Whether retirement is decades away or just around the corner, taking control of your financial future starts with simple, intentional steps today. Here’s a recap of the key strategies and account types covered in our Quarterly Member Financial Education Webinar: Planning for Retirement, hosted by The Community Impact Fund and presented by Rodrigo Gomez, Financial Coach at TrustPlus. These core concepts will help guide your confident next steps toward retirement readiness.
Missed the live session? Watch the Webinar Here or View the Slide Deck.
If you’re short on time, click the header links to go directly to specific segments of the webinar.
Define Your Vision
Timeline: When do you picture yourself retiring?
Lifestyle & Location: Where do you want to live, and how does family fit into your plans?
Healthcare: How might your healthcare needs change over time?
Know Your Account Options
Understanding where and how to grow your savings can make a significant difference in your long-term security
- Employer-Sponsored Plans (401k / 403b)
- Pre-Tax Savings: Lower your taxable income today and pay ordinary income tax when you withdraw funds in retirement.
- Employer Match: If your employer offers a match, aim to contribute at least enough to capture the full match — it’s essentially free money boosting your savings.
- Roth Options: Some employers offer Roth 401k/403b options, where you contribute post-tax dollars but enjoy tax-free withdrawals in retirement.
- Good to know: Contributions generally can’t be withdrawn before age 59½ without a penalty, and withdrawals aren’t available at all while you’re still employed at that company — even after 59½.
- Individual Retirement Accounts (IRAs)
- Traditional IRA: Contributions may lower your taxable income now, but withdrawals are taxed in retirement.
- Roth IRA: Contributions don’t reduce your current taxable income, but withdrawals in retirement are tax-free.
- Self-employed? A SEP-IRA offers similar tax advantages and may be worth exploring alongside traditional and Roth IRA options.
Note: A Roth IRA is unique in that you can withdraw your original contributions (not earnings) at any time, penalty- and tax-free.
- Fixed Income Sources
- Social Security: Benefits are based on your lifetime earnings and adjusted for inflation. The longer you wait to claim, the higher your monthly benefit will be.
- Pensions: Check with your HR department to understand the specific benefits available through any employer-sponsored pension plan.
To receive a personalized estimate of your retirement benefits, create a My Social Security Account at www.ssa.gov. *This is just an estimate, not a guarantee.
The Power of Starting Early
Time is your greatest asset, thanks to compound growth. Starting small today — even a modest monthly amount in your 20s or 30s — can outpace larger contributions started later in life, simply because your money has more time to grow. Starting small today beats waiting for the “perfect” amount to save later.
Rule of thumb: 10%–20% of your income is a common savings target — but any amount you can consistently set aside will help secure your future.
Growing Your Retirement Garden
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Set it up: Choose the retirement accounts that fit your current situation and goals.
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Grow it: Automate your monthly contributions, and increase them by 1% each year or whenever you get a raise.
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Tend it: Roll over old 401ks from previous employers, keep track of all your accounts in one place, and update your beneficiaries regularly.
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Weed it: Resist dipping into retirement funds early to avoid tax penalties and lost growth potential — and stay alert to “too good to be true” investment offers.
Ready to Take Action?
Need help creating a personalized action plan, building a budget, or reviewing your credit? Free, confidential financial coaching and web tools are available through TrustPlus.
Get Started: Text CIFMEMBERS to 646-349-5959 to receive a direct link to the TrustPlus app!
This material is for educational purposes only and should not be construed as advice. It is provided without warranty of any kind.
We occasionally use AI tools to help draft our educational content. Every post is human-reviewed and edited for accuracy before publishing to ensure it meets our standards for financial wellness education.