Skip to Content

How to build your retirement savings (infographic)

Building and maintaining retirement savings is one of the most important long-term financial goals for many Americans.

Regardless of your personal situation, having a plan for your golden years is a smart move—although getting started may seem overwhelming. Review these tips for taking the first steps to building your retirement savings.

Retirement savings plan

Determine your unique needs

  • A common standard for post-retirement income is 70% of the annual salary you made while in the workforce. For example, if you earn $50,000 a year, you’d need about $35,000 each year in retirement to maintain your standard of living.
  • The average retirement lasts about 20 years, so plan to fund at least two decades of post-work life

Review your options

  • 401(k) retirement plans are commonly offered and provide tax benefits. Additionally, many employers provide a partial or total match.
  • Roth and traditional individual retirement accounts (IRAs) are available from a variety of financial institutions and are relatively simple to set up. These accounts also offer some tax advantages.
  • Health savings accounts (HSAs) have more specific and limited applications. However, they can help address the often significant cost of healthcare for retirees.

Set your goals and start saving

  • While you might not be able to save a large amount from each paycheck immediately, getting into the habit of savings for retirement is crucial. You can increase your contributions over time as you’re able.
  • Using an automatic payment, like a direct deposit into your retirement account each pay period, can help you consistently save.

After you work through this starting list for retirement savings, a financial professional can help you put all the pieces of the puzzle together for a long-term plan.

UMB personal banking solutions offer convenience and simplicity to meet all your financial needs. From home loans to auto financing and everything in between, see how UMB personal banking can work with you to find the right products for your life and lifestyle.

Boost your financial know-how and sign up for our personal banking newsletter. We’ll send informative articles right to your inbox

502 / 526
When you click links marked with the “‡” symbol, you will leave UMB’s Web site and go to Web sites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other Web sites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.