Retirement FAQs

When you envision retirement, you probably see yourself living comfortably, doing what makes you happy. Your dreams could be as lofty as traveling the world or as simple as spending more time with your friends and family. Everyone's vision is unique.

Fortunately,  whatever your dream, your employer wants to help you make it reality —  by offering a retirement savings plan. Here's why you should consider  taking full advantage of your plan.    

Like so many other major life events, a successful retirement depends on  advance planning. No matter what your age, now is the time to start  thinking about where your retirement income will come from. Several  possible resources may be available.

For  instance, some people assume that Social Security will meet all of  their retirement income needs. Others believe that Social Security will  dry up before they retire. While no one can say exactly what the future  holds, the truth probably falls somewhere in the middle.

According to the Social Security Administration's Fast Facts & Figures About Social Security, 2016,  Social Security provides just 33% of the income received by today's  retirees. While some retirees get just a small percentage of their  income from Social Security, others rely on the program as their only  income source. As you think about how Social Security will fit into your  plan, consider that it was never intended to be a retiree's only source  of income. Social Security is meant as a safety net to help keep people  out of poverty.

Another  possible income resource is a traditional pension plan. These  employer-provided plans, which reward long-term employees with a steady  stream of income in retirement, were common during the twentieth  century. Over the past couple of decades, however, traditional pension  plans have become increasingly scarce. Even if you are one of the lucky  ones who will receive traditional pension income in retirement, you may  still need an extra cushion to be able to retire comfortably.

For  example, say you invest $3,000 every year beginning at age 20. If your  investments earn 6% per year, your account would be worth $680,000 at  age 65. If you wait until age 35 to begin saving, your account would be  worth just $254,000 at age 65. And what happens if you put off saving  until age 45? In that case, you would accumulate just $120,000 by age  65. In this example, a 25-year delay cost you more than half a million  dollars.

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