Retirement Savings Accounts

Learn how and where to save to fund your retirement. Use 401(k)s, traditional and Roth IRAs, HSAs, and other tax-advantaged accounts strategically and set the financial goals you need to establish your future.

Frequently Asked Questions
  • How much of your salary should you save for retirement?

    Research says you need to save roughly 15% of your annual salary—but if you wait until you’re older to save, you will need to save more. The goal: to have an income that’s 75% to 80% of what you brought in the year before you retired.

  • How do you retire if you have no savings?

    You’ll need to scale back, downsize, and possibly continue working part-time. Taking a roommate may help—and a reverse mortgage is an option if you own your home.

  • What’s the best way to start saving for retirement?

    Just start—and take advantage of employer-based matching funds in your 401(k) if you have one. If not, consider a Roth IRA if you qualify, or a traditional IRA if you want the tax deduction. Brokerage firms have many options to explore.

  • How do I use my HSA when I’m retired?

    You can contribute to your Health Savings Account until you start taking Medicare and take tax-free withdrawals to pay qualified medical expenses. This is better than 401(k) and traditional IRA distributions, which are taxable.

  • What’s the difference between a 457 plan and a 403(b) plan?

    Public-sector and not-for-profit organizations cannot offer 401(k) plans. A 403(b) plan is typically offered to employees of private nonprofits and government workers, including public-school employees. There are two different types of 457 plans—the 457(b) to state and local government employees and the 457(f) to top executives at nonprofits.

  • What kind of retirement can you have on $1 million?

    Even $1 million requires smart budgeting. Retirees will probably do better and have more flexibility if they invest in a traditional portfolio and take yearly withdrawals rather than buy an annuity.

Key Terms

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