Congratulations on enrolling in your retirement plan in the ABA Retirement Funds Program this past year. You’re off to a great start! Regardless of whether your retirement is far away or just around the corner, the biggest question most people have when thinking about retirement is – how much is enough?
Though different for everyone, one rule of thumb states that you may need to replace 70% of your current income annually in retirement. As you save for retirement, the myOrangeMoney® interactive, online experience in your retirement plan account can show you how your current retirement assets may translate into future potential monthly income in retirement. The myOrangeMoney experience uses assumptions like mortality age based on actuarial tables and a retirement age of 65 for its projections, but you can customize your calculations and see how different assumptions impact your results. By projecting your finances into the future, you can be better prepared when it arrives.
- Start by logging in to your account.
- Under the orange money dollar bill, go to the About Me section and provide information to personalize and enhance the myOrangeMoney experience.
- Gather information about all of your income sources and assets, such as retirement plans through former employers and other savings.
- Change the dropdown box above the orange money dollar bill to Let’s talk about your other retirement savings and income and add those additional income sources.
The more information you provide the myOrangeMoney experience about your retirement savings and income sources, the better you will be able to estimate your future monthly income and how it compares to replacing 70% of your current income.
After using the myOrangeMoney experience, visit the Program’s Learning Center for webinars and videos to help you on your journey to the retirement you envision.
IMPORTANT: The illustrations or other information generated by the calculators are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This information does not serve, either directly or indirectly, as legal, financial or tax advice and you should always consult a qualified professional legal, financial and/or tax advisor when making decisions related to your individual tax situation.
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