Start saving now because time truly is on your side. When you are young, the tendency is
put saving for retirement on the back burner and not worry about it. But starting early lets you take
advantage of compounding.
Compounding happens when your investments earn money and instead of withdrawing that money and spending
you reinvest it, adding to your investments.* Make a decision to start saving now.
*Investments will fluctuate and when redeemed may be worth more or less than when
In your 30s
Don't lose sight of your long-term goals. During this busy time of life, there are
a million things vying for your money. Try not to get overwhelmed. Focus on the basics like reducing debt
Check out the retirement income projection tool to calculate your retirement
need and determine if you have a projected savings shortfall. You can also model different "what
scenarios. Log into your account to access this tool.
If you're in your 40s and haven't started to save for retirement, don't lose
There are still things you can do. First, start now! You still have time but will need to keep
options open. You may need to consider working longer or taking on part-time work in retirement.
Many people struggle with this decision. It helps to remember, while loans are
generally available to pay for a college education (subject to various stipulations), they are not
option for retirement. Consider
It's time to get serious about planning for retirement.
What will retirement look like to you? Are you on track with your savings to make your plans a
reality or do you need to save more? Make sure you consider all of your retirement income sources
including Social Security and pensions, as well as your retirement savings.
As you finalize your retirement plans, there are details that you need to consider carefully.
How much will Social Security realistically provide and when should you take it? Have you
in health care costs? Do you need to adjust your investments to a more conservative mix?
Social Security benefits can be collected as soon as you reach age 62. However,
it's important to know that it may not be in your best interest to collect as soon as you're
WHEN you begin collecting your benefits has an important impact on the monthly benefit amount
you'll receive during your lifetime.
While investing styles vary greatly, many investment experts recommend
shifting from stocks into bonds as you approach retirement age to move you to more conservative
options to help protect the money you've accumulated.
But today retirement can last 20-30 years or more, so you may want to maintain
healthy dose of stocks well into retirement.
If you'd rather not have to worry about shifting your investment mix, your plan
offer an easy investment option, such as TargetAge® or Target Date, which will automatically
adjust the mix of stocks, bonds and cash to maximize your return and minimize your risk as you get
*Diversification does not guarantee against loss. It is a method used to
In your 70s
Moving into retirement.
Retirement planning doesn't stop when you retire. Your goal now is to figure out how to generate
income and make your money last. You need to protect the value of your investments while letting
them grow enough to, at the least, outpace inflation.
A RMD is a mandated withdrawal from a retirement savings account, based on
regulations established by the IRS. Congress and the IRS would like retirement savings to be used
primarily for the purpose of retirement, and not as a means to transfer money to plan
To help enforce this objective, they require an individual to take a distribution from their
retirement plan account each year.