Financial Resource Center

Retirement Planning


Take These 4 Steps to Save for Retirement

by Brandon Kappel / October 11th, 2016


Making small changes in how you spend money can help beef up retirement savings. But, being financially secure during retirement will take some commitment and planning along the way. Take these steps to get on track:

Create a spending plan.

Often when people create a budget, they feel they’re depriving themselves. Instead, think of your budget as a spending plan. This plan will help you set priorities so you can become more focused and save for your goals.

Contribute to retirement savings plans.

In addition to contributing to an IRA (individual retirement account), contributing to your employer’s retirement saving plan can help build your nest egg as well. Contribute as much as you can each paycheck, and contribute at least the amount needed to get your employer’s match, if one is offered. If you don’t, it’s like leaving free money on the table.  

Plan for the unexpected.

Whether it’s unexpected car trouble, a health problem, pet expenses, or housing repairs, a good rule of thumb is to have at least three to six months of income set aside in an emergency savings account. Not everyone has this much money on hand right away—start small and build your emergency fund as you’re able to save more. Having an emergency savings account protects you from having to stop saving for retirement or dip into your retirement savings to pay for unexpected expenses.

Start saving and keep saving.

No matter if you’re saving for retirement or another goal, saving is a rewarding habit. It’s never too early or late to start. if you have to, start small and try to increase the amount you save each month. Use automatic deposits and transfers at your credit union to build your savings without having to put a lot of thought into it. Make saving for retirement a priority by creating and sticking to your spending plan to meet your goals.