Have you ever looked at your 401(k) balance and wondered how much will this actually amount to as a monthly payment in retirement?  After all that is what you are saving for right?  But it can be hard to understand if even a large 401(k) balance will be enough to fund your retirement or not nearly enough.  Did you know that Fidelity have a super handy tool right on the Fidelity home page which helps you to review your 401(k) balance as a monthly payment?  It also allows you to easily see how much you may have per month, what you may need based on your current income, and what the value of the potential gap might be.

All you have to do is scroll down a bit and you will see a colorful box with two tabs.  One is “Milestone” and the other is “Retirement Income”.  As the default is the Milestone tab many people may miss this important Retirement Income feature.  If you select that it will show you a colored arch which indicates where you are in retirement preparedness.

If you want to take action all you have to do is click on the “Review Your Analysis” button.  This will take you to the Fidelity Planning and Guidance center.  From there you select the “Review Your Analysis” hyperlink (yes, a second time).  And you will be on a Retirement Analysis specific page.  There you can take action on your Savings Rate, Asset Mix, and Time and Expense features.