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2023 Best Financial Advisory Firms
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● USA Today
2023 Best Financial Advisory Firms
usa today best financial advisory firms 2023 logo for wellspring financial

Understanding Your
Retirement Spending Report

Understanding Your Retirement Spending Report

Will I Be Okay in Retirement?

Your personalized Retirement Spending Report (RSR) gives you the big picture on where you will be tomorrow, based on where you are today.

Wellspring Financial Partners takes your unique data from your retirement account and combines it with your salary data to create an estimate of what your retirement income might look like. We also provide suggestions on spending and savings to demonstrate how your retirement savings stack up to the rest of your company and the nation.

This service is available if your employer uses Wellspring Financial Partners as their Plan Advisor.
If your employer doesn’t provide a Retirement Spending Report, encourage them to contact Wellspring Financial Partners, and show them a sample!

Explainer Video for Retirement Spending Reports

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Wellspring's Commitment to You

Wellspring’s goal to make the complex simple and help you understand your financial world. A well-laid-out plan is key to achieve your financial goals, and our RSRs are one tool that can help you see what your financial future looks like and how you can plan ahead effectively.
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Inside Cover

The inside cover of your RSR will have your name, date of birth, and annual compensation estimate listed. If any of these are incorrect, let us know so we can address it.
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401k Savings Comparison

The green bar on the left shows what you have saved in your company’s retirement plan. The bar with the colors of the American flag shows the average 401k balance for US workers who have been at their company for ten years. This page also includes a comparison to the average 401k savings among your co-workers.

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Spending Quick Check

This page gets you in the mindset to think of the value of a day’s work before you go shopping. Do you want to spend the money on something you don’t need or save that hard-earned money to put towards something better later down the road? This type of thinking can help you be in control of your spending.
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Spending Ability Today Versus in Retirement

Maintaining your standard of living in retirement is an important consideration. This page of the RSR shows your spending ability today, based on your provided salary information, as well as your projected spending ability in retirement. This estimate adjusts for inflation and assumes you will retire at 67 and live until the age of 100. Included in this projection are your 401(k) balance, your future 401(k) contributions, your future employer contributions, and your Social Security. This report helps you determine if you should add more to your 401k.
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Other Retirement Savings

If you have other savings, completing this page and the included exercise will help you track those savings and factor them into your planning. Examples include old 401k plans from previous companies and employee stock ownership plans (ESOPs).
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What's Next?

This page helps you think about the next steps you can take to increase your retirement savings and have more money available post-retirement. We may recommend increasing your contribution to your 401k or, if you are already saving enough, making an appointment to create a financial plan.
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Step-By-Step Recommendations

The basic steps in this section will help you improve your financial security. Some examples include establishing an emergency fund, purchasing life insurance if applicable, and creating a budget.
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This explains how we developed your report so you understand what assumptions the report includes and how we gather our data.
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This has contact information for your HR department and for Wellspring.

Take Advantage of Your Retirement Plan Benefits

At Wellspring, we go above and beyond industry norms for employee participants in our retirement plans. We can help you manage and understand every aspect of your financial life.