Skip to Content
Older couple dancing at party symbolizing that they are enjoying retirement.
Retirement Planning

Retirement directions

Retirement may seem like a daunting task. Many people find themselves asking “where should I start?” Follow these steps to help figure out how to retire.

The segment of the U.S. population that hasn't saved anything for retirement isn't generations X, Y, or Z. The truth is, younger generations are actually doing a better job at saving for retirement than the baby boomers. That is to say that the younger population is at least putting something aside for retirement.

A shocking survey released by the financial research firm,, revealed that not only is the baby boomer generation not saving enough, but that 26 percent of Americans who are age 50 to age 64 have nothing saved for retirement.1

If you're a younger baby boomer that hasn't been able to contribute and feels woefully unprepared for retirement, there are steps you can take to help you get started. Remember, you have to begin somewhere and sometime, so why not start here and now? Here are some tips:

Budget, budget, budget.

You can balk all you want about creating a budget, but nothing is better at helping you “find” money to set aside for retirement. The simple fact of knowing how much is coming in and how much is going out can show you where to make cutbacks that could allow you to save more.

Live below your limits.

Look at your lifestyle. Are there things you can live without that will help you save? For example, many Americans are enjoying “staycations” in lieu of jetting off somewhere else, cooking meals instead of eating out every weekend, and trading in theater tickets for movie night at home. Getting back to basics isn't just a way to save, but to unplug and relieve stress.

Take advantage of employer matching.

If your company offers a 401(k) plan, ask about matching contributions. This is where your employer matches all or part of what you contribute to your 401(k) account. This can be a certain dollar amount or percentage. Start by finding out how much your employer will match and try to save at least enough to get the full match. Not taking advantage of this benefit is like walking away from “free money.” If you've been struggling to save, a 401(k) with employer match could be a great way to improve your retirement security.

Regardless of your current age or when you think you'd like to retire, the best investment you can make is to establish a plan and start saving today.


1., 2014 National Poll & Financial Security Index



Arrows linking indicating relationship

Related Articles

Retired couple doing yoga together on their living room floor.

Boosting your retirement planning confidence with annuities

Learn more
Super-happy senior couple drinking coffee and laughing.

4 ways to save for retirement

Learn more
Senior couple sitting at financial advisor’s desk looking at a tablet

What you need to know about retirement accounts and required minimum distributions

Learn more

All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective Life and its products and services, visit

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.