401k plans are all the rage these days. Everyone talks about how important it is to save money in order to make for an easier retirement.
However, many people feel anxious about diverting money from their paycheck towards a retirement fund. After all, who knows what may happen in the future, and wouldn’t it be better to have that money available now?
Luckily, with tools such as a paycheck calculator from Ubiquity, anyone can easily see how much of an impact their savings plan will have on their paycheck and can make an informed decision from there.
Saving for the Future
As was mentioned in the introduction, it can be scary to think about the future. If you’re wondering whether you’ll ever have enough money to retire, you’re not alone. Many people consider this same issue and don’t know how best to navigate their finances.
It can often feel like investing money from your paycheck into your 401k account is a waste, as the money could be better spent on your immediate needs or just saved in your bank account until you need it.
On the other hand, diverting more money towards a retirement fund will often result in better savings in the long run, and will impact your paycheck less than you may think.
Using the Paycheck Calculator Tool
The free Ubiquity paycheck calculator tool can help you see how changing the amount of money you invest in your retirement account will impact your paycheck. Often, it creates much less of an impact than you may initially think.
Essentially, the paycheck calculator allows you to enter in the percentage of your income that you are currently contributing to your 401k alongside a higher percentage that you plan to contribute in the future. From here, the tool provides an estimate of how much more you will save for your retirement down the road if you start diverting more money from your paycheck.
Throughout your career, you’ll want to regularly reflect on a few different questions such as:
- “How much money will I need to save in order to comfortably retire?”
- “At what age would I like to retire?”
- “How important is it that I plan for the future?”
You may have only recently entered the workforce; perhaps you’re even a new graduate; or, maybe you’re nearing retirement age. Whatever your individual situation may be, it’s critical that you think about these long-term considerations. If you wait until you’re ready to retire to start planning, you may find that the numbers aren’t adding up, and you’ll wish you’d spent the time to plan for this eventuality 30 years ago.
Don’t let this happen to you. Take control of your future by investing in your retirement fund now so that you can live your later years happily and with financial security. There are plenty of stressors in your life that can make you worry about the future. But by leaning on tools and professionals such as those associated with Ubiquity, your retirement fears will be wiped away!