Savings and Retirement
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.
What is Retirement Readiness?
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.
> Learn more about replacement ratios
Tools and Resources
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 including - 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.
> Access the Retirement Readiness Checklist
Financial Engines Advisory Services
Travelers offers the services of Financial Engines, L.L.C. an independent advisory firm, as another resource to help you with decisions related to retirement savings and investment selection. Financial Engines provides investors with personalized advice and portfolio management - online, on paper and by phone.
> Read more about Financial Engines
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