facebook pixel 4 Ways You Can Prepare for Retirement Now
Site Search
< Blog Home < Healthy Living

4 Ways You Can Prepare for Retirement Now

It’s never too early to plan for retirement. Here are a few ways to start saving now—the future you will thank you for it.

House and money piles, preparing for retirement 

Preparing for retirement while you’re still young may feel a lot like purchasing a cemetery plot when you’re healthy, but avoiding retirement planning now might mean you may not even be able to retire. Here are four easy ways to take control of your retirement, no matter your age:

Related: Understanding Health Insurance at a Glance

Step 1. Do the math.

Let’s start from the beginning: How much money do you need to retire? Nerdwallet has a great calculator that will help you figure out your individual goal. Let’s say, for instance, you’re 30 years old and make $50,000 per year. If you plan on living until you’re 95 and will be spending about $2,900/month (that’s accounting for inflation), you should be putting aside about $550/month. Why so much? Because in order to retire with the same standard of living, you’ll have to have $1,601,338 saved for retirement. Granted, we haven’t factored social security benefits in this scenario, but this is a rough estimate.

Step 2. Don’t panic.

If you’re staring at that $1.6 million estimate in the paragraph above and feel an urge to cry, run away, or disconnect altogether, you’re not alone. Yes, it’s a big number, but it’s not unattainable. The absolute wrong thing to do is behave like the 56% of Americans who don’t even have $10,000 saved for their retirement. Ignoring the need to save (and yes, it’s a need, not just a strong suggestion) for your retirement will mean you’ll be working for the rest of your life.

Step 3. Make a game plan.

If you have a traditional job environment, you’ll likely have someone in HR who will be more than happy to sit down and explain your employee saving benefits to you. If your company offers a matching 401k, absolutely use it, because a matched 401k is free money.

If your company doesn’t have a retirement savings plan, schedule a meeting with a financial advisor. He or she will crunch some serious numbers for you and give you an idea of the smartest way to invest. Advisors will also give you different outlooks depending on how aggressively you’d like to invest your savings: More aggressiveness means greater risk. They can also automate your savings, which means you can put your retirement on autopilot and not worry about it.

There are plenty of free apps like Wisebanyan that will get you started saving immediately. Don’t fall into a trap of thinking that $20/month won’t do anything—that savings can quickly balloon, and it will also get you into the habit of saving. Once you’re accustomed to setting money aside, you’re more likely to increase the amount of money you save.

Related: Three Benefits of a Health Savings Account

Step 4. Start now.

Seriously, start today. Don’t start on some mystical future date when you’ll have more disposable income, because that date may not ever arrive. If you don’t have $50/month to set aside, then save $20/month and make a goal to increase that number next year.

Start now by saving for your retirement, no matter your age. You'll be proud of yourself for taking control of your money when everyone else is spending it without thinking.

Have you started saving for retirement? Tell us in the comments. And while you’re here, check out our other healthy living articles.



SelectHealth may link to other websites for your convenience. SelectHealth does not expressly or implicitly recommend or endorse the views, opinions, specific services, or products referenced at other websites linked to the SelectHealth site, unless explicitly stated.

The content presented here is for your information only. It is not a substitute for professional medical advice, and it should not be used to diagnose or treat a health problem or disease. Please consult your healthcare provider if you have any questions or concerns.

You May Also Like...

Healthcare and Insurance Basics

Infographic: Health Insurance Terms You Should Know

These health insurance terms will help you feel more comfortable and confident the next time you visit a doctor or get a bill.

Nutrition and Diet

Slow Cooker Pumpkin Pie Oatmeal

It doesn’t get much easier (or delicious) as this—make this pumpkin pie oatmeal in the slow cooker and wake up to an easy and filling breakfast.

In the Community

How to Cope with Wildfire Smoke

Because fires are still burning in the western part of the country, it’s important to know what to do to protect you and your family.


Why Transparency is Essential to Help Lower Cost of Prescription Drugs

Explaining why prescription drugs cost so much is complicated. But here’s what we’re doing to advocate for more transparency in the pharmacy industry.

Related Articles

Related Articles

Healthy Living

Dark Chocolate Chickpea Brownies

Chickpeas in brownies, are we crazy? It might sound that way, but we think you’ll like this healthier take on one of our favorite desserts using chickpeas and coconut milk. Did we mention they’re gluten-free?

Healthy Living

Feeling Moody? You May Be Dehydrated

Here’s how I noticed I was dehydrated—with a text from my husband. And here are my tips to avoid more situations like this one.

Healthy Living

10 Reasons Why Being in Nature is Good for You

It’s not just a myth, being outside really is good for you. Here’s why it’s helpful to spend time outdoors.

Healthy Living

Foods That Are Good for Heart Health

Your heart works hard for you. Say thank you by eating these heart-healthy foods.

Post Author

Jennifer Diffley
Jennifer Diffley is a SLC resident. She is a senior copywriter and has her MFA in creative writing from NYU. Jennifer is committed to health, but has an unhealthy fascination with outrageous shoes.