The interactive video, “Retirement Success, ” was created to help inform 2.2 million plan participants whose 401(k) accounts are managed by WRS about the key behaviors that drive retirement savings success, a Wachovia news release said.
The video features a spokesperson who talks through the importance of contributing as much of your pre-tax earnings as you can and the necessity of ensuring that your contributions are appropriately balanced for the stage of your life and your tolerance for risk, according to the news release. An interactive tool allows viewers to create custom projections based on their salary and contribution levels.
The video offers participants the following advice for savings success:
- Participate in your company plan and invest 6% or more of your pre-tax earnings, or at least as much as the company match.
- Figure out what you need to save in order to replace roughly 80% of your pre-retirement income once you’re retired.
- Allocate your assets based on your age and risk profile, and remember to rebalance annually.
“People can’t control the market or the performance of their investments,” said Mary Hollingsworth, director of Participant Services, in the release. “But you can control how much you contribute and how you allocate your assets. Understanding and applying this knowledge can make a huge difference in the value of your retirement portfolio over time.”
More information is at http://www.wachoviaretirementsuccess.com/ .