Saving for Retirement

Families may set a long-term savings goal of preparing for their future retirement. Not all families will be ready to begin thinking about retirement savings, especially if they are focused on securing basic needs. Staff can support families in prioritizing their goals and can help families focus on the goals that make most sense for them.

Ideas for Action

1. Calculate their retirement needs.

Staff can share tools to help families determine how much they will need in savings to retire.

Start the Conversation

"When you’re 65 years old, what will be important for you to have? What about when you’re 90?”

Resources for Families

Retirement Savings Calculator (interactive tool)

2. Determine their expected social security benefits.

Staff can share tools to help families determine how much they can expect to receive in Social Security benefits in the future, and when they will begin receiving them.

Start the Conversation

“Do you know how to locate your Social Security benefit/tax on your paycheck?”

Resources for Families

Planning Your Social Security Claiming Age (interactive tool)

3. Explore retirement saving options through their employer.

Staff can support families in exploring the retirement savings options their employer may offer, such as 401K or 403b accounts.

Start the Conversation

"What retirement benefits does your employer offer that you’re aware of?”
“Who would you ask to find out? How could you prepare for that conversation?”

4. Explore independent retirement savings options.

Staff can support families in exploring the retirement savings options, such as individual retirement accounts (IRAs).

Start the Conversation

“What other types of savings options do you want to explore?”

5. Make a retirement savings plan.

Staff can support families in determining what steps that need to take to reach their retirement savings goal. Staff can refer back to the seven steps of goal setting.

Start the Conversation