Lifestyle

New Features: More Accurate Ways to Model Your Paycheck Deductions and Employer Contributions to Savings

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Retirement savings are the foundation of a secure future.  And, employers offer many different benefits to employees who save.  Until now, paycheck contributions and paycheck deductions were difficult to model in the NewRetirement Planner.  But, we have significantly enhanced these features and you can now more accurately model your savings.

Paycheck Deductions & Employer Contributions

Go to NewRetirement Planner > My Plan > Income to check it out, or learn more about what you can now model below.

NEW: Employer Match and Other Kinds of Contributions to Your Savings

Employer contributions to savings are a fantastic benefit.  And, now you can more accurately model the full breadth of what and how your employer helps you save. 

Our employer related savings functionality now includes: 

Multiple Tier Employer Matching: You now can specify one or multiple tiers for employer contributions. Employers often match different amounts based on how much you are saving.  You can now specify up to three tiers of employer matches. 

For example, your employer might offer 100% match on the first 2% of contributions, then a 50% match on the next 4% of contributions.

Non Elective Contributions: Sometimes companies will contribute to savings regardless of whether you are saving or not.  You can now specify retirement savings from your employer even if it is not a “matching contribution.”  

These contributions can be specified as a percentage of your pay or as a specific dollar amount. 

Save into Multiple Account Types: You can save into a variety of account types, including: 

  • Traditional 401ks
  • Traditional IRAs
  • Roth 
  • HSAs
  • Any after-tax account

Paycheck Deductions: Pay Your Future Self First

Paycheck deductions for savings are one of the greatest ways to take care of your future self.  When you commit to allowing your employer to automate savings, you are paying your future self before you spend on anything else.  

In the NewRetirement Planner, you can model paycheck deductions to: 

Percentage or Dollar Amount: You can specify whether you are saving either a percentage of your pay or a specific dollar amount

Split Contributions into Different Account Types: You can split your contributions into a variety of account types, including: 

  • Traditional 401ks
  • Traditional IRAs
  • Roth
  • HSAs
  • Any after tax account

Auto Escalation: You can also auto escalate your contributions. You can add annual auto escalations to increase contributions by either a percentage or dollar amount, up to a limit. 

Accurate Modeling of Savings Ensures Better Projections

Accurate modeling of savings is paramount for ensuring more reliable projections and informed financial decision-making. Make sure you are set up correctly so that you can feel confident about your future wealth and security.

Create an account or log into the NewRetirement Planner now.

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