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Why it’s important

The sooner you start saving for retirement, the less you will actually need to put away, because your money may work harder and grow more each year.

A good goal is to save at least 10% of your salary each year in a retirement fund. Join your employer’s 401(k) plan if they have one. If you do this from the start, you’ll likely never notice the difference in your take-home dollars each paycheck. Your employer may also match your contribution up to a certain amount — this is free money you should make sure to take advantage of.

Even if you aren’t able to put away 10% right now, try to contribute at least enough to get the full match from your employer, and make a plan to get to 10% over time. If you don’t have access to a 401(k), you can open an individual retirement account (IRA) instead. Just like a 401(k), an IRA allows you to save for retirement and take advantage of tax benefits.

One Little ThingSM you can do: My Retirement Plan®

Whether you’re just starting to plan for your retirement or have been saving for years, the My Retirement Plan tool makes it easy to take the next step in planning for retirement. This easy-to-use, online tool provides a realistic savings goal tailored to you.

Answer a few questions about yourself, your income, and your current retirement savings, and the My Retirement Plan tool will calculate how much you may need in retirement, recommend a monthly amount to save, and provide you manageable steps to take to get you closer to your goals.

  • If you’re a Wells Fargo customer, sign on to your account and go to My Retirement Plan.
  • If you don’t already bank with Wells Fargo, visit My Retirement Plan to learn how it works. You’ll also find a link to the public version of the tool below the sign-on button. 


Make a big impact on your retirement savings by maximizing your 401(k) or IRA. With small ongoing contributions, you’ll likely never notice the difference in your take-home pay.
Check out all 8 Rules of Thumb to Financial Health. See more

Small steps to retirement savings

Discover how little changes to your spending can have a big impact on how much you can save for retirement.

Use the Savings Calculator