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Whether you’re in your 20s and just starting your work life or you’re in your 40s and haven’t really thought about retirement, there are always competing priorities hampering you from saving. The reality is the future will be here before you know it. It’s never too early nor too late to start planning.
Here are some ideas to help you start — or, if you’ve already started, to help you continue — to reach your goals:
- Visualize goals to keep the momentum going. What do you want your retirement to look like? Do you want to travel? Do you want to spend more time with your grandchildren? Keep a notebook or a journal and occasionally write about what you see in your future. If your mind perceives it, you can achieve it. Visualizing your goals helps to make them real.
- Figure out how much you need to save. This may be the most difficult part. However, if you can determine what your goals are for retirement and set costs for your expenses, then it will help you have a number in mind. Check myOrangeMoney® in your Voya Financial account if you want to model different scenarios, or log in to ORS miAccount to check your pension estimate.
- Track progress and make adjustments as needed. Retirement planning is not necessarily a set it and forget it mode to operate in. It’s important to remember that as your life changes, your goals for retirement may change, too. Periodically going in to check your progress and update your contributions is wise, whether you’re early in your journey or well on your way.
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Compounding interest is when interest gains interest. If you start saving more now, the interest you earn starts earning more interest as you go. Save more now and start early.
It’s never too soon nor too late to start thinking about your future. Visualizing your future and planning for it are certainly within your control. Small steps taken today help make your big plans happen.
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Helping you along your retirement journey
Upcoming topics
• Social Security. What does it mean for me? When is the right time to apply?
• Discuss your financial options. Is your family aware of your plans?
Past topics
• Loans: Consider the risks of taking loans from your retirement plans.
• Caregiving and how it impacts saving for your retirement.
• Saving wisely, budgeting to save, and having monetary goals.
Find this information and more on the Michigan Office of Retirement Services’ Women & Retirement website.
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