What is Retirement Readiness?
It is more important than ever that you are actively engaged in preparing for your own retirement - whether retirement is quickly approaching or years away. While Travelers continues to invest in your future through the Pension Plan, 401(k) Savings Plan and contributions to Social Security, you must also play an active role from the beginning of your career to the end.
One way to measure your retirement readiness is based on income "replacement ratios." A "replacement ratio" represents the percentage of your pre-retirement salary (in the year just prior to retirement) that you will be able to replace throughout your retirement given the amount of assets you have accumulated. For instance, if you were earning a $50,000 salary the year before retirement and your replacement ratio was 80 percent, you would need to live on an annual income equivalent to $40,000 throughout your retirement years. Most financial planners advise that you will need a replacement ratio of approximately 80 percent in order to maintain your lifestyle into retirement.
More about replacement ratios
Tools and Resources
Retirement Readiness Checklist
Travelers is committed to helping you meet the challenge of preparing for a successful retirement and as a result offers you a variety of retirement saving tools and resources-calculators, education and automatic features. We've compiled the majority of them into an easy-to-use checklist. The Retirement Readiness Checklist is organized by recommended actions that you should take, along with the tools and resources available to help you accomplish each step.
Family Connection*
Travelers has contracted with Harris Rothenberg, International to provide Employee Assistance Program (EAP) professional counseling services and work-life seminars, resources and referrals. You or an immediate family member can receive assistance with a wide variety of issues and concerns, including many financial topics such as budgeting, credit management, general savings, college funding and more.
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