Financial jargon simplified: Retirement

Doing some homework early on to understand important jargon can help you feel ahead of the game.

Financial jargon can be confusing to navigate, for both the 'new-to-managing-my-finances', and even those who are more experienced at it. If you've ever felt like you need a healthy dose of 'just the facts', you're in luck.

It's time to feel empowered to own your financial conversations. Brushing up on these terms can help you make more informed, confident decisions in your financial life - ultimately getting you to your goals faster and smarter.

You know what sounds better than being retired at 65 sitting on a beach? Being retired at 55 sitting on a beach. So how do you get there? A starting place is to save for retirement today, no matter how small.

Starting to save sooner than later is key as you're building a foundation for financial security and freedom in your older years. If you start saving young, compound interest may help your money grow over time. That's why the best time to start saving for retirement is ASAP with an amount you feel comfortable with, even if you start by saving just a little.

Regardless of the type of retirement account you choose or have available to you, as you get started on your path toward saving you'll want to know these terms and the different types of retirement plans and accounts available so you can make the most informed decisions possible.

What now?

Already saving? Review your accounts and make sure you are feeling confident in your savings plan. Otherwise, decide what accounts make sense for you and take the first step towards saving for your future today.

Most importantly, start (and keep) saving ASAP - no matter how much. Even a little bit can make an impact on your retirement. Ready to get real savvy with the numbers? Check out these retirement calculators.

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The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.
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