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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.
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
These articles have been prepared for informational purposes only and are not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. The accuracy and completeness of this information is not guaranteed and is subject to change. Since each investor’s situation is unique you need to review your specific investment objectives, risk tolerance and liquidity needs with your financial professional(s) before a suitable investment strategy can be selected. Also, since Wells Fargo Advisors does not provide tax or legal advice, investors need to consult with their own tax and legal advisors before taking any action that may have tax or legal consequences.
Investment and Insurance Products:
- Are Not insured by the FDIC or any other federal government agency
- Are Not deposits of or guaranteed by a Bank
- May Lose Value
Retirement Professionals are registered representatives of and offer brokerage products through Wells Fargo Clearing Services, LLC (WFCS). Wells Fargo Advisors is a trade name used by WFCS and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. Discussions with Retirement Professionals may lead to a referral to affiliates including Wells Fargo Bank, N.A. WFCS and its associates may receive a financial or other benefit for this referral.
Wells Fargo Bank, N.A. is a banking affiliate of Wells Fargo & Company.
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.
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