Retirement Planning
Retirement Planning: Know How Much You Need and How to Get There
Retirement planning is about making sure the money you save during your working years can support the life you want afterward. The earlier you start, the more time compounding has to work, but it is never too late to improve your position. The Fund Advisor helps you answer the big questions: how much you need, where to save it, and when you can afford to retire.
Free calculators · Plain-English guides · Educational information
🎯
Know Your Number
Estimate the savings you need and whether you are on track to retire when you want.
🏦
Choose the Right Accounts
Compare 401(k), 403(b), IRA, Roth IRA, 457(b) and HSA options and their tax treatment.
💰
Plan Your Retirement Income
Combine Social Security, pensions, withdrawals and part-time work into a reliable paycheck.
How Much Do You Need to Retire?
A common rule of thumb is to plan for 70% to 80% of your pre-retirement income each year, but your actual number depends on housing costs, health, travel plans, and when you stop working. Our Retirement Calculator helps you estimate the savings you need and whether you are on track.
Answer these questions first
- At what age do you want to stop working?
- What will housing and healthcare cost you each month?
- Which income sources will you have: Social Security, a pension, savings?
- How much can you realistically save every month from now on?
Choosing the Right Retirement Accounts
401(k) and 403(b) Plans
Employer-sponsored accounts with pre-tax or Roth options; always try to capture the full employer match. Model your growth with the 401(k) Calculator.
Traditional and Roth IRAs
Individual accounts that complement a workplace plan and offer different tax treatment.
457(b) Plans
Available to many government and nonprofit employees. Read what a 457(b) plan is.
Health Savings Accounts
HSAs can be a powerful way to save for healthcare costs in retirement.
Pensions
If you have a defined benefit plan, see our Pension Planning service to understand your payout options.
Not Sure Which to Use?
Read our guide on the difference between a 401(k) and an IRA.
Planning Your Retirement Income
Most retirees combine several income sources: Social Security, pensions, withdrawals from retirement accounts, and sometimes part-time work or annuities. The age you claim Social Security makes a significant difference to your monthly benefit; use our Social Security Calculator to compare claiming ages.
Retirement Planning by Life Stage
Ages 20-39
In Your 20s and 30s
Start early, capture the employer match, and build the habit. See our Saving Tips and how to save for retirement in your 20s.
Ages 40-59
In Your 40s and 50s
Increase contributions, use catch-up contributions after age 50, and pay off high-interest debt with help from our Debt Assistance service.
Ages 60+
In Your 60s
Plan your withdrawal strategy, Medicare enrollment and Social Security timing.
Protecting Your Retirement
Healthcare and long-term care costs are among the biggest risks to a retirement plan. Review your Insurance Coverage options, and keep a realistic Budgeting Assistance plan that reflects how your spending will change once the paycheck stops. If you are still working, our Salary Planning service shows how much of each paycheck to direct toward retirement.
Common Retirement Mistakes to Avoid
- Waiting to start saving because the amounts feel too small.
- Leaving the employer match unclaimed.
- Claiming Social Security without comparing different ages.
- Underestimating healthcare and long-term care costs.
- Cashing out a retirement account when changing jobs instead of rolling it over.
Free Tools and Helpful Guides
Retirement Planning FAQs
How much money do I need to retire?
A common rule of thumb is to plan for 70% to 80% of your pre-retirement income each year, but your number depends on housing, health, lifestyle and when you stop working. The Retirement Calculator can give you an estimate.
What is the difference between a 401(k) and an IRA?
A 401(k) is an employer-sponsored plan that may include an employer match, while an IRA is an individual account you open yourself. They have different contribution limits and rules, and many people use both.
When should I claim Social Security?
The age you claim makes a significant difference to your monthly benefit. Compare claiming ages with our Social Security Calculator and consider your health, other income and spouse.
Is it too late to start saving for retirement?
No. The earlier you start the more time compounding has to work, but it is never too late to improve your position, especially with catch-up contributions after age 50.
Should I choose a Roth or a traditional account?
A traditional account usually gives a tax break now and taxes withdrawals later, while a Roth account is funded with after-tax money and can allow tax-free withdrawals in retirement. Many people split savings between both.
Explore Our Other Financial Planning Services
Salary Planning
Make every paycheck work harder.
Saving Tips
Build savings habits that stick.
Budgeting Assistance
Give every dollar a job.
Debt Assistance
Pay down debt with a clear plan.
Pension Planning
Get the most from your pension.
Insurance Coverage
Protect your family and your plan.
Ready to Plan Your Retirement?
Tell us about your situation and we will point you to the right guides, tools and next steps.
The information on this page is for general educational purposes and is not personalized financial, tax, or legal advice. Please read our disclaimer.
