Two simple tools to visualize your retirement savings

If you’re concerned about your retirement savings, you’re far from alone. According to a recent survey from Wells Fargo, a majority of young adults don’t believe they will ever be able to accumulate the common retirement target of $1 million.

The fact is that few people get rich off of their salaries alone. It’s compound interest – or earning interest on your interest over time -- that makes large retirement accounts possible, and time is on the side of people just beginning their career.

Are you skeptical? Wells Fargo breaks down the math of how a saver starting with a salary of $32,000 at age 25 can reach $1 million in savings by retirement age. And just last week we illustrated how the miracle of compound interest can reward you, and how putting off saving for retirement can cost you big time.

Still need convincing? Check out one of these two simple tools for visualizing your retirement savings and social security benefits:

1. FINRA Retirement Calculator

Bar graph showing retirement savings over time from FINRA retirement calculator Created by Financial Industry Regulatory Authority, this handy calculator helps you estimate how much money you need to save each year to accumulate your retirement goal. It even adjusts based on the type of retirement account you use, such as a 401(k) for workplace savings or an Individual Retirement Account.

In plain-English, the results tell you how much you need to invest annually, what your retirement savings will look like over time, and how much you will have in your savings each year.

2. my Social Security Statement

Even if you do not receive government social security benefits, creating a “my Social Security” account with the Social Security Administrator gives you access to lots of valuable information. Your Social Security Statement will give you an estimate of your future retirement benefits or how many work credits you need to become eligible. Create or log in to your account here.

You can also review your earnings over the years to verify the amounts are correct, and the estimated Social Security and Medicare taxes you’ve paid.

Now that you know more about your retirement savings and what you need to be saving, let’s put a plan in place. After all, savers with a plan are twice as likely to save successfully. That’s where America Saves and our pledge comes in. We’ll help you create your plan and keep you motivated with retirement-focused tips, information, advice, and reminders to help you reach you reach your retirement goal. Think of us as your own personal support system.

TAKE THE AMERICA SAVES PLEDGE


Two simple tools to visualize your retirement savings: http://bit.ly/2c0xv3n v/ @AmericaSaves
Twitter bird Tweet this now

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Written by Tammy G. Bruzon | January 16, 2017

    If it sounds too good to be true, it probably is. Beware of tax time scams: http://bit.ly/2h0GqA1 @AmericaSaves

Saver Stories View all »

Taking Back Control Over Finances

Written by Virginia Saves | August 5, 2015

After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back control over her financial affairs.

Read more...

Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

Inspired to Build Savings By Starting Small

Written by Great Lakes Michigan Saves | April 19, 2016

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

Read more...

Receive Updates

Sign up for Texts

Written by Tammy G. Bruzon | July 15, 2014

Sign Up

Sign up for Emails

Written by Super User | September 16, 2013

Get Emails

Take the Pledge

Written by Super User | September 16, 2013

Start Saving