As a member of the workforce, you might feel overwhelmed by the thought of retirement. In fact, you may scoff at the idea of ever being able to buy a home, let alone retire.
With soaring inflation and serious economic issues making headlines every day, how can you possibly save enough money to retire comfortably in a few decades?
Well, Ubiquity has provided some easy, free solutions that can help you sort out your financial woes and determine exactly how much you’ll save for retirement, if you take some small steps right now.
The Free Paycheck Calculator Tool from Ubiquity
If you peruse Ubiquity’s website, you’ll find a host of great tools which can help you prepare for retirement, organize your finances, and generally learn more about what you need to do to eventually retire.
One such tool is the free paycheck calculator. This powerful, yet extremely simple program can help you visualize exactly what changes you need to make in your financial situation to retire comfortably, when you’re ready to do so.
Essentially, the program works as follows:
- You enter in your basic information regarding your gross pay, your employer matching amounts, and the percentage you currently defer to your retirement account.
- Then, you run a simulation in which you pay more or less in percentage of your paycheck toward your retirement account, to see how this affects your savings and paycheck overall.
- In most cases, you’ll find that even reducing your paycheck by as little as 30 dollars each cycle in favor of funding your retirement account can help you save hundreds of thousands of dollars by the time you retire.
Using the Information from the Paycheck Calculator Tool
Once you’ve run a few simulations using various percentage increases from your paycheck, you then will have a great picture of exactly how little extra money each pay cycle is needed to help you in your retirement. Truthfully, a tiny bit of money adds up to a whole lot over the course of a lifetime working.
You should use this information when deciding on your spending habits. For example, if you can find a way to cut spending by 30 or 50 dollars a month, you’ll be able to put those funds into your retirement account, and you’ll slowly but surely build up your retirement savings.
Conclusion
It’s a tough time in the world right now. There are tons of concerns that one might have regarding his or her finances and especially concerning his or her retirement security. However, there are many ways to overcome these financial strains, and many groups, such as Ubiquity, who are here to help.
If you are feeling confused and frustrated with regard to your retirement account, let Ubiquity assist you today! In addition to their free paycheck calculator tool, they offer numerous services that can all guide you in the right direction towards a happy, fulfilling retirement. Contact a Ubiquity representative today!
