SUMMARY
- How to picture the retirement lifestyle you want
- Why clear retirement goals can make saving feel more manageable
- How to estimate future expenses and retirement income needs
- What retirement accounts to review, including 401(k)s and IRAs
- How to look for old or forgotten retirement savings
- Why small contribution increases can make a meaningful difference over time
- How employer matching contributions may help boost your savings
- Why it’s never too late to start planning for retirement
Planning for retirement can feel overwhelming, but it becomes much easier when you break it into small, manageable steps. Whether retirement is decades away or getting closer, taking one focused action each week can help you build a stronger foundation for the future you want.
What is The Freedom 30 Program?
The Freedom 30 Program is a year-long financial literacy program developed with our friends at Balance. The idea is simple: spend 30 minutes each week improving your financial life.
Each month has a specific financial wellness theme, and each week includes one manageable mini project. You don’t have to overhaul your life overnight, just make consistent progress.
If you didn’t have the chance to start the program in January, don’t worry. You can always add catch-up sessions to your schedule. Here’s last month’s blog on how to build an emergency fund.
This month’s theme: saving for retirement.
Week 1: What do you want retirement to look like?
Start by imagining your ideal retirement. Set aside time this week to write down what retirement could look like for you.
Consider questions like:
- How old do you want to be when you retire?
- Where do you picture yourself living?
- What would a typical day look like?
- What activities, hobbies, travel, volunteer work, or family time would you want to include?
- What lifestyle do you realistically hope to maintain?
Try to write down at least three activities or experiences you want to enjoy regularly in retirement. Being specific can help you connect your financial plan to the life you want to build.
If you are planning retirement with a spouse or partner, your visions may not be exactly the same. That’s normal. Start by making the conversation specific. Talk through where you want to live, when each of you hopes to stop working, how you want to spend your time, and what level of spending feels comfortable. From there, look for shared priorities and identify where compromise may be needed. A financial advisor can help turn both visions into a realistic plan, so retirement feels less like a disagreement and more like a shared goal with room for both of you.
Takeaway: Envisioning your retirement isn’t just about daydreaming; it’s about setting clear goals based on the lifestyle you hope to have that will guide your financial planning.
For next week: Speaking of setting goals, we’ll dive deeper into calculating your retirement savings needs to ensure your dreams are fully supported financially.
Week 2: How much money will you need for retirement?
Now that you’ve imagined your retirement lifestyle, it’s time to crunch the numbers.
Start with your expected monthly expenses. Think about housing, food, utilities, transportation, insurance, healthcare, debt payments, travel, hobbies, family support, and everyday spending. Then consider how those costs may change over time.
Inflation is an important part of this conversation because prices can rise over the course of your retirement (Currently, inflation is about 3.5% through June 2026)*. The Bureau of Labor Statistics tracks inflation through the Consumer Price Index, which measures changes in the prices consumers pay over time. Because inflation changes, it’s helpful to use retirement calculators that allow you to test different assumptions.
Also consider possible sources of retirement income, such as Social Security, pensions, retirement accounts, investment accounts, or part-time work. Ask yourself:
- Will your mortgage be paid off?
- Will you still have business or personal debt?
- How much might healthcare cost?
- Do you want to travel or relocate?
- Will you need to support family members?
Online retirement calculators can help you estimate your savings needs. These tools are educational and provide estimates, not guarantees, but they can help you understand whether you are on track.
Takeaway: Understanding your financial needs in retirement is essential for setting savings goals that align with your desired lifestyle.
For next week: Now that you have a clearer picture of your financial needs, we’ll explore your retirement savings accounts to ensure you’re on track to meet those goals.
Week 3: What retirement accounts do you already have?
This week, gather information about your current retirement savings.
Start with any employer-sponsored plans, such as a 401(k), 403(b), 457 plan, or pension. Review your current balance, contribution rate, employer match, investment options, fees, and beneficiary information. Also, review any personal IRAs or other savings accounts you may have.
This is also a good time to do a little 401(k) treasure hunting. Many people leave retirement accounts behind when they change jobs. It’s estimated that, as of July 2025, there were 31.9 million left-behind or forgotten 401(k) accounts holding approximately $2.1 trillion in assets.**
If you think you may have an old account, check past statements, contact former employers, search old email records, or review previous tax documents. Finding and organizing old retirement accounts can make it easier to understand your full financial picture.
Takeaway: Being informed about your retirement accounts empowers you to make strategic decisions to maximize your savings potential. Taking time to gather and review all the tools available in your retirement toolbox will help you get on the best path to reaching your ideal destination.
For next week: With a clearer understanding of your retirement accounts, we’ll discuss thoughtful adjustments you can make to optimize your contributions and accelerate your savings growth.
Week 4: How can you improve your retirement savings strategy?
Now that you know what you have, look for opportunities to strengthen your retirement plan.
Many free calculators available online can help you visualize the impact that small increases will have on your final retirement total, which may help motivate you to sacrifice today for a more secure tomorrow. Challenge yourself to set a specific savings goal for the next year and outline steps to achieve it, starting with adjustments to your contributions.
You can also consider setting up automatic contribution increases each year or whenever you receive a raise. Even a small increase may make a meaningful difference over time.
If your employer doesn’t offer a 401(k), an individual retirement account may be an option to consider. We offer Traditional IRA, Roth IRA, and SEP IRA to help you save for the future.†
Takeaway: Small adjustments to your retirement savings strategy today may significantly impact your financial security tomorrow.
Final thoughts: It’s never too late to start planning for retirement.
Now’s the time to take meaningful steps toward retirement. A secure future is built one decision at a time, and even small, consistent actions can help you feel more prepared.
By setting aside just 30 minutes each week to review your goals, savings, and next steps, you’re making progress toward the retirement you want. Start where you are, stay engaged, and keep moving forward.
This article is provided for educational purposes only and is not intended as financial or legal advice. Members should contact the Credit Union for guidance regarding their individual situation. Please consult a tax professional for the most current data and personal advice for your situation.
*U.S. Congress Joint Economic Committee. “Inflation Update.” U.S. Congress Joint Economic Committee. Published 14 July 2026. Accessed 16 July 2026.
**Capitalize. “The True Cost of Forgotten 401(k) Accounts (2025).” Published 30 September 2025. Accessed 8 June 2026.
†APY = Annual Percentage Yield. Fees may reduce earnings. Rates on variable-rate IRA accounts may change after account opening; certificate terms may differ. Eligibility, contribution limits, tax treatment, and withdrawal penalties are governed by IRS rules and account terms. Consult your tax advisor regarding tax consequences and your specific situation.
