Meet Kevin, Retirement Super Saver
Kevin is a family man and has been working hard and saving steady over the years. He saves in his 401(k) account available through his job, in a joint savings account with his wife, and has started a college fund for his kids. Any extra money he saves goes toward home improvement projects or his kids’ hobbies and sports.
Financial independence has always been a top priority for him—but when asked about the specifics of his 401(k), he has no idea about his investments, if/when to consider increasing his 401(k) contributions, or even how to talk to the financial advisor on his plan.
Many Americans who are well into their career can relate to Kevin’s situation, behaviors, and attitudes—in terms of both retirement planning and his outlook on the world around him.
Click the + below to learn more about Kevin:
Kevin’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Kevin can see how his real-life financial decisions, like retiring earlier in life or increasing his contributions to his 401(k) account, could affect his future retirement outcomes and ultimate retirement readiness at the end of his career—both positively and negatively. These projections help keep Kevin on track with his retirement strategy and translate his retirement savings in a way that makes sense for him: how many years he can afford to be retired.
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 Kevin’s situation or could benefit from additional financial education or help with your retirement plan strategy, 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.
Your 401(k) plan allows you to save for retirement via payroll deduction, either as a pre-tax deferral or Roth (post-tax) deferral, with the option for an employer match. Download this PDF to learn more about your 401(k) contribution options.
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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. |