Meet Betty, Late Start Saver
For most of Betty’s life, she was a homemaker and mother of six children. Her husband always handled the finances as their family grew, but when he passed away unexpectedly 20 years ago, Betty had to seek employment for the first time. She currently works at a local diner, where she is offered a 401(k) plan.
She meets with her financial advisor regularly and is learning the reality of what her retirement may look like at this point in her life, while also remembering that preparing for future potential health expenses is quite important too.
Many people who delayed saving and did not prepare for retirement soon enough in life may relate to Betty’s situation, behaviors, and attitudes—in terms of both retirement planning and her outlook on the world around her.
Click the + below to learn more about Betty:
Betty’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Betty’s able to see how her real-life financial decisions, like choosing to delay saving for retirement until later in her life, could have played a role in her retirement outcomes and her current retirement readiness—or lack thereof. Luckily, she’s been working with a financial advisor and is able to visualize her retirement in terms of years instead of dollars, helping her understand the lifestyle she can afford during her limited future Years of Retirement.
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 Betty’s situation or just need a little extra help preparing for retirement readiness, we’re here to help. Download the PDF version of this information to save and reference back while planning your 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.
Social Security benefits are a major source of income for many retirees, and Betty is at an age where she can begin taking her monthly benefit. Download this PDF to learn more about planning for your own Social Security benefit.
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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. |