Build your retirement savings action plan
Follow our step-by-step process for taking greater control of your retirement savings
How to save $5,000 this year
Jean Chatzky, financial journalist says saving is easiest when broken into smaller goals. Here's how you can save $100 a week.
Are your retirement savings on track? Are you making progress toward your savings goal? And, are your savings on track to generate enough income to last throughout retirement? If you don't know, The Principal® can help.
1. Gather financial statements
- Social Security statement
- Savings account statements
- Retirement account and pension plan statements
- Statements from other accounts you plan to use for retirement funding
- Amount you contribute to your retirement plan each pay period (percent of pay or dollar amount)
As you're gathering information, consider what age you'd like to retire.
2. Enter your information into the Retirement Planning Calculator
This simple online planning tool crunches the numbers for you. You'll see approximately how much income you may generate each month during retirement and any estimated surplus—or gap—in your monthly income at retirement.
3. Review the results
If you do have an income gap, review the suggestions for small changes that can help you get your retirement savings on track.
4. Talk with your financial professional
If you have strategy questions or issues, talk with your financial professional.
The Principal can help
1.877.788.7242, ext. 46975
Call us if you don't have a financial professional and would like a little help. With our help, building an action plan is easy.