Retirement income
Develop your retirement strategy
To move toward your future retirement goals, it's important to have a strategy in place and check it regularly. This tool can help you develop or adjust your approach to prepare for retirement. It will also highlight any gap between your goal and your potential retirement income.
As you walk through the tool, you will be able to illustrate different potential scenarios by adjusting factors such as:
- The age at which you will retire
- Your retirement plan contribution rate
- Your annual retirement income goal
- Additional retirement income sources (such as your projected Social Security benefit or another retirement account)
Select next to get started!
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Retirement income
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Gender
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?
Age
XX
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?
Annual income
$ XX
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?
Account balance
$ XX
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$ XX
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Retirement income
Select your retirement goal depending on what is most important to you. Either choose Amount if you wish to target a specific annual income in retirement or choose Age to target how long you want your retirement balance to last.
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Goal
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Annual income
$ XX
The minimum income you can target is 1% of your current income, based on what you may receive from social security. The maximum income you can target is 2% of your current income, based on the maximum year 1 income you could currently reach. Make changes in the ‘income’ screen to increase the target you could reach.
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Age
Next
Retirement income
Help
Retirement age
$0
Retirement
income per month
11/11/2011
- Retirement
Plan Account: - $X,XXX
- Social
Security: - $X,XXX
- Other Income:
- $XX,XXX
- Monthly Total:
- $XXX,XXX
Monthly
income gap
$XXX,XXX
From age XX
Based on your retirement goal, your monthly retirement income will be short $0 beginning at age 0.
Your income in retirement will be $0 until age 0 when your account balance will run out. You will then have an income gap of $0.
At age 0 you will have a monthly income gap of $0, between your goal and your retirement income.
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? Your contributions
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? Employer matching
contributions -
? Additional
contributions
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? Investment risk level
before retirement -
? Investment risk level
after retirement
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? How do you want Social Security calculated?
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? ? ? Social Security income in
inflation-adjusted (future) dollars
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? Other Retirement Income in
inflation-adjusted (future) dollars
Retirement income
Next Steps
You probably have a better idea now of how much you will need to contribute throughout the years leading up to retirement and the level of investment risk that could help you move closer to your retirement income goal. Now it is time to take action.
- If you haven't enrolled in your retirement plan, get started today! Register and enroll now
- To increase your contributions or get started, log in to your account or register today.
- Explore our other available online educational resources.
- If you are not part of a retirement plan contact your employer or financial professional today and take the next step.
You probably have a better idea now of how much you will need to contribute throughout the years leading up to retirement and the level of investment risk that could help you move closer to your retirement income goal. Now it is time to take action.
- Click here to increase your contribution rate or review your investment strategy.
- Be sure to return to this calculator to continue to help evaluate your retirement needs.
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Disclosures
Assumptions
The calculator assumes all contributions can be made without additional tax or fees. Contributions are assumed to be added as regular, after-tax monthly contributions into a retirement savings account. Any contribution limits relating to a specific retirement savings account are not factored in.
Please note that the following are assumed only and are not likely to reflect what will actually happen in practice. As a result, your actual account balance will be higher or lower than the figure shown by the calculator. The fixed assumptions are:
- Investment returns
The calculator assumes a pre-retirement investment return of 4% for the Conservative fund, 6% for the Balanced fund, 7% for the Moderately Aggressive fund and 8% for the Aggressive fund.
It assumes a post-retirement investment return of 4% for the Conservative fund, 6% for the Balanced fund, 7% for the Moderately Aggressive fund and 8% for the Aggressive fund.
- Future inflation & salary increases
The calculator assumes a future inflation rate of 3%.
It assumes that your future salary will increase by 3% a year.
- Assumptions used only for Social Security
The calculator assumes that the National Average Wage will increase by 3.5% a year.
It assumes past pay increases of 1% a year plus past increases in the National Average Wage.
Historical pay amounts are estimated based on user's current pay projected backwards using the actual National Average Wage Index (NAWI) rates plus 1.0%. The 1.0% reflects assumed past merit and seniority pay increases beyond the NAWI rate.
Future pay amounts are estimated based on user’s current pay projected forwards using the assumed NAWI rate plus 0.5% (i.e., 4% based on current 3.5% NAWI assumption). The 0.5% reflects assumed future merit and seniority pay increases beyond the NAWI rate.
- Life expectancy
Life expectancies allow for future mortality improvements. The life expectancies used in the calculator were derived based on the Society of Actuaries' RP-2000 Combined Mortality Table projected to 2020 using Scale AA.
- Other information
This information is provided for educational purposes only. Investing involves risk which includes the potential loss of principal. All numeric examples are hypothetical and were used for explanatory purposes only.
AHC and Lifetime are not affiliates of American United Life Insurance Company® (AUL), OneAmerica Retirement Services LLC, McCready and Keene Inc., or OneAmerica Securities and are not OneAmerica® companies.
one-america/1.0.24r44
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DisclosuresAssumptionsThe calculator assumes all contributions can be made without additional tax or fees. Contributions are assumed to be added as regular, after-tax monthly contributions into a retirement savings account. Any contribution limits relating to a specific retirement savings account are not factored in. Please note that the following are assumed only and are not likely to reflect what will actually happen in practice. As a result, your actual account balance will be higher or lower than the figure shown by the calculator. The fixed assumptions are:
AHC and Lifetime are not affiliates of American United Life Insurance Company® (AUL), OneAmerica Retirement Services LLC, McCready and Keene Inc., or OneAmerica Securities and are not OneAmerica® companies. | |
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To help you calculate your retirement income, let us guide you step by step through an interactive tour of all the retirement key areas you may wish to consider before retiring. Please do not skip this if you are unfamiliar with retirement terminology and concepts.
Also remember that:
HelpIf you exit the introduction, you can start again at any time by clicking the help button located in the top right corner.
To jump to a specific help section, click the icons featured around the page elements.
You have chosen to set a goal based on the amount of annual income you want each year in retirement. The slider shows you how much this is as a percentage of your pre-retirement annual salary. Drag the slider to select a different amount.
The goal you chose is based on the age you want your income to last until. Drag the age slider to the left of the graph to model the impact age can make to your income.
As you goal you have chosen the amount of guaranteed income you could receive for the rest of your life. Drag the slider to select a different amount.
Balance - see how your account balance will change over time, usually increasing as you approach retirement and then decreasing during retirement as you withdraw income from your account.
If you have set the Income Target, you can see when your money will run out based on your chosen amount.
The life expectancy is marked by the gray shaded area above the graph.
Yearly Income - see how your annual retirement income is made up from your retirement account(s), Social Security and other income.
The life expectancy is marked by the gray shaded area above the graph.
Monthly Income - see your expected monthly income at your retirement age. The figure is made up of the monthly value from Social Security, income from your retirement plan account and other retirement income.
Contributions - set your contribution rate, your employer's match and any additional contributions.
Investment risk level - set your investment risk level before retirement and set your investment risk level after retirement.
Social Security - set your Social Security amount. If you know how much Social Security you will receive, you can enter this manually, and if you don't want Social Security to show at all, choose 'Not at all'. Otherwise, the tool will automatically calculate Social Security and include it in your results.
Other retirement income set your level of retirement income from other sources, for example a part-time job or a pension.
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Based on the information provided, it seems that you are looking for information related to retirement income and developing a retirement strategy. The article discusses the importance of having a retirement strategy in place and provides a tool to help individuals develop or adjust their approach to prepare for retirement. The tool allows users to adjust factors such as the age at which they will retire, their retirement plan contribution rate, their annual retirement income goal, and additional retirement income sources.
The article also mentions the option to choose between targeting a specific annual income in retirement or targeting how long the retirement balance will last. It provides a slider to select the desired retirement goal and explains that the minimum income target is 1% of the current income, based on what may be received from social security, while the maximum income target is 2% of the current income, based on the maximum year 1 income that could currently be reached.
The tool calculates the retirement income gap based on the selected retirement goal and provides information on contributions, employer matching contributions, additional contributions, investment risk levels before and after retirement, and how Social Security income can be calculated. It also allows users to set the level of retirement income from other sources, such as a part-time job or a pension.
The article concludes by encouraging users to take action based on the information obtained from the tool, such as enrolling in a retirement plan, increasing contributions, reviewing investment strategies, and exploring available educational resources. It also provides additional information on assumptions used in the calculator, such as investment returns, future inflation and salary increases, Social Security calculations, and life expectancies.
Please note that the information provided is a summary of the article and does not constitute financial advice. It is always recommended to consult with a financial professional for personalized retirement planning guidance.
