The big question when it comes to retirement is, “How much money am I going to need?” With all of the advanced education and strategy tools available, it is still often difficult to understand the difference between what you can save for retirement and what is needed to retire. Sometimes, it is helpful to see what your account can actually provide over the course of your retirement. It can also help you set an achievable goal.
|Savings||Monthly income for 10 years1||Monthly income for 20 years1||Monthly income for lifetime of individual and spouse2|
The monthly incomes are hypothetical and not intended to project the performance of any specific investment or insurance product.
Monthly income can be greatly influenced by the number of distribution years. A shorter payout over 10 years will result in the highest monthly distribution amount, but the risk is if you live longer than 10 years in retirement, you may actually run out of money. Perhaps the most important decision is to decide when you actually want the distributions to begin. Deferring the beginning date of distributions from your account a few years can not only reduce the payout timeframe, but could allow an opportunity for additional asset growth depending on investment performance.
For more information on increasing your deferral amount, please contact our plan’s advisor.