Balancing College Costs and Retirement Dreams
David, 44, and Maria, 42, Johnson combined earn $450,000 annually and have amassed $2.1 million in retirement accounts, primarily 403(b)s. They worry about adequately funding their three children's college educations while still maintaining their retirement goals. Their current savings rate may not be enough given their desired retirement lifestyle.
By using the 403(b) calculator, we can project their future retirement income based on current contributions, estimated returns, and retirement age. The calculator reveals a potential shortfall of $1.2 million, prompting a revised savings strategy including increasing their contributions by 5% and delaying retirement by 3 years.
The 403(b) calculator requires inputs such as current salary, contribution rate, estimated rate of return, and desired retirement age to project future retirement savings. The tool allows for adjustments based on varying scenarios, providing actionable insights.
$500,000 increase in projected retirement savings at retirement, securing their desired retirement lifestyle.
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