Lesson 1 - Planning for Retirement

3 MIN READEditorial Policy

The importance of setting goals

In less than two minutes, you’ll get a quick overview of how to approach goal setting.

How much do you need for retirement?

Everyone's situation is different, but some experts say retirees may need to replace 80% of their pre-retirement income to maintain their current lifestyle. 

Depending on your circumstances, Social Security may only cover 40%. The rest may need to come from savings or retirement accounts, such as a 401(k).

Predict your retirement needs

Compare your current savings to your current age and expected retirement age.

See it in action

Try it out: The Human Interest Retirement Savings Calculator can help you project your retirement income and answer the following questions:

  • Will I have enough money saved up when it comes time to retire? 

  • How much monthly income can I expect? 

  • How does adjusting my contributions today change my financial future? 

What this lesson means for you 

It’s important to start saving now. But it’s equally important to take a step back to predict how much you should save. Here are some resources to help you learn more:

  1. Tips & tools to save for retirement

  2. Common 401(k) questions

  3. Retirement savings guide: Fundamentals for employees

Continue watching

Claudia Newman manages the Retirement Education team that helps onboard employees to their Human Interest plan and explains the benefits of a 401(k) plan by offering live training. She has been working in the 401(k) and retirement plan industry in several capacities, including relationship management, sales, and back-office support since 2010.

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The (k)ickstart™ program is administered and offered by the recordkeeper, Human Interest Inc. ("HII"). HII's subsidiary and registered investment adviser, Human Interest Advisors ("HIA"), receives a fee based on assets under management. As such, HIA will earn more in asset-based fees if a plan participant increases their contribution in connection with the program.