When it comes to saving for retirement, calculators can be a nice reminder of what it really takes to build that cushy nest egg. Fidelity recommends that those who earn between $50,000 and $300,000 annually should plan for their savings to replace about 45 percent of their preretirement, pretax income. According to TIAA, you should consider planning to create an income that lasts 25 years or more. But how can you make this happen? Yes, you should consult with a retirement advisor, but for quick-hit information on your saving potential, reach for these calculators and tools.
Fidelity Contribution Calculator
Fidelity’s Contribution Calculator is designed to show you how you could potentially boost the value of your retirement plan account by increasing the amount that you contribute from each paycheck.
Fidelity Retirement Score™
Know where you stand for retirement by determining your Fidelity Retirement Score. Answer six questions to generate your score, and receive additional steps to consider when saving for your retirement.
TIAA Retirement Calculators and Financial Tools
TIAA offers a variety of financial calculators and tools, such as Retirement Advisor (customized Retirement Action Plan), Retirement Income Planner (compare a wide range of life scenarios to help meet your retirement income goals) and Retirement Profile (receive a snapshot of what your life could be like in retirement based on your lifestyle and financial goals). Please note: You must log in to access these tools.
TIAA Retirement Goal Evaluator
TIAA’s Retirement Goal Evaluator allows you to estimate how much of your salary you might be able to replace at retirement, and how much more you may need to save to reduce any potential shortfall.
Don’t forget! Retirement consultants from Fidelity and TIAA are available on campus (by appointment) to assist you with enrolling in the GW retirement plans, understanding the plans and available investments, creating your savings plan and reviewing your account balances. Make an appointment at benefits.gwu.edu/retirement-counseling.
