Are you Saving Enough?


Current 401k Balance ($)
Salary ($)
401k Contribution (%)
Employer Match (%)
Rate of Return (%)
Years until Retirement
When you retire, you should have about

TIPS:

Max out your 401k or IRA contributions each year. Plan for this in your Budget Planner.

Contribution Limits:

The limit on employee elective deferrals is: $17,000 in 2012 and $17,500 in 2013

For 2012, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of: $5,000 ($6,000 if you're age 50 or older), or your taxable compensation for the year.

For 2013, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of: $5,500 ($6,500 if you're age 50 or older), or your taxable compensation for the year.

Did you know

That retirement can last for at least 30 years?

That a common rule when planning for retirement is to plan to have approximately 80% of your current annual income today to retire comfortably.

That $1,777 is the average benefit amount paid monthly by the Social Security Administration?

 

Advantages

Tax on employee and employer contributions is deferred until distributed.

You are not taxed on investment gains until the funds are withdrawn.

Retirement assets can be rolled over from one employer to next.

You can easily contribute to your Investment account through payroll deductions.

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Sample of Time vs Value

Future Value with a 6% annual return

Monthly Savings

5 years

15 years

20 years

$50

$3,506

$14,614 

 $23,218 

$200

$14,024

$58,456

 $92,870 

$500

$35,059

$146,136

$232,176

Reference: IRS.gov

If you're new to investing visit our Investors page to learn more about the different options and strategies.

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