Tips on how to begin retirement planning

Have you been putting off retirement planning? You're not alone. Starting is often the hardest part, and with rising costs, it is easy to focus on today instead of long-term goals. But the sooner you begin planning for retirement, the better. 

Fidelity's 2025 State of Retirement Planning Study shows that only about half of Baby Boomers and Gen Xers feel financially prepared for retirement¹. At Abound, we understand the importance of long-term financial health, that's why we've put together a few tips to help propel your retirement plans:

1. Start early - While retirement may seem like a lifetime away, small steps today can lead to long-term financial security. Compound interest is your friend, the earlier you start saving, the more time your funds have to grow. The interest made from your earnings will begin to earn even more, and by investing consistently you can build a hefty retirement fund. 
2. Utilize Employer Benefits - Many employers offer 401(k) plans or similar retirement programs. These often include matching contributions, which is basically free money for your future. At Abound, we support financial wellness through benefits like our 401(k) with matching contributions and a fully employer-funded pension plan. Pension plans offer a reliable source of monthly income and an extra layer of security in retirement. If your employer offers these benefits, take full advantage! No matter where you're starting from, it's never too early or too late to begin investing in your retirement.
3. Look into Individual Retirement Accounts (IRAs) - IRAs are a smart investment option for building financial security. At Abound, we offer both Traditional and Roth IRAs.
   • Traditional IRA: Contributions may be tax-deductible, and you'll pay taxes when you withdraw funds in retirement*
   • Roth IRA: Contributions are made with after-tax dollars, but your qualified withdrawls are tax-free*
   • We also offer a 59-month Rate Riser Certificate made specifically for IRAs to boost your retirement funds. You can view our rates here.
4. Focus on discipline - Saving for retirement while living paycheck-to-paycheck can be difficult, but it is possible. Review your finances for areas to cut back, like unused subscriptions and dining out. Try our how much am I spending calculator to track your spending habits. 
5. Speak with a financial advisor - Consider speaking with a financial advisor. Our Investments Team can help you construct your retirement savings plan, optimize your funds and tailor a strategy to your unique needs. You can schedule an appointment here to take the next steps in meeting your retirement goals. 

While everyone's retirement needs vary, we are dedicated to providing the tools you need for a successful retirement. Every dollar you save is progress towards a better financial future.

Ready to get started? Visit your local branch today to open an IRA!