Give your savings a checkup To live the life you want to in retirement, make sure you re on track. Here s how.

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1 Give your savings a checkup To live the life you want to in retirement, make sure you re on track. Here s how. Fidelity Viewpoints 01/06/2016 What s your retirement dream? It likely involves things you don t have the time to do now, but someday... That s why we call your retirement your someday. To help ensure you can live the life you want in retirement, you need a way to make sure your savings are on track no matter how far away retirement is. Where America stands More than half of Americans (55%) are at risk of not being able to completely cover estimated essential living expenses like food, housing, transportation, and health care in retirement. That s according to Fidelity s recent Retirement Savings Assessment study, 1 featuring our Retirement Preparedness Measure (RPM). Our RPM chart shows how prepared Americans are. Scores in the red and yellow zones (80 and under) indicate that adjustments may need to be made to cover all essential expenses in retirement

2 But, if America were assigned a single RPM score representing the median state of retirement preparedness, that number would be 76. That is just four percentage points away from the green zone, which consists of people who are on track to meet their retirement spending needs. Other good news: Today, 45% of Americans are on track to live comfortably in retirement up from 38% in 2013 based on the RPM scores. Even in the midst of unsteady market conditions, it s encouraging that so many people have taken positive steps to improve their ability to live comfortably in retirement, with many saving more, spending less, and making smart investment decisions, said John Sweeney, executive vice president of retirement and investing strategies at Fidelity. While many aren t completely on track, there are steps people can take regardless of age or income to help get on a path to green and plan for their someday. Our study also revealed some interesting findings about what Americans think about retirement and their finances. For instance, all generations feel about the same when it comes to how financially well off they are mostly okay. Many people want to work part time in retirement. Millennials would like to retire at age 63, versus 66 for baby boomers. For a deeper dive into the findings, read the executive summary. Where do you stand? Now that you know how Americans in general are doing, see where you stand with your retirement savings. That s why we created the Fidelity Retirement Score it s kind of like a credit score for your retirement. Answer a few key questions to get your score. Three ways to improve retirement readiness What if you need to improve your score? Our analysis finds that three accelerators can have a big impact on your retirement readiness, says Sweeney. In fact, when all three are applied, America s median RPM score jumps to 100 a good place to be to truly enjoy your retirement years. 1. Save more and smarter. We did the math, and aiming to save at least 15% of your income a year throughout your working life can help keep you on track to a comfortable retirement. And if you cannot get to that amount just yet, saving just a bit more can make a big difference. Consider these tips: Maximize tax breaks: Make the most of tax advantaged savings accounts like traditional 401(k)s and Roth IRAs. Your contributions are made before tax, reducing your current taxable income, meaning you get a tax break the year you contribute. Plus, that money can grow tax free until you withdraw it in retirement. With Roth IRAs and Roth 401(k)s, your contributions are after tax, but you can withdraw the money tax free in retirement assuming certain conditions are met. 2

3 Take advantage of an employer match: If your company matches your contributions to 401(k)s, 403(b)s, 457s, and Health Savings Accounts (HSAs), make sure you contribute at least enough to get the match. While it seems like a no brainer, may people don t contribute enough to get the entire match. And it makes a difference. For example, Elaine earns $50,000 a year and her employer match is 6%. To save 15% of her salary, or $7,500, she would only need to contribute 9%, or $4,500. That s because her employer would be contributing the other 6%, or $3,000, for her. Take advantage of extra contributions: If you are age 50 or older, you can make catch up contributions. You can contribute an extra $5,500 a year to a traditional or Roth 401(k), and an extra $1,000 a year to a traditional or Roth IRA. At age 55, you can contribute $1,000 more to an HSA. Make savings automatic: Pay yourself first. Your workplace retirement plans allow you to do just that by signing up for contributions right from your paycheck. If you don t have a workplace plan, set up automatic transfers to an IRA from your checking account. How savings can change your retirement score: Adjusting the savings rate to at least 15% increases the median RPM score of 76 to 84. That moves the score from fair to good. 2. Go for growth. You need your savings to grow. That s why we suggest investing a significant portion of your savings over the course of your lifetime in a mix of U.S. and international stocks and stock mutual funds generally more when you are in your 20s, 30s, and 40s and less as you near and enter retirement. Stocks have historically outperformed bonds and cash over the long term. So if you are investing for a goal like retirement that is years away, it can make sense to have more of your savings invested in stocks and stock mutual funds. Aim for a portfolio with exposure to various types of investments that can provide the opportunity for growth and outpace inflation, while also providing some downside protection.

4 Of course, stocks come with more ups and downs than bonds or cash, so you need to be comfortable with those risks. But over time, history has shown that disciplined saving and investing for long term growth has paid off. How investing can change your retirement score: By adjusting the mix of investments so that they are not too conservative or too aggressive, the median RPM score of 76 increases to Work longer. The longer you can wait to retire, the more time you have to save and help grow your savings. Plus, waiting until at least the time you can get full Social Security benefits (between 65 and 67) will help maximize your monthly benefit. If you can afford to wait until your full retirement age, your monthly Social Security income will increase by 30%. How retiring later can change your retirement score: By adjusting the expected retirement age slightly, from the median reported retirement age of 65 to between 66 and 67, the median RPM score of 76 increases to 86. It s worth it. Think about it. You really don t want to worry about money when you are retired. It may be the first time you have freedom to do what you want, when you want. So if you aren t on track, take the time now to take some steps that can make a difference.

5 1. About the Fidelity Investments Retirement Savings Assessment The findings in this study are the culmination of a year long research project with Strategic Advisers, Inc. a registered investment adviser and a Fidelity Investments company that analyzed the overall retirement preparedness of American households based on data such as workplace and individual savings accounts, Social Security benefits, pension benefits, inheritances, home equity, and business ownership. The analysis for working Americans projects the retirement income for the average household, compared with projected income need, and models the estimated effect of specific steps to help improve preparedness based on the anticipated length of retirement. Data for the Fidelity Investments Retirement Savings Assessment were collected through a national online survey of 4,650 working households earning at least $20,000 annually with respondents age 25 to 75 throughout August All respondents expect to retire at some point and have already started saving for retirement. Data collection was completed by GfK Public Affairs and Corporate Communication using GfK s KnowledgePanel, a nationally representative online panel. The responses were benchmarked and weighted against the 2014 Current Population Survey by the Bureau of Labor Statistics. GfK Public Affairs and Corporate Communication is an independent research firm not affiliated with Fidelity Investments. Fidelity Investments was not identified as the survey sponsor. Fidelity s Retirement Preparedness Measure is calculated through the proprietary asset liability modeling engine of Strategic Advisers, Inc., which has been providing asset allocation, retirement, and tax sensitive investment management services to Fidelity s individual and institutional clients for nearly two decades. Of note, Fidelity continually enhances and evolves the retirement readiness methodology, guidance tools, and product offerings. This year s survey processing encompasses a number of enhancements, including, but not limited to, demographic weighting, retirement income projections, and Social Security estimates. To enable a direct comparison, the previously reported 2013 RSA results have been recalculated using the enhanced methodology. The projections or other information generated by Fidelity s Retirement Score regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time. This analysis is for educational purposes and does not reflect actual investment results. An investor s actual account balance and ability to withdraw assets during retirement at any point in the future will be determined by the contributions that have been made, any plan or account activity, and any investment gains or losses that may occur. For more information on Fidelity Investments Retirement Savings Assessment, an executive summary and infographic can be found on Fidelity.com. 2. A distribution from a Roth IRA is tax free and penalty free provided that the five year aging requirement has been satisfied and one of the following conditions is met: age 59½, disability, qualified first time home purchase, or death. 3. This is based on what Fidelity considers to be an appropriate mix, based on data reported in the Retirement Savings Assessment about an individual s equity allocation distribution that is placed into four categories, based on that person s age. Those categories are On track : within 25% on target date equity allocation; Aggressive : an equity percentage more than 25% above the age appropriate target equity; Conservative : an equity percentage less than 25% below the age appropriate equity target; as well as a category for assets held in a Target Date Fund. Past performance is no guarantee of future results. Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Fidelity Brokerage Services LLC, Member NYSE, SIPC 900 Salem Street, Smithfield, RI

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