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What is your age?

The maximum age for this calculator is 65. Please contact your NEA Retirement Specialist for guidance (to locate a specialist call 800.632.8258).

The minimum age for this calculator is 18.

Enter your age to continue (18 through age 65).

Early Career

Mid-Career

Late Career

  • The average American will spend 30+ years in retirement (source: Annuity 2012 mortality table published by the Society of Actuaries).
  • Your challenge is to ensure you don’t have a financial shortfall between your state pension benefit and/or Social Security income you’ll have and what you will actually need.
  • Not having enough income during retirement could force you into making hard decisions about your future lifestyle.
  • If you are just beginning your career, time is on your side.
  • Now is the time to start saving for your future.
  • You need to use time wisely and plan now for how long you want to work – instead of how many more years you have to work.
  • Now is the time to check your savings and investments to ensure they are on track for the retirement you want.

As you edge closer to retirement, you need to think about those financial decisions that will affect the rest of your life.

  • Adjusting your contributions
  • Your investments
  • Take some time now to think about your lifestyle, how long you need to plan for, and if your income is secure enough to continue funding it.
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What is your current individual annual income?

Enter your annual income to continue (must be numeric and greater than 0).
This tool is ideal for those with an annual income of less than $1 million.
Please contact your NEA Retirement Specialist for guidance (to locate a specialist call 800.632.8258).
  • You may need your same income, or more, during retirement to maintain your standard of living.
  • Costs during retirement can change quickly and inflation could outpace your retirement income.
  • If inflation maintains historical levels, it could increase 3 percent per year, making your current state pension benefit amount worth considerably less throughout your retirement years.
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How much do you currently have saved for retirement?

Some experts recommend you start saving 6 percent of your salary and gradually increase it to 12 percent (source: marketwatch.com).
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$0.00 will be used for your current retirement savings. If this is not correct, close this window, enter the amount of your savings and select continue. If you'd like to continue with $0.00, select continue below.

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This tool is ideal for those with savings of less than $10 million. Please contact your NEA Retirement Specialist for guidance (to locate a specialist call 800.632.8258).

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How much do you currently contribute each month to supplement your retirement savings?


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  • As an educator, you may qualify for a state pension benefit and/or Social Security.
  • State pensions and Social Security benefits may change or become frozen, and you may not have enough income for your needs.

Saving – even small amounts – now can make a huge difference when you retire.

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$0.00 will be used for your current monthly contribution. If this is not correct, enter the amount of your monthly contribution and select Continue.
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Your current contribution exceeds IRS limits ($18,000/annually or $1,500/monthly). Please contact an NEA Retirement Specialist (to locate a specialist call 800.632.8258) to discuss your options.
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Congratulations

You May Have a Savings Gap

Congratulations! You are on a solid path toward the retirement you want. Take time at least once a year to assess your retirement plan to make sure you’re still on track or if you need to make changes to achieve your goals.

Your calculation has indicated a potential gap in the retirement income you’ll have and what you might actually need. There are different strategies and solutions you can use to help you save during different stages of your career and to secure income during your retirement. You should work with an NEA Retirement Specialist to find the right strategy to help you close your income savings gap.

Social Security and/or State Pension
Supplemental Savings
Savings Gap
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Assumptions
  • Client Age: Input from user
  • Client Income: Input from user
  • Retirement Savings: Input from user; projected savings amount available upon retirement calculated on an annual basis (vs. monthly)
  • Inflation: Assumed to be 3 percent per year
  • Client Retirement Age: Assumed to be 65
  • Retirement Years: Assumed to be 30-year span
  • Retirement Replacement: Assumes the need to replace 100 percent of your pre-retirement income
  • Pre-Retirement Return: 6 percent
  • Post-Retirement Return: 6 percent
  • Include Social Security and/or State Pension: Assumes replacement of 60 percent of current salary
  • Gap: For any result of $100 or less, which would result in a recommendation of saving less than a dollar more per month, we report no gap.
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The maximum age for this calculator is 65.

The minimum age for this calculator is 18.

Enter your age to continue (18 through age 65).

Enter your annual income to continue (must be numeric and greater than 0).

This tool is ideal for those with an annual income of less than $1 million.
Please contact your NEA Retirement Specialist for guidance (to locate a specialist call 800.632.8258).

or
Recalculate

If you start over, your input will be discarded. Are you sure you want to start over?

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Supplemental Savings

Your projected supplemental savings at retirement is the calculation of your monthly savings projected until age 65 at an assumed 6 percent rate of return, combined with your total supplemental savings projected until age 65 with an assumed 6 percent rate of return.

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Social Security and/or State Pension

The 5-Minute Checkup assumes that Social Security and/or a state pension benefit will make up an average of 60 percent of your retirement income. This tool assumes your retirement income equals 100 percent of your current working income and calculates 60 percent of that number (source: Social Security Administration).

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Savings Gap

Your potential retirement income needs are calculated by projecting your current salary over 30 years with an assumed 3 percent inflation. Your potential savings gap is derived by assuming you need to supplement 40 percent of your potential retirement income needs (assumes Social Security and/or a state pension benefit cover 60 percent of your needs) minus any existing supplemental savings you currently have (monthly and supplemental savings are projected until age 65 at an assumed 6 percent rate of return).

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Close Your Savings Gap

Your calculation has indicated a potential gap in your retirement income. Saving more per month could help you close your $ potential gap.

Estimated annual contribution to close savings gap:

(/month)

This is only an estimate. Please consult your NEA Retirement Specialist (to locate a specialist call 800.632.8258) for more information or if your contribution exceeds IRS limits ($18,000/annually or $1,500/monthly).

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