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November 10, 2020

Are You on Track for Retirement?

By Curtis Farmer, Alliance Benefits

When planning for retirement, it’s safe to say that most individuals would likely want to maintain their current living standard once retired. Replacing annual earnings requires a significant and ongoing dedication to saving and preserving your current lifestyle down the road. Sometimes we need a few signposts to guide us along the way, and finding those reference points can be challenging. We’re here to help! For those participating in the Alliance 403(b) Retirement Plan, let us offer a few reminders and resources to help you stay on track:

How to Find Your Investment Style

First, ask yourself these three questions:

  1. Do I want to select my own mix of individual funds?
  2. Do I want to decide how much to invest in each fund?
  3. Will I manage and monitor my account regularly?

If you answered NO to any of these questions, you might want some help! Consider a Lifetime pre-mixed option that’s already diversified for you.

If you answered YES to all questions, you might be comfortable managing your investments on your own. To stay up-to-date on what’s offered through your plan, be sure to visit your account regularly.

Easy-To-Use Web Resources

Empower Retirement offers several self-service tools that can help you stay the course.

  • Retirement Income Replacement Projection: See the progress you’re making toward replacing 100% of your working income.
  • Health Cost Estimator: Are you over 35? Get an idea of how much your retirement budget may go toward health-related expenses.
  • See How You Compare: Know where you stand as a saver compared to those who are similar to you.

Here’s a screenshot of what you will see and some of the dynamic features provided:

To access these great tools, visit empowermyretirement.com or download their mobile app, available on the App Store® or Google Play™. Log in to your account, and you’re off and running! Feel free to  contact Empower Retirement by phone at (866) 467-7756 with any questions you have along the way. They’ll be glad to help.

Access to Highly-Experienced Consultants

Connect with your consultants at Steadfast Wealth Co. (formerly Strategic Financial Partners) by emailing retirementplan@steadfastwealthco.com. With over 100 years of combined experience in financial services, the Steadfast Team offers a full breadth of financial services customized for YOU, so you can see your vision and life’s purpose become a reality. For more details, be sure to check out their new website at steadfastwealthco.com.

With such excellent expertise and extensive resources at your fingertips, you are well on your way to reaching your retirement goals and simplifying the way you save. There’s no such thing as too early, and no better time than now!

 

Curtis joined the Alliance Benefits team in September of 2017. Serving in the role of Executive Director, he is responsible for the overall administration and direction of all aspects of Alliance Benefits, including the health and retirement plans for Alliance workers in the United States and internationally.


Posted in: 403(b) Plan Tools