From beginning to end, life is full of milestones—graduating college, getting your first job, starting a family, buying your first home—but perhaps one of the most challenging is a comfortable retirement. More than a matter of luck, it takes careful planning and implementation throughout your adulthood to achieve this goal.Life is about the journey...…so is your retirement.Did You Know?• Over half of American households age 55 and over have nothing saved for retirement.1 What Can You Do?Getting StartedMid-Career PlanningApproaching RetirementPost-Career Planningp. 3p. 4p. 5p. 62No matter where you are in life, there are always things you can do to prepare to be financially independent and able to work, or not work, on your own terms. These include:▶ Determining how much you need to save, and doing so▶ Choosing savings vehicles▶ Selecting the mix of investments▶ Protecting against uncertaintiesSince everyone’s retirement is unique, so is the path to getting there. Depending on where you are in life, there are certain things you’ll want to focus on that may help make the path a little smoother.This guide is a resource to help you understand what things to consider at various stages throughout your career.
Whether you’ve just landed your first job, joined a new company, or have reentered the workforce after some time off, now is the right time to start saving for retirement. The challenge, however, is that things like living on your own for the first time, adjusting to a new career and income, building an emergency fund, and getting rid of pesky credit card and student loan debt may get in the way of saving for the long-term goal of a satisfying retirement. Finding a way to tackle short-term goals and start saving for retirement at the same time takes some planning and discipline.Getting Started: More than 25 years until retirementDid You Know?Starting early makes a BIG difference!Saving $1,000 a year, earning 6% annually, until age 65. Helpful Resources• Budgeting apps: and • 5 Steps to Successful Money Management: secure.financialfinesse.com/go/2984• 5 Steps to Getting and Staying out of Debt:secure.financialfinesse.com/go/2985• Sample investment strategies: www.aaii.com/asset-allocation Create a spending planTrack your expenses, and use this information to create a plan for spending money. Your plan should account for monthly and non-monthly expenses.Build an emergency fundDeposit funds automatically into a savings account until you have at least 3-6 months of expenses saved.Pay off debtPrioritize paying off high-interest debt (generally debt with interest rates greater than 4-6%) first.