Studies are showing that Americans are feeling more optimistic about affording a comfortable retirement then in prior years. But that optimism was tied strongly to whether an individual and/or his or her spouse has a retirement plan since they themselves are not doing a better job or saving and preparing. Today you earn a paycheck, in retirement you will need to generate income from different sources.
It is estimated that you will need 85% of pre-retirement income to maintain your current standard of living while in retirement. You may need more or less depending on your retirement goals and level of debt.
Are you yourself doing enough?
The Principal Financial Group® can help you find your path with your personalized Retirement Wellness Score. At a glance, you can see if you’re on track for retirement by looking up your score at principal.com/myscore.
If your score is in the red or yellow, some quick changes could move you into the green.
Use the interactive Retirement Wellness Planner to see how you can improve your score.
You may boost retirement savings by thousands of dollars, simply by increasing the amount you’re contributing by 1 percent (1%) or more each year. Consider making the maximum contribution you can.
Then take the easy step of increasing your retirement plan contribution by contacting the IUJAT 401(k) Plan Department at (718) 658-4848.
You will want to check in on your score at least once a year and as major life events happen to make sure you are still on track.