Retirement Planning: Why Small Steps Today Matter

September 23, 2025

Thinking about retirement can feel overwhelming—especially if you haven’t started yet. And even if you have started saving, it’s common to wonder whether you’re doing enough.

The good news? You don’t need to have everything figured out right away. Taking just one step in the right direction can begin building the foundation for a secure retirement.

Start with a Ballpark Number

Your retirement plan begins with a simple question: how much will you need? While there’s no universal answer, many financial professionals suggest aiming to have saved about 10 times your annual income by the time you reach age 67. That may sound like a big number, but keep in mind that salaries tend to grow over time, and the earlier you begin saving, the more realistic that target becomes.

Equally important is your savings rate. A common guideline is to save at least 15% of your income each year—including any employer match if you have access to a workplace plan. If 15% isn’t possible right now, focus on contributing enough to capture the full match and gradually increase from there.

Expect the Expected—and the Unexpected

Retirement planning isn’t just about replacing your paycheck. It’s also about preparing for life’s curveballs. Three big factors can have a major impact on your financial future:

Health Care Costs

Health care is one of the largest expenses retirees face. Beyond regular medical care, many people will need some level of long-term care at some point in their lives. Options like long-term care insurance or funding a health savings account (HSA) while you’re working can help you prepare for these costs.

Inflation

Over time, inflation reduces the purchasing power of your money. That means the dollars you save today may not stretch as far tomorrow. Building a diversified portfolio that includes investments designed to keep pace with rising costs can help protect your future lifestyle.

Longevity

People are living longer, healthier lives—often well into their 80s or 90s. That means your retirement savings may need to last 30 years or more. Some retirees choose annuities or other income strategies to provide a steady stream of income for life.

Invest for Growth

Saving money alone isn’t enough—you’ll also want your money to grow. That’s where investing comes in. A mix of stocks, bonds, and short-term investments can help balance growth potential with risk. Your personal mix should reflect your timeline, comfort with market ups and downs, and overall financial situation.

Remember: higher growth potential usually comes with higher volatility, while lower-risk investments may grow more slowly. The right balance depends on your goals and how long you have until retirement.

Diversify and Revisit Your Plan

Diversification—spreading your investments across different types of assets—can help manage risk while still allowing for growth. It’s also important to review your plan regularly. What worked five or ten years ago may no longer fit your current goals, lifestyle, or risk tolerance.

If you prefer a hands-off approach, there are simple solutions like target-date or target-risk funds that provide built-in diversification and professional management. And for those with more complex situations, working with a financial advisor can provide personalized guidance.

You Don’t Have to Do It Alone

Retirement planning is a journey, not a one-time task. Whether you’re just starting out or fine-tuning an existing plan, remember that progress is what matters most. Taking small, consistent steps—saving, investing, and adjusting along the way—can help you build confidence and keep your future on track.

The bottom line: the sooner you start, the more time your money has to grow. And even if you’re getting a late start, making intentional choices now can make a meaningful difference later.

Sources:

https://www.fidelity.com/viewpoints/retirement/planning-for-retirement

Disclosure:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

This material is provided as a courtesy and for educational purposes only.

These are the views of the author, not the named Representative or Advisory Services Network, LLC, and should not be construed as investment advice. Neither the named Representative nor Advisory Services Network, LLC gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial professional.