How to Save For Retirement, in a Picture

Cultivate Retirement Savings

Roger at The Chicago Financial Planner wrote a great article about how last week was National Save for Retirement Week. Really? And I did not get anybody a card! Shame on me. Seriously though, saving for retirement is a sober matter, and I’ve written about it before. As the following infographic shows, Americans spend on average 20 years in retirement. That’s a long time so we had better make sure we know how and how much to save for retirement. Saving for retirement is something that requires commitment and discipline as opposed to just putting it off or avoiding it altogether. If you can’t afford to save much in the beginning, don’t allow that to stop you; Start small through basic stock investing or putting aside what you can afford in a 401k. Even better, do a combination of both.

5 Ways On How To Save For Retirement

Learn about infographic design.

 

How do you save for retirement? Do you have a specific number you’re saving towards or are you more hands off with your investing?

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About the author:

I'm the founder of Frugal Rules, a Dad, husband and veteran of the financial services industry. I'm passionate about helping people learn from my mistakes so that they can enjoy the freedom that comes from living frugally. You can connect via Twitter / Facebook.

33 comments on “How to Save For Retirement, in a Picture

    • Thanks Greg. Great point, it can also be a great time to look at how you can diversify your saving/investing.

      I use http://visual.ly/ for my infographics. It’s totally free and they have a lot you can just pick from. You just put what you’re looking for in the search field and it brings up what they have. You can also input your own info to create on of your own. I have not gone that route yet, but do plan on it.

    • Thanks Justin. We’re in the same boat, but that can be changed. It’s important to learn from past mistakes and make impactful changes based off of what you’ve learned.

  1. Great suggestions and nice color scheme on the infographic. Starting early and continuing to make investments a priority is key to taking advantage of the power of compounding. IRAs are useful tools, my favorite one is the Roth IRA :D
    Liquid recently posted..Mortgage Lending RulesMy Profile

  2. Saving for retirement is not only your retirement accounts, but also making sure your entire set of financial goals is accounted for when that time comes. For example, one of my goals is old-fashioned in that I do not want the mortgage or any debt to be in place when I retire, so this is a number that I take into account on top of the IRA and 401(k) numbers.
    Money Beagle recently posted..The Story Of My Worst Job Ever: Part TwoMy Profile

  3. Great infograph! Roth IRAs and employer-sponsored plans are great vehicles to save for retirement. With most retired people that I speak with, the majority of them often say that they wished they would have started saving earlier and invested more throughout their lives. I hope the younger generations can learn from the mistakes of their parents and grandparents…time will tell!
    Jason recently posted..1-Year Blogoversary Giveaway! Apple iPad Mini, $100 Amazon GC, $50 Paypal Cash!My Profile

    • Thanks. I’ve seen the same thing as well. I have been encouraging my younger brother, who graduated college two years ago, to start putting money into a Roth now to get in that habit of saving money and getting it started sooner rather than later.

  4. Hey John,
    We save for retirement through many different plans and through work. I have no idea how much money we are aiming for to be honest. Now that we have the cash to pay our house off we can start saving more money again. While we still have renovations to do in the house we will have more money to dedicate to retirement savings and catching up with the RRSP room that we have available. So much to do and think about and we are still young. I wonder if life does get easier and when… maybe we just make it harder than it seems, who knows. Great infographic… Cheers Mr.CBB
    Canadian Budget Binder recently posted..The Grocery Game Challenge-Oct 30-Nov 4,2012 Halloween and Rain!My Profile

    • That’s awesome Mr. CBB. I think saving for retirement is best served by attacking it from various angles to set yourself up best for it. I hope it gets easier, but I think a lot of it is what you make of it.

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