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Benefits with Commonwealth of Virginia Members

Your EAP offers these great resources.

Saving for Retirement

Retirement requires a lot of planning and consideration. In addition to finances, you need to think about when and where you'll retire. Experts advise that you may need as much as 80 percent of your preretirement income to continue your current standard of living. The exact amount will depend on your individual needs.

Questions to Ask Yourself Before Retiring

As you plan, consider these important questions:

  • At what age do you plan to retire?
  • Can you participate in an employer's retirement savings plan? This includes 401(k) plans and traditional pension plans.
  • If you have a spouse or partner, will they retire when you do?
  • Where do you plan to live when you retire? Will you downsize, rent, or own your home?
  • Do you expect to work part time?
  • Will you have the same medical insurance you had while working? Will your insurance coverage change?
  • Do you want to travel or pursue a costly, new hobby?

Tools to Help You Prepare for Retirement

Here are some tools you can use to begin planning for your retirement:

USA.gov. (Updated 2022, March 29). Saving for retirement. In Retirement. Retrieved May 22, 2022, from https://www.usa.gov

More about this Topics

  • Investing: General Tips

  • Saving and Investing: Risk Tolerance

  • Types of Investments

  • Determining a Target Retirement Saving Rate

  • Social Security (Part 5): When You Are Ready to Apply for Benefits

Other Topics

    • Understanding SSA Benefits (Part 7)
    • Social Security (Part 3): What You Need to Know About Benefits
    • Saving and Investing: Your Choices
    • Financial Planning for Your Retirement
    • A Look at 401(k) Plan Fees: What Fees Are Associated with Investment Choices?
    • Financial Calculators
    • Financial Planning Association
    • Choose to Save
    • Bankrate
    • Women's Institute for a Secure Retirement (WISER)
    • Securities and Exchange Commission's Investors Resources