Today’s blog is the third of five posts featuring videos that focus on how you can prepare for retirement. If you are a Financial Engines customer (find out here), we can help you create your personal plan. If you don’t have access to Financial Engines as an employee benefit, you can still use our Social Security Planner [look for the "Try It Out" button halfway down] to learn how to get more from Social Security.
While it may be difficult to picture your retirement today, one thing is for sure: your savings will be important in your transition away from work. While most people think of savings as their rainy day account, we’re talking about the money you have been saving in your 401(k), IRAs and bank accounts. When you retire, that money will become important sources of income that can help you delay Social Security (if you so choose). If you have saved enough, it can also help you afford the things you want to do when you are retired.
The first step is managing your money today. Watch this video to see why savings is so important and how it transitions to income as you stop working.