Saving for retirement is a marathon, not a sprint. For most of us, our retirement plan account will represent decades of planning ahead while navigating life events as they happen. No matter where you are in your career, we have tips to help you stay on track so you’re retirement ready when you cross that finish line. 

Retirement Calculators

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Increase your contributions

Many financial professionals say you should try to save 10% to 15% of your salary to stay on track for retirement. If 10% feels overwhelming, try starting at 6% or more and building over time. As you progress in your career, you’ll likely find more opportunities to save. Giving yourself a yearly 2% savings boost may be a good way to stay motivated and make sure you’re working toward the target 10% to 15% range.

And if you’re looking for an additional way to save after maxing out contributions to your workplace plan, you can also put money into an Individual Retirement Account (IRA). This type of account offers tax advantages to help you save for the long run. 

Check in on your progress

Just as annual physicals help you stay on top of your health, regular financial checkups can help you achieve your goals. And goals change. After certain life events, your vision of retirement may look different than it did 10 or 15 years ago. Have you thought about your retirement goals lately?
It’s important to review your retirement plan account at least once a year to make sure you’re working toward those goals. When you do, look at your:

• Savings rate – Can you bump it up a percent or two now to help manage finances later? 

• Asset allocation – Has your risk comfort level changed since you first picked investments? 

• Beneficiaries – Are your beneficiaries up to date so your money goes where you intend?

• Communication preferences – Are plan communications delivered the way you want?

If you have other retirement assets, think about asset consolidation. It can be easier to track your progress toward your goals if your assets are in one place.

Plan your retirement income strategy

As you think about when to retire, it’s important to make sure you have an income strategy that fits your vision for the future. Retirement readiness starts with a clear vision of your ideal lifestyle, and then you can rethink your budget with that in mind. You’ll probably need about 85% of your pre-retirement income to maintain your lifestyle after leaving your job, according to many financial professionals.

Decide on your retirement timeline

Timing is an important piece of your retirement strategy. Many people make the mistake of deciding to retire with no financial plan in place. If you still have concerns over whether you’re on track to reach your savings goals and achieve the retirement you envision, you may want to reflect on your retirement expectations and consider whether an alternate approach is best for you, such as:

• Delaying your retirement – Work a little longer so you can increase your savings.

• Working part-time – Pick up a few hours a week — and some extra cash — in an establishment you enjoy.

• Moving to a cheaper location – Consider relocating to a state (or country!) where your dollar will go further.

• Turning a hobby into your own business – Some retirees start a second act by doing what they love for money.

When you’re ready, these tips and reminders can help you make sure the transition to retirement goes as smoothly as possible.