It's never too soon to start saving for your retirement. To get the most out of your retirement savings you'll want to start planning and saving at an early age. As Americans continue to live longer, it is important to prioritize saving for retirement throughout your life. For those born in 2019, women live approximately to 81 years and men to 76 years, according to the most recent estimate by the U.S. Bureau of Labor Statistics.
If you are starting your retirement savings early, you can afford to be aggressive and put money into riskier funds. If your funds lose value, you will still have time to grow them. It's important to plan where you want to be and how you're going to get there. Start deciding on your strategy by familiarizing yourself with options for retirement:
- 401(k) Plans
- Individual Retirement Accounts (IRA)
- Health Savings Accounts (HSA)
You can also use our retirement financial calculators to get a snapshot of your current circumstances and a preview of what you can expect by the time you retire.
Retirement is a major milestone, and it's important to understand your financial situation before you take this step. If you are nearing retirement age but find yourself in debt, there are resources available to help. If you find that you haven't saved as much as you'd like, consider reevaluating your budget and spending to accelerate your savings. While there is no certainty in retirement planning, there are steps you can take to improve your financial situation.