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Planning Your Financial Future
Retirement Needs
What do you need for retirement?
It's a simple enough question. But the answer is complicated because there are so many variables that can shape the answer, sometimes dramatically. The answer for you will vary depending on your personal situation — your retirement age, how you intend to spend your retirement years, your health and how long you will live — that's a lot to consider!
Are you on track?
Experts say you should have the equivalent of 8 times your age 67 salary saved by retirement. This amount, in addition to Social Security, should help insure that you will have enough for retirement. Of course, you don't save that all at once. By using the simple guide below, you can see if you're on track to get to the 8X salary you'll need at retirement. Include your TIP balance, personal savings and any other sources of income in your Current Savings amount.
| Current Age | X Salary | Target Savings | Current Savings |
|---|---|---|---|
| 30 | 0.5x | $ | $ |
| 35 | 1x | $ | $ |
| 40 | 2x | $ | $ |
| 45 | 3x | $ | $ |
| 50 | 4x | $ | $ |
| 55 | 5x | $ | $ |
| 60 | 6x | $ | $ |
| 67 | 8x | $ | $ |
If you haven't reached your current X-factor, there are some simple things you can do today:
- Make sure that you are contributing at least 4% of your pay to TIP to receive the full ADI matching contributions.
- Already contributing 4%? Increasing your contribution rate by 1% can significantly increase your retirement income and may not decrease your take home pay as much as you think!
- If you are age 50 or older, make catch up contributions, up to an additional $6,500 per year.
Logon to www.netbenefits.com to access your TIP account and make contribution changes.
Related Topics & Resources
- Fidelity's NetBenefits. Find interesting and helpful information on how to save for your future needs in the e-Learning catalog, on demand pre-recorded sessions for various 401(k) topics and live webinar workshops.
- Health Savings Account as a Retirement Tool? Did you know that the money in your HSA can be used to pay for qualified medical expenses during retirement? You never lose your money – your unused balance keeps rolling over from year to year, whether you leave ADI or leave the plan. You get the triple tax advantage of tax-free savings, tax-free earnings, and tax-free withdrawals as long as you use your HSA money to pay for eligible health care expenses.
Want Help?
Call a Fidelity Workplace Planning and Guidance Consultant at 1-888-234-7300 from 8:30 am - 8:00 pm EST to review your goals and progress, and identify next steps you can take today to help ensure that you are on track for your retirement.
If you prefer, you can instant message a representative on the NetBenefits site.