A while back, retirement was a simple thing. You worked, your company gave you a gold watch, and you retired. Not anymore. With the decline of company pensions, longer life expectancies and the inevitable rise of inflation, it’s now crucial to budget and save to help you to live comfortably in retirement.  

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Step 1: Why start saving now? 

Because you’ll get the superpower that is compounding interest on your side. Learn more about it and the other benefits of saving here. 

Step 2: Build a monthly budget.

The secret to saving is building it into your monthly budget.  Our Monthly Budget Worksheet is a great tool to keep tabs on expenses and plan savings for retirement. Try it out now. 

Step 3: Keep cash on hand for emergencies.

Keeping a small reserve of cash can help you avoid tapping or reducing your retirement savings during tough times. Learn how to set up an emergency fund here.

Step 4: Slow and steady wins the race.

Building your retirement savings slowly over time can have its rewards. With a simple investing technique, you can take advantage of the benefits of saving over time.

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This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.The tax information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor. Securities offered through Voya Financial Advisors, Inc., member SIPC.Neither Voya nor its affiliated companies or representatives provide tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.