How to Get Your Retirement Savings On Track

October 15, 2020

Whether your retirement is in 15 years or 45 years, saving for your future is important. Here are some guidelines on how to get your retirement savings on track for your future.
Americans, overall, need to focus more on saving for retirement, according to a 2020 survey by Transamerica Institute®, a nonprofit private foundation which includes Transamerica Center for Retirement Studies®, which states:
* 39% women are not saving for retirement
* 22% of men are not saving for retirement
How do I get started?
If your company offers a 401(k) plan or 403(b) plan, begin making contributions as soon as you can. It’s a good idea to reach the required contribution level to receive the maximum matching amount, if offered.
If you don’t have access to an employer plan, make it a goal to contribute up to the full amount allowable for the current year to a traditional IRA or a Roth IRA.
What if you are behind in saving for retirement? 
If you're under age 40, it is suggested you save more and invest for growth through a diversified investment mix. If you're over 40, you may want to consider a combination of increased savings, reduced spending, and working longer, if possible. It may be helpful to talk to a financial adviser who can provide more insight to steps you can take.
How can MSUFCU help?
At MSUFCU, our goal is to provide our members superior financial solutions, comprehensive products, and unparalleled service. The relationship members have with MSUFCU extends to MSUFCU Financial Solutions, an Investment and Insurance Service Center, made available through broker-dealer CUNA Brokerage Services Inc. (CBSI).
Whether you're looking for overall financial guidance, assistance with a specific financial goal, help creating a comprehensive financial plan, or just getting a second opinion, they are here to help. To learn more, visit
Keep in mind that no matter what how old you are, it’s important to focus on the goals ahead. Don't be discouraged if you aren't where you would like to be in saving for retirement — there are ways to catch up to future milestones through planning and saving. The key is to take action, and the earlier, the better.

Tags: Retirement, Savings, Money Management