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Saving for your retirement is so important, and the earlier you start saving the better. If you wait to save, it’s very difficult to try to make up for the income you would have accrued, so try to save as much as you can throughout your working years.
Start contributing early in your career when you first become eligible. Try to contribute enough to take advantage of your employer’s matching contribution. Then, try to increase your deferral each year. If you increase your contribution with each salary increase, the impact in take-home pay is typically very minor. (Most plans allow you to change your deferral at any time.)
If possible, when you turn 50, take advantage of catch-up contribution opportunities to build your retirement savings even more.
Think twice about stopping deferrals, withdrawing from your account prior to retirement or using your retirement dollars to fund college-bound children’s expenses. Each time you stop deferrals or withdraw from your account, it greatly impacts the accumulation of earnings.
This Retirement Savings Checkpoints chart from J. P. Morgan Asset Management can help you figure out if you’re saving enough for retirement. And if you need further assistance, give us a call. We’re happy to help guide you in working toward your retirement goals.
How to use this chart:
Model Assumptions: Pre-retirement investment return 6.5 percent, post-retirement investment return 5 percent, retirement age 65, years in retirement 30, inflation rate 2.25 percent, confidence level 80 percent, assumed annual contribution rate 5 percent.
Data: J. P. Morgan Asset Management. Used by permission. This chart is for illustrative purposes only and must not be relied upon to make investment decisions.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured. These products are not obligations of the Bell Bank and are not endorsed, recommended or guaranteed by Bell Bank or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.
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