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Enhancements to Model Paycheck Deductions and Employer Contributions to Savings

Enhancements to Model Paycheck Deductions and Employer Contributions to Savings

Retirement savings are the foundation of a secure future. It is crucial to plan and save wisely to ensure financial stability during retirement. Recognizing the importance of employer contributions and paycheck deductions in this process, we have significantly enhanced the features of the NewRetirement Planner. With these new updates, you can now more accurately model your savings and make informed financial decisions.

Employer contributions to savings are a fantastic benefit that can significantly boost your retirement funds. We have expanded our employer-related savings functionality to include multiple tier employer matching. This means you can now specify one or multiple tiers for employer contributions based on different savings amounts. For example, your employer might offer a 100% match on the first 2% of contributions and a 50% match on the next 4% of contributions. This feature allows you to capture the full breadth of how your employer helps you save.

In addition to matching contributions, some companies also make non-elective contributions to your retirement savings, regardless of whether you are saving or not. Our enhanced features now allow you to specify these contributions as well. You can enter them as a percentage of your pay or as a specific dollar amount. This ensures that you have a comprehensive view of your retirement savings, including all forms of employer contributions.

Furthermore, we understand that individuals have different preferences when it comes to saving for retirement. That’s why we have introduced the ability to save into multiple account types. You can now allocate your contributions across various account types, providing you with flexibility and control over your retirement savings strategy.

Paycheck deductions for savings are an excellent way to prioritize your future self. By automating savings through your employer, you are ensuring that you save before spending on anything else. In the NewRetirement Planner, we have made it easier for you to model paycheck deductions accurately.

You can specify whether you are saving a percentage of your pay or a specific dollar amount. This flexibility allows you to align your savings with your financial goals and preferences. Additionally, you can split your contributions into different account types, further tailoring your retirement savings strategy to meet your needs.

To help you stay on track with your savings goals, we have also introduced the auto escalation feature. With auto escalation, you can set up annual increases in your contributions by either a percentage or a dollar amount, up to a limit. This feature ensures that your savings grow over time, keeping pace with inflation and your changing financial circumstances.

Accurate modeling of savings is paramount for reliable projections and informed financial decision-making. By utilizing the enhanced features of the NewRetirement Planner, you can feel confident about your future wealth and security. Take advantage of these new capabilities to ensure that you are set up correctly and on track to achieve your retirement goals.

In conclusion, retirement savings are a critical aspect of financial planning, and employer contributions and paycheck deductions play a significant role in building a secure future. With the latest enhancements to the NewRetirement Planner, you can now more accurately model your savings, including multiple tier employer matching, non-elective contributions, and the ability to save into multiple account types. By utilizing these features, you can optimize your retirement savings strategy and make informed decisions to secure a prosperous future.

Source: New Retirement

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