The Contributions to Savings chart shows how much you plan to contribute to retirement accounts and taxable long-term savings accounts in each year of your lifetime plan.
This includes your regular savings contributions, such as paycheck deductions for a 401(k) plan. It also includes non-regular income that you might put into savings, such as the money you'd make from selling an asset . If your employer makes matching contributions, they are included as well.
The earlier you start saving, the easier it is to achieve your financial goals. It's also wise to maximize contributions to retirement accounts because of the tax benefits. Plus, you may need to make other savings contributions so that you can meet your pre-retirement financial goals.
You'll probably stop making savings contributions after retirement because that's when you'll begin living off your savings.
To add or change savings contributions, go to the Savings contributions page under Savings & investments in the Lifetime Planner.