you are with-holding from each paycheck and putting into your retirement account.

Percent or Dollar Amount?

Depending on your plan you may be able to choose a deferral amount as a percent of your earnings per period, or as a dollar amount per period. You may also choose to enter amount you defer over the course of a year.

Is there a maximum I can defer?

Yes, but this amount depends on your age. These amounts are listed above the options.

Can I choose not to defer?

Yes you can, this is the last option on the list, although we don't recommend it and you could be missing out on "free money" from your employer.

Social Security Payments

This section is calculating how much you will get from social security each month when you retire. Currently you can only expect up to $2,513 per month from Social Security.

Where do I find this information?

This information is usually available on your yearly Social Security statement. You can also visit the link provided to a calculator that will estimate this for you.

Matching

To encourage participants to save many companies offer matching dollars when they contribute. This is often in the form of matching your deferrals up to a specified percent. It is usually wise to defer at least this amount to ensure you are getting the most from your plan.

Free money?

That's right! Lets say your company matches up to 3% of your compensation. If you defer 3%, they match your deferral 3%. That's "free money" you would not have received had you not been participating in the plan.

Profit Sharing

Some companies also contribute to your account in ways that are not tied to how much you are contributing. These contributions can be placed in this section. If this amount might flucuate year to year, use your best average estimate to get the best result.

Lump Sum Assets

Lump sum assets are other savings devices where you receive the entire balance at once. An IRA is a good example of a lump sum asset.

Assets Distributed Yearly

These are other assets you may have that would be distributed to you on a yearly (or monthly) basis. A good example would be a pension plan from an employer. If being distributed monthly please multiply by 12 to get the yearly amount.

What is COLA?

COLA stands for cost of living adjustment. This adjustment increases your annual benefit by a certain amount each year to account for increases in the cost of living. This is usally between 1% and 4%.

Projections

Based on your answers we have calculated your projected savings balance, yearly retirement income, and the ratio of your future income compared to your current income.

Assumptions

Markets change making future predictions difficult. Luckily we have past data we can look at and make assumptions based on the future. In this area you can change the inflation percent, the pre-retirement and post-retirement rate of return. We have pre-filled these choices with conservative assumptions.

Report

Print a report that offers a more detailed look at your choices for your records or to discuss with your finacial planner.

Changing current contribution to match results

Change your contribution rate to the one on the results screen easily by either submitting your change online or with a printed request to your HR department