# OMRF Retirement Savings Calculator

Step 7
Step 8
Step 9
Step 10 Enter the dollar value you have currently saved between all IRAs, 401(a), 401(k), etc Defined Contribution Retirement Plans.
Step 11
Step 12
Step 13 This is the total amount the participant's employer is saving on their behalf in company sponsored retirement plans.
In this step, participants can project the estimated interest rate their assets will continue to grow at. You may assume any interest rate,
however be as realistic as possible, remembering that underestimating is better than overestimating. As an example, aggressive
investors might use 8% - 10%, moderate investors 6% - 8%, and conservative investors 4% - 6%.
Participants choosing Option 2 are saying they do not want to tap into the principal of their account balance. If this is the case, they
need to estimate the interest rate their assets will continue to grow at. As an example, aggressive investors might use 8% - 10%,
moderate investors 6% - 8%, and conservative investors 4% - 6%.
In step 7 and step 8, participants are given the ability to project different rates of return for their assets. It is extremely important for
participants to do an honest self assessment of risk and use appropriate rates of return. A 1% difference can have a major impact on
the monthly savings rate over a long period of time. If the assumed interest rate is to high, principal value will be to low which could
mean participants may not have the appropriate amount saved for retirement. If a participant is ever in question of the appropriate
interest rate, seek qualified professional advice.
Participants use Part C of the calculator to determine how much money they will need to save on a monthly basis for retirement. This is
done by using the calculated value from Part B, Option 1 or Option 2. Participants may enter either value for their preferred distribution
method.
In this step, participants should enter the estimated growth rate of their assets to retirement age. Again, it is extremely important for
participants to do an honest self assessment of risk and use appropriate rates of interest. As an example, aggressive investors might
use 8% - 10%, moderate investors 6% - 8%, and conservative investors 4% - 6%.
This is the total amount the participant is currently saving between their employer sponsored retirement programs, any IRAs, and any
other private savings they are doing.
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## OMRF Retirement Savings Calculator XLS

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