Meet Riley, Slow but Steady Saver
Riley is overwhelmed with student loan debt from attending a four-year university—he racked up over $70k in student debt and has been making minimum required payments since he graduated college. He spends most of his extra money on vacations with his friends and is working on building his vintage record collection.
He is contributing to the 401(k) plan offered through his employer and receives a company match, realizing how important that free money is for his future. Although he’s saving and understands the benefit of saving for retirement early and consistently, he may need some additional financial education and guidance as he moves through adulthood—eventually hoping to buy a house and get married, while juggling student loan debt and maintaining a fun, enjoyable lifestyle.
Many young people with heavy student loan debt may relate to Riley’s situation, behaviors, and attitudes—in terms of both retirement planning and his outlook on the world around him.
Click the + below to learn more about Riley:
To learn more about how CoPilot helps keep participants on track to reach ultimate retirement readiness, check out our CoPilot Journey Roadmap.
Riley’s Years of Retirement
Using CoPilot’s Years of Retirement calculator, Riley can see how his real-life financial decisions, like decreasing his 401(k) contributions in order to more quickly pay off his student debt or choosing to retire earlier in life, could affect his future retirement outcomes and ultimate retirement readiness at the end of his career.
Here’s what Riley’s Years of Retirement may look like if he chooses to stick with his current retirement strategy:
If you relate to Riley’s situation or are overcome with student loan debt, you may benefit from additional financial education or help with your retirement plan strategy. Download the PDF version of this information to save and reference back when needed.
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. Download this easy-to-use budgeting worksheet to map out your own monthly 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. |