If retirement is the natural next chapter in your life, living the most comfortable one means planning now. How do you envision your retirement life? What should you consider doing now to ensure you’re on track to meet your goals?
In recognition of National Retirement Security Month, we’re highlighting ways to prepare for your future.
1. Start Financial Planning Now
It might be hard to picture retirement while you’re early- to mid-career, so consider the types of activities you enjoy now. Outlining your post-retirement goals early on — and aligning them with your financial planning — can set you on the right path.
Our financial planning checklist can help you get started, as well as our video series covering important topics such as your CalPERS pension, personal savings, and paying off debt.
2. Consider Deferred Compensation Plans
We encourage members to diversity their post-retirement income sources, and not just rely on their pension and Social Security. That’s why we offer a variety of deferred compensation savings plans, allowing you to save money from your paycheck before and after taxes. You can set up automatic deduction, and watch your savings grow alongside your career.
3. Have Kids? Balance Your Priorities.
Do you want to provide a secure future for yourself and save for your child’s higher education? We’ve gathered a few questions to ask yourself to help you balance these priorities.
You can save for your child’s or grandchild’s education using ScholarShare529, California’s tax-advantaged education savings program. Review your options and see if there’s a plan that can help you attain your savings goals today.
4. Work with a Financial Advisor
A financial advisor can guide you with retirement planning, investment management, and estate planning. By devising a plan based on your goals and risk tolerance, they provide a comprehensive approach to your finances. We offer a short guide on topics to consider during the selection process.
5. Estimate Your Future Benefits
One of the best ways to determine if you’re ready to retire is by using our Retirement Estimate Calculator. By running different estimates, you can decide the best time to retire based on what your monthly benefit might be and your goals.
Do you want to learn more about your CalPERS benefits? Whether you’re early in your career or nearing retirement, we offer online classes and in-person events to help you navigate your path to retirement. Visit Member Education to review all our educational opportunities.
Finally, start planning today, before “someday” becomes today.