Ready For Retirement?
Is there a gap between the income you’ll have in retirement and the income you’ll likely need? If there is, you may not have enough money to cover basic living expenses through your retirement years.
Your income in retirement may include a pension, Social Security (if you are eligible), and personal investments (including your employer-sponsored retirement plan).
Estimate your retirement gap
These resources can help you evaluate where you stand in relation to your retirement goals and steps you can take to improve your outlook:
Close the gap
If you’ve determined there’s a gap, what can you do to improve your retirement outlook? Here are some ways to help close a gap:
- Increase your deferrals
- Consider banking your raises so you may not miss the money
- Invest more
- Make a spending plan to control your expenses and pay off debt
- Adjust your expected standard of living in retirement
- Plan to work longer
- Take a new full or part-time job to increase your savings
Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.
For more help closing your retirement gap, you can also talk to your retirement plan’s investment professional.
Time is key! Maximize contributions now to avoid gaps later.