Is Your Retirement Savings on Track or Off the Rails? - The Daily Scroll

First and foremost, make sure you are ontrack. You can do that using this retirement calculator, which will help you gauge how your savings are stacking up against your likely needs. Additionally, you can check your progress against some typical yardsticks for retirementsavings … Isyourretirementsavingsontrack?If you’re like most people, you may feel it’s not. In fact, concerns about running out of money in retirement are very common.1, 2Many people today believe they’ll need at least $1.5 million saved to retire comfortably.3 But is that number right for you? Benchmarks are savings goals that are tied to your age and current income. There are many online calculators that will give you an overall amount that you should save for retirement. Benchmarks are useful as they break this big goal into shorter-term goals. Figure your projected savings with this equation: Extra RetirementSavings = [(Current Salary + Final Salary)/2] x (Savings Rate) x (65-Current Age). Add the sum to the final retirementsavings calculated above for an idea of your savings at retirement. Under this new requirement, businesses in New York will need to provide their employees with a retirement plan option or enroll in the New York Secure Choice plan by specific deadlines in 2026. This is an important step for ensuring that employees have access to retirementsavings. “I don’t want to have to worry in the future.”Martinez recently signed up to attend a financial workshop during Duke’s Financial Fitness Week May 18 to 21, when he and other employees can learn whether they’re ontrack with their retirementsavings. In today’s episode: are my retirementsavingsontrack? It’s an age-old question. Am I saving enough for retirement?