Retirement may or may not be right around the corner, but planning is critical at every stage. The earlier you begin, the less stress you’ll likely have to deal with down the road. Identifying the lifestyle you intend to maintain will define what you need to do now to help you reach your retirement goals. Following these tips can help minimize financial anxiety:
- Save, save, save — It’s never too late to get started, but it’s best to start as early as possible to supplement your retirement benefits. Depending on when you begin saving, putting aside even a small amount per pay now can grow into a substantial nest egg by the time you reach age 65.
- Diversify your savings — Spreading your savings around can help balance risk and reward. Consider adding a supplemental retirement plan such as a 457(b) plan, 403(b) plan or individual retirement account (IRA) to your portfolio, which could also offer tax breaks and financial advantages. Above all, talk to a financial advisor to find the best retirement savings plan for you.
- Attend STRS Ohio webinars — STRS Ohio offers free webinars and online presentations targeted to every stage of your career to help prepare you for a financially secure retirement.
- Meet with an STRS Ohio benefits counselor — STRS Ohio recommends individual benefits counseling before you retire. Take this opportunity to ask questions and review important information leading up to your retirement date.