Beginning to Save Checklist

Starting to plan for retirement? Smart move! The earlier you start saving, the more time your money has to grow. Use the checklist below to make sure you're on the right track to the retirement you desire.

Create Goals

  • Start saving. If you haven't begun to build your retirement savings, your primary goal should be to initiate a savings plan. An Individual Retirement Account (IRA) or certificate is an excellent place to start. Be mindful of the approximate number of years you have to save and what your desired lifestyle might be when you do retire.

Manage Your Money

  • Create a budget. Start by creating a budget for yourself to see where opportunities for additional savings may lie. If you make managing your money a priority now, saving for the future will be second nature. You'll be able to better manage your money now and meet your retirement savings goals down the road.
  • Manage your debt. If you have student loans, credit cards or other debts, make paying them off a top priority. Funnel as much as you can to pay off what you owe and don't take on any new debt. Once you're out of the red, consider putting the money you were using to pay off your debt toward your savings goals.
  • Build an emergency fund. Set aside some cash for emergencies so you aren't tempted to reach for credit cards or tap retirement accounts when unexpected costs arise. Aim for at least $1,000 to start, then build up three to six months' worth of living expenses.

Start Investing

  • Participate in any employer-sponsored retirement plans. While specific accounts vary depending on your employer, your options may include 401(k), 403(b), and 457 plans, or Thrift Savings Plans (TSPs). These offer tax advantages, and many employers will match your contributions.
  • Take advantage of other retirement accounts. If you're already contributing the maximum amount to your employer's retirement plan, there are still other opportunities for tax-advantaged savings with an IRA. Traditional IRAs offer similar tax benefits to 401(k)s, depending on your income.
  • Meet with a financial advisor. A professional can help you estimate how much you need to save to reach your retirement goals and can assist you in choosing appropriate investment vehicles and strategies to meet them.

Want to start your retirement savings?

Open an Individual Retirement Account or Certificate from Navy Federal.

Not sure where to start? Contact a financial advisor at 1-877-221-8108.

© 2020 Navy Federal Credit Union. All rights reserved.

Navy Federal Credit Union is federally insured by the National Credit Union Administration.

Nondeposit investment and insurance products are offered through Navy Federal Financial Group LLC (NFFG) and through its subsidiary, Navy Federal Brokerage Services, LLC (NFBS), a member of FINRA/SIPC and an SEC registered investment advisory firm. Brokerage and advisory products are offered through NFBS. These products are not NCUA/NCUSIF or otherwise federally insured, are not guaranteed or obligations of the credit union, are not offered, recommended, sanctioned, or encouraged by the federal government, and may involve investment risk, including possible loss of principal. Products may be offered by an employee who serves both functions of accepting member deposits and selling nondeposit investment and insurance products. 1-877-221-8108. Trust Services available through MEMBERS Trust Company. 1-855-358-7878.

Investors should carefully consider the investment objectives, risks, and charges and expenses associated with municipal fund securities before investing. This and other information about municipal fund securities is available in the issuer's official statement which can be obtained directly from the issuer, or if distributed through a broker dealer, may be obtained from a financial adviser, and should be read carefully before investing.

An investor should consider, before investing, whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

If a municipal fund security describes one or more of their investment options as having the characteristics of a money market fund, it is important to know that an investment in the security is not insured or guaranteed by the FDIC or any other government agency (unless such guarantee is specifically provided by or on behalf of such issuer) and, if the security is held out as maintaining a stable net asset value, that although the issuer seeks to preserve the value of the investment at $1.00 per share or such other applicable fixed share price, it is possible to lose money by investing in the security.