Retirement
None of this is expert advice. It's what people worked out for themselves, usually the hard way — what actually helped, and what they'd tell someone standing where you are. Take what fits and leave the rest.
If you only read a few
Plan for living to age 90 and continuing to save and invest, rather than assuming you will not reach retirement age.
Many people who thought 'why bother?' have nothing saved and are struggling in retirement.
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Put enough into your 401k to receive the full employer match.
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- Verify when your employer's 401(k) match fully vests, as you may need to stay with the company for several years to retain the full benefit.3
Start contributing to a retirement account early with small amounts to leverage compound interest.
Even modest amounts start to grow exponentially over time.
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Check if your employer provides a base 401k match regardless of your own contributions.
Some employers provide a base match (e.g., 3%) even if you contribute nothing, plus an additional match on your contribution.
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Choose to retire with less money if it means you enjoyed life along the way.
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Google your company's name plus '401k' or check employee benefits.
Many entry-level jobs offer plans but fail to inform employees.
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Open a Roth IRA at Fidelity, Vanguard, or Charles Schwab and invest in $0 minimum fee funds or target-date funds.
These brokers offer low-cost options and hands-off investing strategies.
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Begin investing right away, using small sums like $20 per paycheck, to form a saving habit.
Prioritizing this action and integrating it into weekly routines aids in developing personal discipline.
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Use Social Security as a baseline annuity in retirement planning.
Combined with a moderate portfolio return, it provides a floor of income that allows you to do okay.
- Won't allow you to globe trot.
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Plan for a 20-year military career to secure a pension in your 40s, potentially allowing for a second civilian career with double retirement income.
Serving 20 years provides a pension early enough to build a second career, leading to comfortable retirement with dual pensions.
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Volunteer in nursing homes or help elderly neighbors understand their finances to gain realistic insight into retirement planning failures.
This makes the reality of retirement challenges abundantly clear.
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Periodically review your company's new hire orientation materials to identify forgotten perks or benefits.
You may discover benefits you forgot about or assumed did not carry over, such as eye care allowances or ride home services.
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Work a civilian job alongside your military retirement to contribute to additional retirement funds like a 401k.
One individual worked a civilian job while receiving military retirement pay, allowing them to save further.
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Learn self-sufficiency skills like sewing, repairing items, and growing food to lower living costs and enable earlier retirement.
Living comfortably on less allows you to save now and retire sooner because you will need less money in retirement.
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Take PTO regularly instead of letting it accumulate.
Accumulating large amounts of PTO without using it is seen as counterproductive by some.
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Consider keeping a 401(k) in the old plan rather than rolling it into an IRA to maintain stronger federal creditor protection.
401(k)s offer greater protection against creditors under federal law, whereas IRAs only protect assets in the event of bankruptcy.
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Save aggressively while young and single, before taking on marriage, children, and mortgages.
Saving capacity often disappears once those major expenses begin.
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Save your own money for retirement, as it is likely that Social Security eligibility age will increase.
eligibility age will likely increase
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Use Investor.gov to research questions about retirement accounts and rollovers.
It is an impartial government resource.
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Set up automatic payroll deductions for retirement savings to maintain consistency.
Automatic deductions help ensure you save regularly.
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Beware that rising property taxes can force elderly homeowners into homelessness even if their mortgage is paid off.
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Verify that retirement contributions are being deposited correctly rather than just checking your bank balance.
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Define retirement as achieving personal freedom rather than simply stopping work.
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