It’s never too early or too late to save for retirement. Learn how retirement accounts, investing, and simple steps can help you prepare for the future.

It’s never too soon or too late to boost your retirement savings. The best time to start is today.

Tax-advantaged retirement accounts can make it easier to save.

Learning about retirement investing should be a part of your planning process. 

Are you saving enough for retirement? Surprisingly, only one in four American workers (25%) “strongly agree” that they’re building a large enough retirement nest egg, according to our survey findings.¹

To those who may not yet be saving for retirement – and for those who are concerned they’re not saving enough— Catherine Collinson shares five tips for boosting your retirement savings based on her team’s research findings.

Tip 1: Just do it. Start saving as soon as possible and save consistently over time.

Keep in mind that saving for retirement is a very personal goal. You can adjust your contribution amounts to suit your needs with any life changes. Begin saving with any amount, and your savings will start to build.

Over the course of our working years, we all have times when we have more income available to save and other times when we don’t. Just do your best.

Tip 2: Learn about tax-advantaged savings opportunities that can help you save for retirement and lower your tax bill. 

Employer-sponsored 401(k), 403(b), and similar plans are tax-advantaged savings arrangements that include employer contributions. If you’re not offered a savings plan by your employer, an Individual Retirement Account (IRA) is an option, and now, many states have set up automatic IRA programs. Please note that there’s also a variety of tax-advantaged alternatives for those who are self-employed.

• The Traditional option in a 401(k), 403(b), or IRA allows you to contribute pre-tax dollars that are deductible from your annual income and enables your money to grow tax-free until retirement. However, when you retire, you will pay income taxes on withdrawals.
  
• The Roth option in a 401(k), 403(b), or IRA enables after-tax contributions, so you don’t get to deduct the contributions from your annual income. However, your Roth account can grow tax-free to and through retirement, and any withdrawals from it are not taxed when you retire.
  
• Whether saving in a 401(k), 403(b), or similar plan, or IRA, the Saver’s Credit is a tax credit that is available to low- to moderate-income retirement savers and can reduce their tax bill dollar-for-dollar.
  
• Although people commonly use Health Savings Accounts (HSAs) to pay for current medical expenses, they can also be used to save for future health care and retirement expenses. They offer a triple tax advantage, providing tax-deductible contributions, tax-free withdrawals for eligible medical expenses, and investing with tax-free growth.

Be mindful that before you reach retirement age, you will pay income taxes and potential penalties on withdrawals from your Traditional 401(k) or IRA and withdrawals on non-eligible medical expenses in your HSA.

Tip 3: Formulate a long-term retirement strategy – and put it in writing.

 Our research finds that one in four workers (26%) have a written financial strategy for retirement.¹

A written retirement strategy is a roadmap for achieving your goals, and it can positively influence your saving habits. It could also mean the difference between reaching your goals and falling short – a risk worthy of addressing.

How do I start?

• A retirement strategy should include a budget that factors both your obligatory and discretionary monthly expenses.
• Next, estimate your savings goals. Use a retirement calculator or estimating tool to determine how much you need to save. These tools are widely available through your employer’s retirement plan provider or financial services institutions. Be sure to use them behind a secure login to protect your personal information.
• A financial strategy should also consider your short-term financial needs, such as buying a car or a home, and setting aside emergency savings for life’s unforeseen circumstances. 

If you need help, consider consulting with your employer’s retirement plan provider or a professional financial advisor.

Tip #4: Learn about investing for retirement.

Our research finds that more than six in 10 workers (62%) feel that they do not know as much as they should about retirement investing.1

Put yourself in the driver’s seat. Learn about investing to inform your decision-making and potentially avoid making bad choices.

Start your journey by learning about stocks, bonds, and different types of investments along with some of the basic principles of retirement investing, including asset allocation, diversification, risk, and dollar cost averaging.

If learning about investing sounds daunting, it doesn’t have to be. Check with your employer’s retirement plan provider for resources, read a book, and/or take a personal finance class. 

Even if you prefer to use a financial advisor, it’s still important to learn the basics so that you can ask good questions and make informed decisions about your investments.

Tip #5: As you get closer to retirement, double down on planning. 

You have spent decades building your nest egg, and now retirement is approaching. It’s time to double down on planning. 

Our research about the experience of retirees finds vulnerabilities that pre-retirees should consider in their financial plans:

• More than half of retirees (52%) retired sooner than planned due to health, employment, or family issues. So, when creating your retirement strategy, create some backup plans if retirement comes unexpectedly. 
• Think through how you’re going to make your savings last your lifetime once you retire – only 22% of retirees have a written financial strategy for their retirement. 
• Fifty-three percent of retirees expect Social Security to be their primary source of income throughout their retirement, but only 36% know “a great deal” about their benefits.
• Only 15% of retirees are “very confident” they would be able to afford long-term care, if needed.²

Let Inspiration Propel Your Preparations

Your future is worth your time and focus on saving, investing, planning, and educating yourself about retirement. Remember, taking things one step at a time can have a cumulative effect. Peace of mind is worth the effort put into planning.

Turn inspiration into preparation. This will enable you to successfully pivot when your circumstances change. Taking charge of your financial future and maximizing retirement savings can be empowering!

1. Transamerica Center for Retirement Studies. Retirement in the USA: The Outlook of the Workforce. March 2025. pp. 75, 81, 91 https://www.transamericainstitute.org/docs/research/workforce/retirement-in-the-usa-workforce-outlook-survey-report-2025.pdf?sfvrsn=b177877d_5
2. Transamerica Center for Retirement Studies. Retirement Realities: The Experience of Retirees. December 2025. pp. 33, 47, 56, 58, 66 https://www.transamericainstitute.org/docs/research/retirees/retirement-realities-retiree-experience-survey-report-2025.pdf?sfvrsn=31115630_12