Invest in Yourself

Once upon a time, employer sponsored pensions and/or retirement plans were standard full-time employee benefits. These days, not so much.  

If your job doesn’t offer one, maybe you’re thinking about finding a job that does. That could be a smart move. Employer-sponsored retirement plans often come with tax advantages and sometimes matching contributions, which can be valuable benefits. 

But changing jobs is a big decision. A role with a 401(k) could also come with lower pay, worse health insurance, or a longer commute. So before you update your résumé, ask yourself: How can I prepare for retirement with the situation I have right now? (Spoiler Alert: You still have options.)

Start Your Own Plan

If you don’t have access to a workplace retirement plan, an Individual Retirement Account (IRA) is one of the simplest places to start. A Traditional IRA may give you a tax deduction now, depending on your circumstances, while a Roth IRA uses after-tax money and can provide tax-free qualified withdrawals later. For 2026, the IRA contribution limit is $7,500. People age 50 and older can contribute an additional $1,100. You don’t have to start there. Start where you can. Automatic contributions are especially useful because they turn retirement saving into a routine instead of a monthly negotiation with yourself over whether you should save for the future or buy those concert tickets now.

Make It S.M.A.R.T.

“Save more for retirement” is a wish. A S.M.A.R.T. goal gives the wish a job.

For example:

Specific: What exactly will you do?
Open a Roth IRA and contribute automatically.

Measurable: How much?
Contribute $400 each month.

Achievable: Does that amount fit your current budget?
If $400 makes you panic every time rent is due, choose an amount you can sustain.

Relevant: Does this move you toward the future you want?
Retirement savings should fit your other priorities like eliminating high-interest debt and maintaining an emergency fund. (Yes. I’m preaching the emergency fund AGAIN.)

Time-bound: When will you review it?
Automatically contribute $400 per month for the next 12 months, then reassess.

That goal is far more useful than promising Future You you’ll get serious about retirement someday. Future You has enough to do.

Know What You’re Investing In

Opening an IRA is only the first step. You also choose how the money inside the account is invested. Keep the basics simple. Understand the investment before buying it. Pay attention to fees because small differences in costs can make a significant difference over a long investing period. Spread your money among different investments rather than depending heavily on one company or asset. And choose a level of risk that fits your age, time horizon, and tolerance for market swings. Diversification can reduce risk, although it cannot eliminate the possibility of losses.

Protect the Plan

Retirement planning involves more than investment returns. An emergency fund can help prevent an unexpected expense from becoming a retirement-account withdrawal. Paying down high-interest debt also reduces the pressure of competing with your long-term savings. Recent Federal Reserve data backs up why we need this buffer. In 2025, only 35% of non-retirees said their retirement savings were on track, down from 40% in 2021. Overall financial well-being also remained below some pre-pandemic and 2021 measures. (Pages 1 – 3 and 50) There is still financial disruption thanks to COVID-19, but today the story includes higher living costs, job concerns, medical expenses, and competing demands on savings.

What About Long-Term Care?

Are you in your 50’s? If so, then take a look at long-term-care insurance. It helps pay for assistance with bathing, dressing, eating, home care, assisted living, or nursing-home care. Regular health insurance and Medicare generally cover only limited forms of long-term care. Whether you should buy a policy depends on your health, age, assets, family situation, available support, and whether you can comfortably afford the premiums. Just an FYI.

Should You Find a Better Job?

Like most things in life, it depends. Look at the entire compensation package before deciding. Compare salary, health insurance, retirement contributions, matching funds, paid time off, flexibility, commuting costs, and growth opportunities. Your current employer’s lack of a retirement plan is data. Use it as one variable in your decision, not the entire decision.

Start Where You Are

Choose ONE retirement action this week. For example:

• Open an IRA
• Set up a recurring contribution
• Increase an existing contribution by $25
• Review your investment fees
• Deposit $25 in your emergency fund
• Research long-term-care options
• If you are in the interview process, and the job has stronger retirement benefits than your current position, calculate what that new job would actually be worth to you

If you are managing your own retirement, what are you doing to prepare? Please share in the comments.