Project your retirement income
Consider calculating the annual income your current nest egg is likely to produce in retirement. A recent study of 16,881 University of Minnesota employees sent some workers a four-page color brochure with a customized projection of the additional annual retirement income that would be generated if they saved more.
Among employees who adjusted their retirement-savings contributions, those who received retirement-income projections saved $1,152 more per year than people who didn't receive the mailing. "By providing the individuals with projections about how much income they will have on an annual basis in their retirement, they actually save more. We're helping them to better understand their return on their savings," says Colleen Flaherty Manchester, an assistant professor for the Carlson School of Management at the University of Minnesota. "People often get intimated and overwhelmed by a huge number. When they see how much it actually translates into, they are maybe more motivated to make decisions."
Call me to get more information and a FREE financial evaluation of your very own Retirement Plan,
Jesse Alvarado
(562)822-5565
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