Planning for Future Retirement
Retirement can feel like it’s a long way off, but the sooner you plan for it, the more prepared you’ll be. Whether you’re starting your first job, are already well into your career, or are getting closer to retirement, check out this quick guide to identify some easy strategies to consider.
Getting Started
While retirement does require saving up quite a lot of funds, it doesn’t have to be intimidating. Start simple with these steps:
- Know your options: There are several types of retirement accounts, including employee-sponsored plans such as 401(k)s and 403(b)s. You’ll also want to understand the differences between traditional and Roth IRAs and how taxes work with each.
- Consider the retirement you want: Before deciding how much to save, think about what you want your retirement to look like. Do you intend to maintain your current lifestyle, or are you envisioning something bigger? Knowing those goals can help you estimate how much you may need to save in total.
- Save as soon as you can: When it comes to retirement savings, time can be one of your biggest advantages. Starting earlier gives your money more time to grow through compound interest. This is true no matter how far into your career you are—the best time to start saving is always now.
- Save as much as you can: The more you save, the better off you’ll be, but that doesn’t mean you need to start with large contributions. The important thing is to establish habits and increase your savings as you’re able.
Other Helpful Tips
There are plenty of tips to help you save for retirement, but here are just a few key ones:
- Meet your employer match: If your employer offers a 401(k) match, take advantage of it. This means, at a minimum, contributing enough to receive the employer match percentage. And if you aren’t sure what your employer offers, don’t be afraid to ask!
- Leave the account alone: Once you start contributing, avoid touching your retirement funds. Taking money out can mean losing potential interest and tax benefits and may result in withdrawal penalties.
- Identify alternative plan options: If you’re older and haven’t started saving yet, don’t assume you’ve missed your opportunity. Utilize options such as standard and super catch-up contributions.
- Review your account: It’s important to review your retirement account regularly. Your goals, wants, and needs can change over time, and your retirement savings strategy may need to change with them.
- Start with a savings account: If you aren’t ready to contribute to a retirement account yet, you can still establish the habit. Set aside however much you’re comfortable with—event $10 per paycheck—in a new savings account to help you get used to prioritizing saving. You can use those funds to begin contributing to the retirement account that fits your goals.
Planning for retirement can be overwhelming, but you don’t have to figure it all out on your own. Your local credit union can be a great resource at every stage, helping you talk through your goals, review your budget, and explore options for building toward the retirement you want.
Adapted from the Pennsylvania Newsmakers segment originally aired on September 24, 2026.