Am I On Track For Retirement?

Wondering if you’re actually on track for retirement? That’s the question Alex, a utility worker with 22 years of service, asked, and it sparked this helpful breakdown. Whether you’re early in your career or closing in on retirement, knowing where you stand is key to your financial future. The truth is, it’s not just about your 401k balance, it’s about how everything works together.

In this episode, Steve shares the three key pieces every utility employee needs to evaluate their retirement readiness: your income goal, your projected savings, and your retirement timeline. He also highlights how cash balance pensions grow over time, what your company’s retirement portal can tell you, and how misaligned investment strategies (like blindly using target date funds) can throw your plan off course.

Here’s some of what we discuss in this episode:

🧮 What a retirement readiness score measures

💼 The value of a cash balance pension

📉 Hidden pitfalls of target date funds for utility employees

🧠 Why guessing your future income needs won’t cut it

0:00 – Intro

0:41 –Listener Question from Alex

2:17 – Understanding What “On Track” Means

3:08 – The 401k + Pension Combo

7:25 – Measuring Progress

9:20 – Common Pitfalls

11:13 – Listener Takeaway & Action