Don't Have a Mid-Career Saving Crisis
Life can get in the way of saving enough for
retirement, especially when you are busy with your
job, family, and the other things that are important
to you right now.
Dueling Goals
If one of your financial goals is to help your
children pay their college costs, it's likely that those
expenses will occur before you retire. You may
even consider waiting to save more for retirement
until after your kids' college tuition is paid...
No Time to Lose
You may reach your mid-career years and realize
that life has gotten in the way and you don't have
as much saved for retirement as you'd like. Don't
panic. You still could have several years left to
accumulate money in your plan account...
Put Your Plan to Work
It's easy to save more for your future. Once you decide to
increase your contribution amount, that money will be
automatically deducted from your paycheck each pay
period and put into your plan account where you won't be
tempted to spend it on anything else...
Frequently Asked Retirement Income Questions
When should I begin thinking about tapping my
retirement assets & how should I go about doing so?
The answer to this question depends on when you expect
to retire. Assuming you expect to retire between the ages
of 62 and 67, you may want to begin the planning process
in your mid-to-late 50s...
How much annual income am I likely to need?
Financial professionals typically suggest that many people
are likely to need between 60% and 80% of their final
working year's income to maintain their lifestyle after
retiring. Low-income or wealthy retirees may need closer
to 90%...
How much can I afford to withdraw from my assets
for annual living expenses?
As you age, your financial affairs won't remain static:
Changes in inflation, investment returns, your desired
lifestyle, and your life expectancy are important
contributing factors. You may want to err on the side of caution
and choose an annual withdrawal rate somewhat below 5%;
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