How to Save for Retirement
Learn how to save for retirement with our detailed step-by-step guide. Follow our easy instructions to get it done right.
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0 of 6 steps completedStep-by-Step Instructions
1 Step 1: Determine Retirement Savings Goal
Step 1: Determine Retirement Savings Goal
Calculate how much you need based on desired retirement age, lifestyle, and life expectancy.
Retirement Planning Book
Guide to calculating retirement needs and strategies
Retirement Calculator Tool
Online calculator subscription for projections
2 Step 2: Maximize Employer 401(k) Match
Step 2: Maximize Employer 401(k) Match
Contribute at least enough to get full employer match - this is free money toward retirement.
3 Step 3: Open IRA Account
Step 3: Open IRA Account
Set up Traditional or Roth IRA to save additional tax-advantaged money beyond 401(k).
IRA Setup Guide
Book on choosing and opening the right IRA
4 Step 4: Automate Regular Contributions
Step 4: Automate Regular Contributions
Set up automatic transfers from paycheck or bank account so saving happens without thinking.
5 Step 5: Increase Savings Rate Annually
Step 5: Increase Savings Rate Annually
Aim to save 15% of gross income; increase contribution by 1% each year or with raises.
Personal Finance Software
Quicken or Personal Capital for tracking net worth
6 Step 6: Diversify Investments
Step 6: Diversify Investments
Use target-date funds or diversified portfolio of stocks and bonds appropriate for your age.
Investment Guide for Beginners
Book on retirement investing basics
Financial Advisor Consultation
One-time retirement planning session