Retirement Goals Education Module
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One of a suite of individual retirement education modules created for Nationwide Financial, the Retirement Goals Education Module helps a plan participant decide if they are saving enough for retirement. The module system gives retirement specialists the ability to create longer, fully customizable presentations by allowing them to mix, match and combine individual modules in the suite. This enables the sales force a greater flexibility in planning meetings and answering individual plan and participant needs.
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Retirement Goals Education Module
- 4. Retirement Goals 4 Number of years you’ll likely spend in retirement 20–25 years Percentage of current income you’ll need in retirement 75–100% Retirement income that will come from your employer’s pension 50% Retirement income that will come from Social Security 20% Retirement income that you’ll need from personal savings (deferred comp, IRA) 5–20%
- 6. Neither Nationwide® nor any of its representatives give legal or tax advice. Information provided by Retirement Specialists is for educational purposes only and is not intended as investment advice. Nationwide Retirement Solutions, Inc. and Nationwide Life Insurance Company (collectively "Nationwide") have endorsement relationships with the National Association of Counties and the International Association of Firefighters-Financial Corporation. More information about the endorsement relationships may be found online at www.nrsforu.com. Nationwide Retirement Solutions, Inc. and its affiliates (Nationwide) offer a variety of investment options to public sector retirement plans through variable annuity contracts, trust or custodial accounts. Nationwide may receive payments from mutual funds or their affiliates in connection with those investment options. For more detail about the payments Nationwide receives, please visit www.nrsforu.com. Retirement Specialists are registered representatives of Nationwide Investment Services Corporation, member FINRA. In MI only: Nationwide Investment Svcs. Corporation. Nationwide, the Nationwide framemark, and On Your Side are service marks of Nationwide Mutual Insurance Company. ©2012 Nationwide Retirement Solutions Inc. All rights reserved. NRM-6595AO.4 (12/12)
Editor's Notes
- I hear this a lot. And chances are, you’re not. Numbers from the Employee Benefit Research Institute show that American workers are not getting ready for retirement. Sixty percent report that they have less than $25,000 in savings and investments (not including their home values and pension plans). What’s scarier…Thirty percent of workers and 28 percent of retirees say they have less than $1,000 in savings.**Source: Employee Benefit Research Institute, 2012
- If you’re like a lot of people, you know you should be doing more, but you’re not sure where to start. One thing you can do is learn how much you should be contributing to your plan today to help meet your long-term goals later. And you don’t have to do it by yourself. Let’s look at where you are now, where you need to be and tips to help you get there.
- As we discussed, you’re probably not saving enough so you have what we call a retirement gap. A retirement gap is the difference between the income you will need at retirement and the income you are likely to have from your pension, Social Security if you are eligible, and your personal savings (this includes your deferred comp plan).When we talk about a retirement gap, we are not including dollars you will need for extra items, like cars and travel. When we say that someone has a “retirement gap,” we mean that they may not have enough money to cover basic living expenses through all of their retirement years. That’s why it’s important to know what your retirement gap is, and know how to close the gap.
- Take a minute to look at this chart. And remember, the numbers we’re talking about for your situation are based on your current annual income since you do not know with certainty what your final pay will be at retirement. Most people plan to spend 20-25 years in retirement. Some experts say that you’ll need to replace at least 75 percent of your current income in retirement. Other experts say you may need to save more than 100 percent. The important question to ask yourself is, What do you want in retirement? How much do you need depending on your financial situation? Let’s say you want to replace 100 percent of your current income – it’s important to know how much of that will come from your employer’s pension and how much of that will come from Social Security. The remaining amount represents income that needs to come from your personal savings, including your employer sponsored plan.So think about what you expect to get from your employer pension and Social Security. Think about your personal retirement gap as well as what you may want to spend money on in retirement. The goal then is for you to make sure you are contributing enough in your plan today to make up the amount that needs to come from additional savings other than Social Security and your pension at retirement. And it’s smart to repeat this exercise every year to help you stay on track with your goals.So how do you get where you need to be?
- Whether it’s three years or thirty years away, your retirement matters now. That’s why it’s important to pay yourself first. Contributing to your deferred comp plan is the first step. You can do even more for your future by making a goal to increase what you contribute every year and give it the opportunity to grow. And the next time you receive a raise, give your retirement a raise too, by investing those dollars in your future.Next, make a goal to get out of debt so you can invest more into your retirement plan. And create a spending plan. When people see where there money is really going every month, it’s easier to find even more ways to save.Another way to invest more is to work longer. Because we’re living longer, healthier lives, more people are choosing this option. If you’re near retirement and still not financially ready to retire, explore your options to continue working either full-time or part-time so you can put away more for your future. Although investing for your future is a smart way to help achieve financial security, we understand there may be times when other financial matters take priority. That’s why you can start, stop or re-start anytime you want. You can also change contribution amounts or investment choices any time. But remember, one of the ways to get where you need to be is to consistently contribute to your account and give it the time and opportunity to grow. With a little bit of work (and a lot of help and resources from us), reaching your goals for retirement might not be as hard as you think.