Can You See the Finish Line?
It’s never too late to save for retirement and assess your strategy for building a financially secure future. While there’s no magic formula, there are several factors you should consider, such as your age, current income and what type of lifestyle you’d like to have during retirement, that make a difference. Keep your long-term goals in mind and your eyes on the prize to develop and execute a retirement plan that suits your lifestyle. Here are three tips for saving for retirement that you should consider:
1. Your savings as of today
Now is a good time to check on how much you currently have saved for retirement across all retirement accounts you may have, in addition to your current retirement plan. Once you know exactly how much you have in your accounts, you can work backward from your expected retirement date and utilize a Retirement Readiness calculator to determine how much money you will need to save each year to reach your financial goal in the future.1
2. Catch-up contributions
If you’re age 50 or older and eligible, you could boost your retirement savings with catch-up contributions, which means you can begin contributing more each year to company and individual retirement plans. You can see a more detailed contribution limit breakdown here.
3. How your portfolio is currently allocated
Review how your retirement savings are allocated to make sure you have the asset allocation that’s right for you—one that reflects your goals, objectives, needs and time horizon. Remember, you can also try to protect your account from market volatility by having a diverse mix of savings and investment options in your portfolio, such as bonds, stocks and cash equivalents. If you’re unsure of what the right mix is, you can use this Investment Questionnaire to help determine a potential mix of investments that aligns with your risk tolerance and investment experience.2
Slow and Steady Wins the Race
Saving money for retirement requires tremendous patience and self-discipline. But, if you stay the course and follow through on a game plan from beginning to end, you can find yourself truly comfortable in retirement. Take charge of your retirement planning today, so you can a have brighter future tomorrow.
1Before making a transfer, you should review the accounts you have with other providers to determine the fees and expenses you currently pay and whether there are any surrender charges that may result and to ensure that it is in your best interest to transfer your other accounts to your current plan.
2Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage individuals to seek personalized advice from qualified professionals regarding all personal finance issues.
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