Lesson 2 - Your financial situation

3 MIN READEditorial Policy

Asking the right questions

In less than two minutes, you can get a quick overview of how to assess your current financial standing.

1. Where are you on your journey?

To get a rough picture of your current savings, compile the following information:

  1. Consider your current income relative to your age and marital status. 

  2. Next, review your expenses and debts. 

  3. Subtract your current savings from your current debts.

Are you comfortable spending less in retirement?

Making adjustments to your behavior now can mean smaller changes in retirement.

2. What are your goals?

Retirement is probably not your only savings goal. You may have short-term financial objectives such as saving for a car, or paying off credit card or student loan debt:

3. What should you adjust?

Ask yourself the following:

  • Are you comfortable spending less than you do today? 

  • Are you taking health insurance (i.e., Medicare) into consideration?

  • Would you consider living somewhere with a different cost of living? 

Being adaptable during your working years is a life skill that can carry into retirement.

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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.