06 Sep How Much Will You Need To Retire?
Earlier today we Tweeted how even working to age 70 won’t pay for retirement. We know that saving for retirement is important to you. Accumulating the savings you’ll need is a big goal. Your retirement plan is not only a convenient way for you to build up your savings, but also offers tax benefits that can help your account grow. Unfortunately, many people do not have the information they need to make the most of their retirement plan.
Pre-Tax Savings:
One of the most important features of your retirement plan is the ability to save and accumulate earnings on a tax deferred basis. Rather than paying taxes on your contributions and earnings now, you can delay paying taxes until you withdraw the money so you can have more money working for you.
Automatic Salary Deferrals:
Your plan makes it easy for you to save for retirement by deducting your contribution from your paycheck each pay period and automatically investing your contributions according to your investment elections.
Investment Menu:
Retirement plans can access mutual funds and share classes that are not available on a retail or individual level. As a result, your options may be better and your fees lower than if you were investing outside of your plan.
Will I get there?
How much will you need when you retire? The answer may surprise you. Get started today!
|
If you want this much each year in retirement: |
You’ll need this much in your retirement account when you retire: |
|
$30,000 |
$468,662 |
|
$40,000 |
$624,883 |
|
$50,000 |
$781,104 |
|
$75,000 |
$1,171,656 |
|
$100,000 |
$1,562,207 |
*Assumes 4% return during a 25 year retirement
If you would like more information about enrolling in your retirement plan, contact Prestige at info@prestigeemployee.com