He’s been planning and saving for that day for a long time. One of the best things he ever did to make sure he was saving enough money to retire, Arshop said, was to sign up for company retirement plans as soon as he could.
Employees can pay into their VIP (voluntary incentive plan) accounts on a pretax, after-tax or, if eligible, Roth basis. Arshop uses My Retirement Income periodically to check on his investments. He said he likes the Financial Engines “stoplight” graphic—green, yellow, red—that lets him know when he should consider making adjustments to his investments.
Hemanth Kumar has worked for Boeing for nine years. He was given a report on his retirement savings to that point—and was pleasantly surprised. The money saved from his previous job had grown substantially. He eventually rolled it into the Boeing VIP and has kept a watch on it ever since.
“If I stick to my contributions I don’t have to worry about it,” he said. “I may even call it quits early.”
Annual investment infographic, click to view larger.