Employers and plan participants should carefully consider the investment objectives, risks, charges and expenses of the investment options offered under the retirement plan before investing. The prospectuses for the individual mutual funds and each available investment option in the group annuity contain this and other important information. Prospectuses may be obtained by calling 877.805.1127. Please read the prospectus carefully before investing. Investments are subject to market risk and fluctuate in value.
Do the Math: Pay Off My Loan or Save More for Retirement?
Do the Math: Pay Off My Loan or Save More for Retirement?
This calculator provides a general estimate of your future retirement account value and is not intended to be investment advice. These estimates are hypothetical and for illustrative purposes only. They are not intended to be a projection of future values. Investments are subject to market risk and fluctuate in value.
Assumptions
- Annual return on retirement account investments: 8%.
- Annual wage growth: 2%, starting in the second year of the calculation.
- Additional loan payments apply to the principal and begin in the first year of the calculation.
- You increase the the amount you pay each month (for either the loan or for retirement) by 0.75% annually.
- The amount you save for retirement increases annually until it reaches the IRS limit.
- All retirement account calculations are pre-tax and are presented in today’s dollars.
Categories
Getting Started / Calculators