Meet Tamara, Family Focused Super Mom
Tamara is a single mom who is juggling her responsibilities as a working mom and is not receiving support from her children’s father. As a result, she’s saved only a little for retirement over the course of her career, and her kids and bills take precedence right now. She plans to start saving later in life—once things slow down a bit at home and her kids are a little older.
She has a 401(k) plan available to her through her current job and has saved money in the past. However, instead of rolling over her money, she cashed out her savings when she changed jobs in order to pay off some of her debt. Although she hopes to someday increase her 401(k) contributions, she is currently saving a lower amount than she would like due to the burden of juggling multiple expenses and is focused on living day-to-day.
Many Americans who are juggling multiple financial and familial responsibilities can relate to Tamara’s situation, behaviors, and attitudes—in terms of both retirement planning and her outlook on the world around her.
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Tamara’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Tamara can see how her real-life financial decisions, such as choosing to decrease or stop her retirement contributions for a period of time, could affect her long-term retirement outcomes and ultimate retirement readiness at the end of her career. Continuing on this path, what will Tamara’s Years of Retirement look like?
To learn more about how CoPilot helps keep participants on track to reach ultimate retirement readiness, check out our CoPilot Journey Roadmap.
If you relate to Tamara’s situation or are juggling multiple financial responsibilities and struggling to save for retirement, download the PDF version of this information to save and reference back to help with your own retirement strategy.
Using key assumptions, the Years of Retirement (YoR) calculator breaks down your retirement savings differently—in terms of years, not just account balances. Learn about the assumptions used and how they play into your projected YoR.
If you’re juggling multiple financial responsibilities, it’s important to have a strong grasp on your monthly expenses so you can plan accordingly for future expenses. Download this easy-to-use budgeting worksheet to map out your own expenses.
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CoPilot recordkeeping services include Years of Retirement calculations and savings alerts. Services for CoPilot are provided by Plan Administrators, Inc. (PAi), an Ascensus company. The Years of Retirement resource is for illustrative purposes only and is not, in any way, a guarantee of future results. |