Resources to help you prepare for your dream retirement
Whether retirement is a long way off or just around the corner, our resources can help you estimate your retirement needs, choose the right retirement savings accounts and invest wisely.
We get it. Retirement planning can seem daunting.
But it might help to remember why retirement planning is so important. It may help provide you:
You’ll want enough money to cover your basic expenses and other costs (like travel!).
Knowing that you’re financially prepared can help you enjoy your retirement fully.
Whether you hope to travel or spend time with loved ones, a plan can help you get there.
When to start saving
Saving early and often gives your money time to grow
Ideally, you’ll begin putting away money in your 20s or as soon as you start working. Saving early and often gives your money more time to grow—taking advantage of the power of compound interest. It’s like a magical force that works behind the scenes, multiplying your money over time.
Here’s how compound interest works:
When you put your money in a savings account or invest it, you earn a little bit of extra money called dividends.
When you keep saving, you earn more money not only for the amount you first put in but also for the extra money you earned over time. It’s like getting a bonus on top of your savings!
This keeps happening over and over, and your money grows bigger and bigger. It’s like a snowball effect, resulting in exponential growth over time.
How to start
Our free retirement planning guide can help you take it one step at a time
Knowing how you want to spend your retirement—and the costs associated with that lifestyle—will help shape your budget.
This can help you estimate how much money you’ll need to save: Will you have a pension? What about rental income? Will you work part-time? What will Social Security cover? (This Social Security calculator estimates your monthly benefits.)
You’ll want to choose investments that match your risk tolerance and time horizon. Are you willing to take on risk, or does the idea of volatility make your stomach turn?
Your financial situation and retirement goals may change over time, so regularly reviewing your progress with a financial advisor is important.