Finances: Save for retirement

Key Results

• Contribute $5,000 to a 401(k) or IRA using Vanguard or Fidelity
  Start value: 0, Target value: $ 5000, Notification frequency: End of Month
• Increase monthly retirement contributions by 10% using Personal Capital
  Start value: 0, Target value: 10%, Notification frequency: End of Month
• Maximize employer match for 401(k) contributions
  Start value: 0, Target value: 1, Notification frequency: Annually
• Automate $200/month transfer to a Roth IRA using Betterment
  Start value: 0, Target value: $ 200, Notification frequency: End of Month
• Read 3 retirement planning books from Goodreads
  Start value: 0, Target value: 3, Notification frequency: Quarterly
• Rebalance retirement portfolio quarterly using tools from M1 Finance or Wealthfront
  Start value: 0, Target value: 4, Notification frequency: Every 6 months
• Allocate 5% of annual income to retirement savings using SmartAsset’s guide
  Start value: 0, Target value: 5%, Notification frequency: Annually
• Research and choose 3 index funds for retirement savings using Morningstar
  Start value: 0, Target value: 3, Notification frequency: Quarterly
• Contribute $1,000 to an HSA for retirement healthcare expenses using Lively or Fidelity
  Start value: 0, Target value: $ 1000, Notification frequency: End of Month

Initiatives

• Automate retirement contributions
  Set up automatic contributions to your retirement accounts through your employer’s payroll system or online banking platforms like Vanguard or Fidelity.
• Use retirement calculators to set goals
  Use retirement calculators from NerdWallet or AARP to determine your savings needs and set specific goals.
• Maximize employer 401(k) matching
  Ensure you contribute enough to your 401(k) to receive the full employer match, effectively increasing your retirement savings.
• Open an IRA or Roth IRA
  Diversify your retirement savings by opening an IRA or Roth IRA account with financial institutions like Charles Schwab or TD Ameritrade.
• Use budgeting apps to allocate retirement savings
  Utilize budgeting apps like Mint or YNAB to allocate a specific portion of your budget to retirement savings each month.
• Invest in diversified portfolios
  Build a diversified investment portfolio for your retirement savings using robo-advisors like Betterment or Wealthfront.
• Use tax-advantaged accounts
  Contribute to tax-advantaged retirement accounts like HSAs for additional savings benefits and growth.
• Read retirement planning books like "The Simple Path to Wealth"
  Gain insights on retirement savings strategies from books such as "The Simple Path to Wealth" by J. L. Collins.
• Track and reduce fees in retirement accounts
  Regularly review and reduce fees in your retirement accounts using tools from Blooom or FeeX.