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The amount that you contribute to your retirement savings is one of the most important aspects of retirement planning, and the biggest factor in determining how much savings you will have when you retire. A great way to see if you are on track is to determine your retirement number—how much you will need in retirement income.

You might think you will need income in retirement that is equivalent to your salary just before you retire. However, keep in mind that in retirement, many of your expenses will change:

  • Income taxes are likely to go down.
  • FICA (Social Security and Medicare tax deductions) will end.
  • You no longer need to save for retirement.
  • Your employer stops paying for health insurance.
  • Health insurance costs may rise.

If you want a more detailed picture of what you should be saving, log in to your account and check out the Retirement Goal Calculator. It can tell you how much you need to save on a monthly basis to achieve the income you will need when you retire.

Review your Retirement Plan

Are you on track to reach your retirement goal? There are certain things you should be doing at this time of your life. 

  1. Email us to request an Annuity Estimate or log in to use our retirement calculators to see if your savings are on track. Don’t assume your current contributions are enough. You may need to save more if you did not save enough in the early years.

  2. If you have saved elsewhere, check to see what the annuity payout is for those plans. Would consolidating multiple accounts/plans make sense? If so, you may want to roll them over to the Fund.

  3. To estimate how much income you will need, you must first envision the retirement you want and work backward. Set goals and priorities; consider when you want to retire, where and how you want to live, and what you wish to leave for loved ones. Remember that you only get the retirement that you save for now. If you need to save more, now is the time to do it.
Planning to retire before age 65?

If you are planning to retire before age 65, read these important steps to prepare for this exciting life change.