When it comes to retirement, consider setting your future self up for success. What do you want your retirement to be like? Are you 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. Do you envision yourself traveling extensively? Would you rather focus on family, hobbies, or volunteering? Outlining your post-retirement goals early on — and aligning them with your financial planning — can set you on the right path.
2. Consider Deferred Compensation Plans
When you’re trying to save money, balancing priorities can be difficult. We offer a variety of deferred compensation savings plans, allowing you to save money from your paycheck before taxes. Making your savings automatic will set you up for additional success.
3. 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.
If you feel you’re ready, 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 on 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 find out 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. Try out this easy tool.
Do you want to know 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, before someday becomes today!