Tracking your financial wellness is a lot like tracking your physical wellness. There’s no single number or measurement that gives you a meaningful picture of your overall status. Instead, you look at multiple factors and how they’re interrelated so you can make smart decisions on how to improve and reach your goals.
That’s why Empower offers you a personalized web experience that allows you to track your complete financial situation. After all, your retirement account is just one aspect of your overall financial outlook — one that’s closely interrelated to other aspects. So, to help you get the big-picture perspective on your personal finances, check out the following online tools available to you the next time you log in.
● Linking your accounts – You can easily and securely link accounts like checking, savings, credit cards, health savings accounts, 529 college savings, and brokerage and stock accounts to your Empower account so you can track your finances in one place. As the balances in those accounts change, your view automatically updates so you always know where you stand.
● Net worth – Your net worth compares what you own (your assets) and what you owe (your liabilities). It provides a much better measure of your overall financial stability than only looking at your income alone.
● Budget and cash flow – Together, the budgeting and cash flow tools can help you make and stick to a financial wellness plan. With the budgeting tool, you can create a detailed spending plan for each month to help you stay on course. And the cash flow tool shows you the difference between your income and expenses over time — along with spending trends by category and month-to-month comparisons.
● Savings Planner and Retirement Planner – The Savings Planner helps you see how much you are saving to help you pay down debt and reach financial goals beyond retirement alone. The Retirement Planner runs 5,000 simulations to deliver custom household retirement projections based on market returns and volatility, annual savings, income, spending goals, retirement spending, and other factors.
You can’t improve what you don’t measure. The planning tools available with your Empower account help you measure your complete financial picture so you can make the changes that can ultimately help your financial wellness — today and in the future. Log in to your myretirement Plan account at retire.pennstatehealth.org and start exploring!
Source: Empower