Saving for Retirement

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Suicide/crisis :

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EAP support :

800-865-1044

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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:

Get tips for building your retirement savings by reading articles online from reputable government or private sources. Contacting your employee assistance program (EAP) is a good place to start.
Use a retirement calculator to find out the best age to claim your Social Security benefits: Link opens in a new windowhttps://www.consumerfinance.gov/consumer-tools/retirement/before-you-claim.
Compare the pros and cons of receiving pension payments monthly or in a lump sum (PDF): Link opens in a new windowhttps://files.consumerfinance.gov/f/201601_cfpb_pension-lump-sum-payouts-and-your-retirement-security.pdf.
Social Security pays benefits that are generally equal to about 40 percent of your preretirement earnings. The Social Security Administration (SSA) helps you estimate your benefits: Link opens in a new windowhttps://www.ssa.gov/benefits/retirement.
Learn from Investor.gov how you can boost your retirement savings: Link opens in a new windowhttps://www.investor.gov/additional-resources/retirement-toolkit/first-job.
If you have a financial advisor, talk to them about your plans.

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