How to save for retirement

Strategies for funding your “someday”

When it comes to saving for your retirement journey, preparation is everything. It doesn’t need to be overwhelming. Explore the positive steps you can take – at any age – to keep your retirement dreams on course.

No matter where you’re at in life, a Securian financial advisor can help you plan to be financially ready to retire at a time and in a place that you want. Contact an advisor to discuss your financial goals and ways to help you achieve them.

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In your 20s

Start saving now – time truly is on your side.

When you’re young, saving for retirement is often put on the back burner. But starting early lets you take advantage of compounding.

Compounding happens when your investments earn money. And instead of withdrawing that money and spending it, you reinvest it, adding to your investments.1 Make a decision to start saving now.

  • Start saving now
  • Calculate the amount you potentially need to save for retirement
  • If you have a retirement plan with your employer, enroll now to maximize tax benefits2
  • Plan small savings increases to reach 10-15 percent of your income
  • Create a budget to make your income go further
  • Pay off student loans and credit card debt
  • Don’t cash out your retirement plan if you change jobs – consider rolling it over to your new plan
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In your 30s

Don’t lose sight of your long-term goals. During this busy time of life, there are probably a million things vying for your money. Try not to get overwhelmed. Focus on the basics like reducing debt and increasing savings.

  • Take time to calculate your retirement income needs
  • Try saving one percent more of your salary each year
  • Make sure your portfolio is diversified3
  • Help protect your assets with adequate insurance
  • Work to reduce or eliminate debt, use the savings in your budget toward retirement
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In your 40s

When is the last time you reviewed your retirement savings? Since you are likely in your peak earning years, now is the time to increase the amount you are saving and take advantage of investment opportunities.

  • Take time to calculate your retirement income needs
  • Contribute “found” money from raises or bonuses to retirement account
  • Consider consolidating your retirement accounts into one plan
  • Make sure to rebalance annually
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In your 50s

It’s time to get serious. What will retirement look like to you? Are you on track with your savings to make your plans a reality or do you need to save more?

Make sure you consider all of your retirement income sources including Social Security and pensions, as well as your retirement savings.

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In your 60s and beyond

As you finalize your retirement preparation, there are some important considerations.

How much will Social Security realistically provide and when should you take it? Have you factored in health care costs? Do you need to adjust your investments to a more conservative mix? What are the various financial needs as you move through retirement?

1 Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

2 You should consult your tax advisor regarding your own tax situation.

3 Diversification does not guarantee against loss, it’s a method used to manage risk.

4 If you are 50 or older, you can make annual catch-up contributions to certain types of defined contribution plans before the end of each plan year, up to certain limits set by the IRS. Learn more about catch-up contributions at

DOFU 7-2017