Who ranks for “retirement planning”

Retirement planning involves setting financial goals, saving consistently, and structuring your investments to support your desired lifestyle after you stop working.

Key Steps to Plan

Calculate your target: Aim to save 10% to 15% of your pretax income, or use tools like the Vanguard Retirement Income Calculator to estimate your personal needs. Use workplace accounts: Contribute to a 401(k), 403(b), or similar plan, especially enough to capture any full employer match. Maximize tax-advantaged accounts: Fund traditional or Roth IRAs, and consider a Health Savings Account (HSA) for medical costs. Manage debt: Keep high-interest revolving credit and consumer debt under control to free up money for consistent saving. Plan beyond finances: Envision your daily routine, social connections, and hobbies so you have purpose and direction when you leave your job.

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For a deeper dive, you can explore strategies through guides like Charles Schwab's Savings Guide.

If you share your current age and target retirement age, I can help you figure out how much you should be saving each month.