Retirement Planning – Already Saving

Age 30-50: During this stage, sticking to your plan is most important…

1. Have an Emergency Fund
2. Continue Saving
3. Changing Jobs - Explore your Rollover Scenarios
4. Safeguard your Income
5. Establish your Legacy

Have an Emergency Fund

Adequately fund your emergency fund by setting aside 3 to 6 months worth of income or expenses. To accomplish this goal, an Interest Bearing Savings, Checking, or Money Market account can be used.

Continue Saving

Retirement will take a combination of money coming from:

• Employer’s Retirement Plan
• Your IRAs
• Company’s Pension Plan
• Social Security
  

Set aside 10% or more of your income. As a general rule of thumb, target a retirement income of roughly 70% to 80% of the amount you are living on in the months before you retire. Calculate your retirement to see if you are on track. Avoid investing too conservatively.

Changing Jobs – Explore your Rollover Scenarios

Rolling over distributions from your 401(k) and other employer sponsored plans might be another option. Use this chart (PDF 32 KB) to help make your decision. Learn more about rollovers &  transfers.

Safeguard your Income

Consider protecting against the high cost of medical expenses and the sudden loss of your income due to illness, injury or permanent disability. Learn more about Health & Disability Insurance.

Establish Your Legacy

Rest easier knowing your loved ones may be better provided for down the road, especially when you’re no longer here to help. Life insurance can be an easy decision. It is also a good idea to set up a will.

Note: Ideas listed above are only suggestions. See a State Farm agent for help with your personalized retirement plan.