Setting Your Retirement Goals

Retirement may be 2 years or 42 years away. Small goals can lead to big progress. Challenge yourself to do more to create success.

Setting Your Retirement Goals
Saver Tips From the Dean

Saver Tips From the Dean

I get this question quite a bit: "I am a few years away from retirement. Should I increase the amount I am saving?" The answer is YES. But maybe not for the reason you're thinking.

Saving more as you approach retirement will increase your balance. And that is good because even small amounts can help. The main reason I would increase my savings rate is to reduce my take-home pay and therefore manage my spending habits better. It's a great way to prepare for retirement.

See how these courses fit together? Creating a successful retirement outcome is a combination of being a good Spender, Saver, Investor and Planner.

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Start Up and Bump it

Saving is easy when you make it a habit. If your employer matches contributions, take full advantage of it. If your plan can automatically bump up contributions every year, do it. Put the savings to the metal now and find any way to increase your savings every year.

    Don't forget, if your company matches your contributions, that 1% could be even more.

    *Assumes total of 20% in Federal and state taxes.

    Bump it!

    Savings and Your Retirement Bucket

    Our retirement bucket has an inside and an outside. The inside is representative of your ability to save and invest appropriately. The outside is the result of your ability to manage spending habits.

    Know how much you need to save each year to fill the inside of your bucket. If you can't do it all right now, increase your savings every year.

    Get Started
    Play Catch-Up

    Play Catch-Up

    It's never too late to save. Your plan may allow participants who are age 50 or older any time during the calendar year to make additional deferrals known as catch-up contributions.

    401(k) Elective Deferrals
    Catch Up Contribution

    Ready for the Next Course?

    Goals for Retirement

    Have you thought about specific goals or things you would like to do in retirement? If not , you need to. It will make saving for retirment easier.

    Calculate one or two goals on this page. And then find a way to record them. Put them on your refirgerator, note them in your phone. And write down the amount you need to save each year to achieve them.

      Your Age

      Retirement Age

      List one small goal you have for retirment.

      How much does it cost today?

      Possible Cost at Retirement:Saving Amount Per Year:

      We may ask you for this amount in another Act section.