Accounting for inflation and a life expectancy of age 85, Bruce will need to have a nest egg of $392,000 by the age of 62 to maintain his lifestyle during retirement. You can get the number by using the Retirement Planning Report.
Next, Bruce needs to determine if his current course of action will put him on track to reach his retirement asset goal. Currently, Bruce has $32,000 in his tax-qualified plan. Also, he is saving $400 per month and has been averaging a return of 7% per year.
However, based on his current course, Bruce will be short of his retirement asset goal. The good news is that Bruce has several ways to get on track for his retirement goal.
Take a look at his options and the one he chooses.