Retirement income replacement
Ask about your income replacement ratio as a measure to evaluate your plan’s effectiveness. On average participants in TIAA recordkept plans are on track as of 12/31/16 to replace more than 90% of income in retirement.1
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Please note: an individual’s income replacement ratio will vary from the study’s estimated rate based on a number of unique individual factors. Study results are not intended to project an individual’s actual ratio. The TIAA Retirement Income Index data is as of 12/31/2016 and it is based on 679,243 actively contributing participants from 529 TIAA record-kept plans. Using the participant’s current salary, age, contribution rates (employer/employee), asset allocation, and an assumed retirement age of 67, TIAA leverages the advice engine from Morningstar Investment Management, LLC, an independent expert retained by TIAA, to calculate the projected retirement income stream (including estimated Social Security benefits) in current dollars as a percentage of current salaries using Monte Carlo analysis (500 total simulations). The results indicate the participant’s 70% probability of achieving the retirement goal. A lower probability of success is associated with better (and less likely) estimated income; a higher probability is associated with lower estimated income. Please note the median income replacement ratio based on the analysis above is 87%. The Morningstar tool’s advice is based on statistical projections of the likelihood that an individual will achieve their retirement goals. The projections rely on financial and economic assumptions of historical rates of return of various asset classes that may not reoccur in the future, volatility measures and other facts, as well as information the individual provides. IMPORTANT: Projections, and other information generated through the Retirement Income Index and the Morningstar tool regarding the likelihood of various investment outcomes, are hypothetical, do not reflect actual investment results, and are not a guarantee of future results. Results may vary with each use and over time