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Hypothetical Case Study
The cost of waiting to contribute toward your retirement can be significant. Just take a look at Gloria’s experience versus Brian’s.
While Brian contributed $40,000 more to his employer’s retirement savings plan, Gloria’s projected account balance at age 62 is almost twice Brian’s. That’s because Gloria’s account will have more time to potentially grow by the time she retires — with each year's gains reinvested to potentially generate their own gains.
So, the sooner you start saving for your retirement, the more time your money will have to potentially benefit from tax-deferred growth. Of course, regardless of when you begin, it is never too late to start.
In an internally conducted Market Research study comparing K-12 teachers, most with pension plans and union membership, we found that more participants in EQUI-VEST feel a sense of accomplishment from plan participation.
Whether you are just starting out, mid-career, or nearing retirement, just answer four simple questions to produce:
Try changing some of your assumptions to find additional ways to become "retirement ready".
Hypothetical Case Study
How Laura, Kim, and Alan ended up with $1 million at age 65.
While retirement income needs vary depending on your individual circumstances, if you’re early or mid-career, a $1 million goal is not unreasonable. The sooner you start, the less it may cost you.
* Until retirement age of 65.
** Total rounded down to the nearest million. All total savings for these hypothetical examples are within $35,000 above the $1 million dollar goal. Assumes a hypothetical 6% annual potential rate of return. The 6% hypothetical rate of return is not based on the performance of actual investments or products. Actual rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk. Actual results will vary. The amounts used in this hypothetical example do not take taxes or product-related charges into account.
*** Cumulative until retirement age of 65.
"AXA" is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), AXA Advisors, LLC, and AXA Distributors, LLC. AXA S.A. is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability.
AXA Equitable Life Insurance Company (New York, NY). Distributors: AXA Advisors, LLC and AXA Distributors, LLC (members FINRA, SIPC).
AXA Equitable, AXA Advisors, and AXA Distributors are affiliated companies and do not provide tax or legal advice. Consult with your attorney and/or tax advisors regarding your individual circumstances.