Make sure you have $1,000 saved for emergencies before you even start to save for retirement. Open an account outside your regular bank to prevent you from dipping into savings.
Pro Tip: Get to $1,000 faster by earning $100 in rewards with an Emergency Savings Share Account from Thrivent Federal Credit Union.
Participate in your employer’s retirement plan and take full advantage of the company match. This is free money! Work towards saving 15% of your pre-tax income.
Pro Tip: Figure out how much you should be saving each month to hit your retirement goals. Talk to one of our financial professionals.
Consider opening a Roth IRA. Roth contributions are “after tax,” which means you pay taxes on them now not when you withdraw the money. This type of retirement account can help reduce your tax risk as you retire. You can also withdraw your contributions early without a penalty, unlike most employer plans.
Pro Tip: Opening an IRA usually allows you to choose from a wider range of investment options.
Make sure you’re investing your money in a smart way so your savings can grow faster. Look for a plan with low fees and investments that are customized to fit your needs.
Pro Tip: Want to make sure your money will be there in retirement? Make sure some portion of your retirement investments are guaranteed. Check out our Guaranteed Retirement Plan.