A useful website tool and how it can help you
Calculating how much retirement income your savings will generate in the future isn’t always easy – unless you have a detailed knowledge of retirement planning, have a professional financial advisor to assist, or you use the Retirement Calculator available on the Silver Thatch website. This power tool will help you chart your course to a financially secure retirement.
To dispel any mystery surrounding the calculator and show you how easy it is to use, we’ve prepared a sample calculation. Keep in mind that this calculation is for illustrative purposes only, and is based on some generic assumptions. The retirement income you ultimately receive will depend on your own circumstances, which may be quite different from the example provided below.
When you add it up, the Silver Thatch Pension Plan is designed to help you save 10% or more of your earnings each year (subject to the maximum employer contribution of $6,000 per year).
Contributions to your Silver Thatch pension account can include the following:
- Basic employer contribution of 5% (minimum) of your earnings plus
- Basic personal contribution of 5% of your earnings plus
- Additional voluntary contributions of as much as you want
Over the course of your career, these contributions, combined with investment returns, can grow to a sizable sum. At retirement, you simply use this money to provide yourself with a retirement income. The more money you’ve saved, the bigger your retirement income. The question – is a 10% contribution enough?