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January 2016

Make 2016 the Year of Retirement Planning

Evaluate Your Current Retirement Savings

You dream about your retirement, yet less than half of all Americans have calculated how much they’ll need to save to get there. Everyone's retirement will be different, depending on lifestyle, preferences and health. So, plan accordingly.

How much have you saved today? Your current savings and its growth rate, plus how much you plan to contribute in the years leading up to retirement, will determine how much you’ll need once you retire.

How much will you need to live? This amount is generally 80 percent of your pre-retirement salary, but it depends on what you’d like to do when you retire. Will you travel or move? Use this calculator to estimate your retirement income needs to make sure you cover your bases.

How many years will you work? Depending on how much you’re able to save, you can decide whether you will take full, phased or early retirement.

What additional sources of income will you receive in retirement? Will you have a pension? How much will that contribute to what you need to live? Learn more about how your pension payout will affect your plans.

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Get Your Retirement Plan on Track

Begin making contributions through your employer's retirement plan, such as a 401(k) or 403(b) plan. Try to commit to saving enough that you get the full amount of any matching contributions offered by your employer.

Open up a traditional IRA or a Roth IRA. Once you are obtaining a full match on your employer plan, or if you do not have an employer plan, the next priority is to contribute up to the full amount allowable for the current year to a traditional IRA or a Roth IRA.

After you’ve maxed out your IRA contributions, make additional contributions to your employer’s retirement plan, up to the current year’s limit. If you’re over 50, you legally can make extra contributions to individual and employer retirement plans.

Set up an automatic payment to your IRA or a paycheck deduction to your employer plan. Treat retirement saving as an ongoing bill, rather than an optional extra.

Continue On

Explore Your Retirement Decisions

A retirement paycheck is a practical way to think about how you will pay yourself during your retirement years. Learn how these eight decision areas work together to optimize your retirement paycheck.

Learn More

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