“How much should I be saving for my retirement?” This is one of the questions that we are frequently asked at the Fund. But before we look at how much you should be saving, let’s first consider how much money you might need in retirement. Your retirement expenses You might think you will need income in retirement that is equivalent to your salary just before you retired. However, keep in mind that during retirement, many of your expenses will change: Income taxes may go down. FICA (Social Security and Medicare tax deductions) will end. You no longer need to save for retirement. Your employer stops paying for health insurance. Health insurance costs may rise. Save for the retirement you want To estimate how much income you will need, you must first envision the retirement you want and work backwards. Set goals and priorities; consider when you want to retire, where and how you want to live, and what you wish to leave for loved ones. Remember that you only get the retirement that you save for now! So, back to our original question: How much should you save for retirement? Unless you are a late starter and need to catch up, experts suggest you save at least15% of your annual salary every year throughout your career. Y Staff are ahead of the game When you are enrolled in the 401(a) Retirement Plan, your Y generally contributes an amount equal to anywhere from 5% to 12% of your salary to your retirement savings, but it’s important that you make up the difference. One easy way to do this is through voluntary contributions to the 403(b) Savings Plan. Any Y employee can enroll, as early as their first day of employment. Saving this way is easy—you just agree to have a percentage or dollar amount withheld from your paycheck and deposited on a pre-tax basis to the Tax-Deferred Account, on an after-tax basis to the Roth Account, or both. Start saving Thousands of Y employees are voluntarily saving on their own with the Fund. To get started, fill out the 403(b) Savings Plan Enrollment Form and submit it to your Human Resource or payroll department.