As a participant in your employer’s retirement plan, you are always in control of and responsible for making your investment decisions. After enrolling in the plan, you can select your investments using various methods to accommodate your desired goals and risk tolerance. Your plan offers investments that you can select using various methods.
The Managed Account Feature or Goal-Based investment, is a feature that some plans offer. A plan’s investment fiduciary has selected investment options for your plan and, based on information that you or your employer provide to Vestwell, the feature displays a possible investment allocation. You can accept the allocation or change the inputs (current salary, retirement age, retirement income goal, risk tolerance, social security, and/or outside accounts) at any time to get a revised allocation from the Goals Optimization Engine (“GOE”). Executing the suggestions in your goal feedback gap, if any are provided, will also create an updated allocation from GOE which may help meet your stated retirement income goal.
To learn more visit How Do I Make Investment Elections article.
Why Is My Retirement Income Projection $0?
There are two reasons why your Retirement Income Projection could show $0.
- You have not set your savings amounts.
- You haven't added outside income.
How To Resolve $0 Retirement Income Projection?
There are easy steps you can take to resolve this situation:
Add Outside Accounts
When opting into the goal-based strategy, you also have the option to include Social Security and Outside Accounts such as non-Vestwell Savings, Retirement, or Brokerage accounts in your retirement income projection.
Add these sources of retirement income by selecting 'Adjust Inputs' then add Social Security or add Outside Accounts:
- Select the Social Security box and select an age range from when you would like to draw Social Security. The minimum age is 62 and the maximum age is 70. Click 'Apply Changes'
- Click 'Add Account' select the account type, fill in the required fields and click 'Apply Changes' a summary window will display to showcase the changes on your account. Learn more about Making Investment Elections.
Set Your Savings Amount
To set your Savings amount:
- Navigate to the home page under 'I Am Saving' and select 'Change Savings'
- Modify your savings amount, select 'Save Amount'
- A screen will show your savings before and after the changes, select 'Apply Changes'
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