your retirement plans stack up?
Compare yourself with your peers.1
Take our eight-question quiz and find out how your responses stack up against other households of a similar age and income in our 2013 Retirement Savings Assessment. Plus, get tips on how to improve your retirement readiness.
Tell us a little about yourself and your family
Create your own next steps for retirement readiness by talking with a Fidelity Guidance Representative at
Now that you know where you stand compared with those in our survey, you may want to consider some ways to help rev up your retirement readiness.
Important Additional Information
Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
Past performance is no guarantee of future results.
1About the Fidelity Retirement Savings Assessment
These findings are the culmination of a year-long research project with Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company, which analyzed the overall retirement readiness of American households based on data such as workplace and individual savings accounts, projected Social Security benefits, home equity, and pension benefits. The analysis for working Americans projects the income replacement rate for the average household compared with preretirement income, and modeled the estimated effect of specific steps to help improve readiness based on the anticipated length of retirement.
Data for the Fidelity Investments Retirement Savings Assessment (RSA) was collected through a national online survey of 2,265 working households earning at least $20,000 annually with respondents aged 25–73 from June through October. Data collection was completed by GfK Public Affairs and Corporate Communications using GfK’s KnowledgePanel,® a nationally-representative online panel. Fidelity Investments was not identified as the survey sponsor. GfK Public Affairs and Corporate Communications is an independent research firm not affiliated with Fidelity Investments.
The retirement score attempts to reflect all retirement investment assets, retirement guaranteed income sources, and earned income in retirement. The score illustrates the percentage of the retirement income goal that we estimate a given population is on track to replace. This target is an estimate based on income brackets using Fidelity research and data from the Bureau of Labor Statistics Consumer Expenditure Survey, and is adjusted for stated health expectations using Medical Expenditure Panel Survey Data, U.S. Department of Health and Human Services and Fidelity research, and lifestyle expectations based on data from the International Council on Active Aging, Bureau of Labor Statistics Consumer Expenditure Survey, and Fidelity research. The survey assumes a planning horizon of 92 for a male and 94 for a female based on the Society of Actuaries Annuitant 2000 table. Actual individual circumstances and results will vary.
2Baby Boomers (born 1946–1964)
Gen X (born 1965–1977)
Gen Y (born 1978–1988)
4Total savings rate includes employee deferrals to workplace plans, individual contributions to personal retirement accounts, and employer contributions (matching and profit sharing). Target savings rate of 10% to 15% assumes that you have saved consistently at that rate and will continue to do so until retirement.
5The baseline 8X hypothetical assumptions in the interactive graphic are based on the following selections: starting age of 25 and starting salary of $40,000; retirement age of 67; pretax deferral rate beginning at 6% and increasing to 12%; annual salary growth of 1.5%; salary replacement goal in retirement of 85%; life expectancy of 92; the account balances grow at a hypothetical expected rate of return of 5.5%. Additional assumptions for all: Assumes systematic withdrawal of savings in retirement; 85% replacement rate is for a hypothetical average employee and may not factor in all anticipated future living expenses or needs, such as long-term-care costs; dollars expressed are in real dollars (all dollars in today’s 2013 dollars, not future value). All savings are based on pretax earnings, and taxes will be due upon withdrawal. The maximum annual qualified retirement plan contribution limits in 2013 are $17,500 (if age is 50 or older, an additional $5,500 of catch-up is allowed) and for SIMPLE 401(k) plan, the contribution limit is $12,000 (with additional catch-up contributions of $2,500 allowed for those 50 and older). Social Security data from ssa.gov. In the base 8X case, a hypothetical worker who at age 25 commences his or her career with a $40,000 annual salary with an ending salary of approximately $72,000 at age 67, would receive a benefit of about $1,920 per month. Social Security payments may be higher or lower. Please see http://www.ssa.gov/estimator/. Actual average annual income increases based on 1.5% real wage increases plus 2.3% inflation adjustments. Also assumes the participant took no loans or hardship withdrawals from his or her workplace plan.
6For qualifying standards and requirements, see: http://www.ssa.gov/oact/quickcalc/early_late.html.
7Annuity 2000 table. Society of Actuaries.
9http://www.gallup.com/poll/161975/american-dream-owning-home-lives-even-young.aspx and data on percentage of retirees between the ages of 65 and 74 who have paid off their mortgage: http://www.zillowblog.com/research/2013/01/09/free-and-clear-american-mortgages/
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