Retirement Planning For All Ages
Are you on track to save for your ideal retirement? Our timeline will provide you with guidelines and helpful tips to help you plan for your retirement. Whether you are in your 20s, 30s, 40s, 50s, or 60s, it's important to start planning and saving for your future.

In My 20s

Start Saving For Retirement Early in Your Career

Most experts will recommend you save a total of 15% of your income each year throughout your career. The more you save in your 20s, the faster your retirement savings will grow. Many of today’s young workers are realizing the importance of a retirement benefit through their employers.  73% of millennials participate in an employer retirement account, with 44% of those saving more than 10% of their salary.

 

 

Find a balance between spending and Saving

We realize it’s difficult to manage living expenses, housing, and student loan while trying to save.  We recommend using our Spending Plan Worksheet and start setting realistic goals for saving that work for your lifestyle.

Take advantage of time

Y employees who save a little for a long time are much better off than those who start later and saves more.

Open a 403(b) Smart Account

Thousands of Y employees are voluntarily saving their own tax-deferred dollars with the Fund. There is no minimum amount required to open an account, and any Y employee can open an account at any time. You can change or stop the amount you save at any time, and there is no minimum balance to keep your account open, as long as you are working for the Y. Save more in a 403(b) Smart Account today.

In My 30s

Make Saving For Retirement Your Priority.

Starting and supporting a family, purchasing a home, and paying off debt are common expenses that arise in your 30s. Even with these savings priorities, it’s important to build a foundation today for the kind of life you want in retirement. A good retirement begins with saving early and building your savings over time.  With the Fund’s Savings Plan, you can save safely and securely, with the opportunity to increase your tax-deferred contributions anytime.

save as much as possible

If you haven’t begun to save yet, now is the time you want to get more serious about it. Make sure you are saving as much as possible; try to keep to the guideline of saving 15% of your salary, which includes what your Y contributes on your behalf. Consider giving yourself a “raise” by increasing your retirement contribution whenever you get a raise at work. You can’t wait until you are 40 or 50 years of age to start saving for retirement.

Continue to watch your spending plan

Continue to keep yourself on a spending plan and check to ensure sound financial health. Tracking your spending is the best way to keep yourself in check. Be thoughtful when deciding how you spend your money. If you have a spouse, make sure you both understand what your finances look like and what that means for your lifestyle. The most important thing is to know what is coming in and what is going out. Pay off high interest rate credit cards every month. If you already have debts, make sure you are working to pay them off and avoid incurring more.

Open or increase your contribution to the 403(b) Smart Account

Thousands of Y employees are voluntarily saving their own tax-deferred dollars with the Fund. There is no minimum amount required to open an account, and any Y employee can open an account at any time. You can change or stop the amount you save at any time, and there is no minimum balance to keep your account open, as long as you are working for the Y. Save more in a 403(b) Smart Account today.

40s

In My 40s

Revisit and Prioritize Your Retirement Savings Plan.

At this stage in your life, your vision of retirement may still be clouded with the anticipation of additional expenses such as college tuition for your kids, wedding costs, and expenses of replacing your vehicles and repairing your home. However, it is important to keep in mind that saving for retirement is still on your to-do list.

Prioritize Saving for Retirement

Start seriously thinking about making saving for retirement a priority. We know that you have competing expenses hitting your paycheck. Prioritizing retirement savings first will help you to envision your future income goals sooner. Make retirement savings number 1 on your to-do list. You are still 15 to 25 years away from retirement, but now is the time to ramp up your savings.

Your 40s is also the time to evaluate your life plan. Do you have a will established? Do you have additional retirement plans held elsewhere? Do you have enough life, car, and home-owner’s insurance? Did you pay yourself first in retirement savings? These are the questions you need to ask yourself so you can make a plan.

Contributing to the Fund’s 403(b) Smart Account

Thousands of Y employees are voluntarily saving their own tax-deferred dollars with the Fund and enjoying the tax benefits of doing so. If you haven’t opened a 403(b) Smart Account yet, now is a great time to do so. There is no minimum amount required to open an account, and any Y employee can open an account any time. You can change or stop the amount you save any time, and there is no minimum balance to keep your account open, as long as you are working for the Y. Save more in a 403(b) Smart Account today.

In My 50s

Start Planning for Your Retirement.

The amount that you contribute to your retirement savings is one of the most important aspects of retirement planning, and the biggest factor in determining how much savings you will have when you retire. A great way to see if you are on track is to determine your retirement number—how much you will need in retirement income.

 

Check Your Savings Status

It’s important to check your savings status and make sure you are saving enough for your ideal retirement. Log in to your account to access the Fund’s Retirement Goal Calculator to determine how much you will need to save to reach your goal.

If haven’t quite reached your goal, you can also take advantage of catch-up contributions by making additional contributions to the Fund’s 403(b) Smart Account.

Your Expenses in Retirement

You might think you will need income in retirement that is equivalent to your salary just before you retire. However, keep in mind that in retirement, many of your expenses will change:

  • Income taxes are likely to 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

If you want a more detailed picture of what you should be saving, log in to your account and check out the Retirement Goal Calculator. It can tell you how much you need to save on a monthly basis to achieve the income you will need when you retire.

Review Your Retirement Plan

Are you on track to reach your retirement goal? There are certain things you should be doing at this time of your life.

  1. Contact us to request a Retirement Income Estimate or log in to use our retirement calculators to see if your savings are on track.  You may need to save more if you did not save enough in the early years, and can take advantage of the Age 50+ catch-up contributions.
  2. If you have saved elsewhere, check to see what the annuity payout is for those plans. Would consolidating multiple accounts/plans make sense? If so, you may want to roll them over to the Fund.
  3. To estimate how much income you will need, you must first envision the retirement you want and work backward. 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. If you need to save more, now is the time to do it.
  4. To learn about your YMCA Retirement Fund Annuity Options and Retired Death Benefit, read Annuity Options and Retired Death Benefit.

Planning To Retire Early?

If you are age 55 or older an planning to retire before age 65, learn more about how to Start Receiving Your Lifetime Retirement Income. 

In My 60s

What You Need To Know About Retiring From The Y.

It’s time to understand how much income you’ll be receiving in retirement. Contact us to request a Retirement Income Estimate or log in to use our retirement calculators.

You can also learn more here about how to Start Receiving Your Retirement Income Benefit.

5 Years Before Retirement
  • Complete our Spending Plan Worksheet
    Make sure your income will match your expenses upon retirement
  • Request a benefit statement from Social Security
    Review your earnings history and projected benefits
  • Sign up for a Retirement Strategies Seminar
  • Investigate ways to fund long-term care protection
    If you’re using a long-term care policy, the younger you are when you get the policy, the lower the premium.
  • Consider where you’ll be living in retirement
  • Think about secondary health insurance
  • To learn about your YMCA Retirement Fund Annuity Options and Retired Death Benefit, read Annuity Options and Retired Death Benefit
1 Year Before Retirement
  • Update your Spending Plan Worksheet and begin to live based on that plan
  • Request an updated Annuity Estimate from the Fund
  • Review health insurance options at your Y
    If your Y does not provide any coverage for retirees, investigate other sources of health insurance coverage, such as coverage through a spouse (you will have 18 months to remain on your Y’s policy under COBRA).
  • Investigate state income taxes you’ll be paying in retirement
    Many states have tax-advantaged rules for retirees.
180 Days before retirement
  • Notify the YMCA Retirement Fund of your decision to retire.
    At that time, the Fund will send you an Annuity Application Kit to review and complete to begin your annuity.
  • If you intend to claim Social Security at the time you retire, notify them of your decision.
    Contact Social Security three months before your 65th birthday even if you won’t be retiring. Certain provisions of Medicare begin at 65. You must sign up for them at that time to avoid a penalty.

*Notify your Y of your decision to retire. Review your Y’s employment handbook and personnel policies for the appropriate time to inform the Y of your decision.

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