Develop your retirement strategy

To move toward your future retirement goals, it's important to have a strategy in place and check it regularly. This tool can help you develop or adjust your approach to prepare for retirement. It will also highlight any gap between your goal and your potential retirement income.

As you walk through the tool, you will be able to illustrate different potential scenarios by adjusting factors such as:

  • The age at which you will retire
  • Your retirement plan contribution rate
  • Your annual retirement income goal
  • Additional retirement income sources (such as your projected Social Security benefit or another retirement account)

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Let's start calculating your income

To help you calculate your retirement income, let us guide you step by step through an interactive tour of all the retirement key areas you may wish to consider before retiring. Please do not skip this if you are unfamiliar with retirement terminology and concepts.

Also remember that:

HelpIf you exit the introduction, you can start again at any time by clicking the help button located in the top right corner.

To jump to a specific help section, click the icons featured around the page elements.

Amount Goal 1 of 8

You have chosen to set a goal based on the amount of annual income you want each year in retirement. The slider shows you how much this is as a percentage of your pre-retirement annual salary. Drag the slider to select a different amount.

Results 6 of 8

Balance - see how your account balance will change over time, usually increasing as you approach retirement and then decreasing during retirement as you withdraw income from your account.

If you have set the Income Target, you can see when your money will run out based on your chosen amount.

The life expectancy is marked by the gray shaded area above the graph.

Results 7 of 8

Yearly Income - see how your annual retirement income is made up from your retirement account(s), Social Security and other income.

The life expectancy is marked by the gray shaded area above the graph.

Results 8 of 8

Monthly Income - see your expected monthly income at your retirement age. The figure is made up of the monthly value from Social Security, income from your retirement plan account and other retirement income.

Variables 2 of 8

Contributions - set your contribution rate, your employer's match and any additional contributions.

Variables 3 of 8

Investment risk level - set your investment risk level before retirement and set your investment risk level after retirement.

Variables 5 of 8

Other retirement income set your level of retirement income from other sources, for example a part-time job or a pension.
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