For anyone concerned that “retirement might be out of reach”, it doesn’t have to be.

Retirement planning can feel overwhelming, especially with headlines about market volatility, rising costs, and economic uncertainty. But preparing for your future doesn’t require a seven-figure nest egg overnight.

What matters most are consistent habits, purposeful actions, and regular check-ins. Here are practical strategies you can begin implementing today, whether retirement is near or years away.

1. Automate Saving & “Pay Yourself First”, If Possible

Instead of saving what’s left at the end of the month, automate contributions so part of each paycheck goes directly into retirement accounts like a 401(k) or IRA. Consistent contributions, even modest ones, take advantage of compounding over time.

Why it matters: Employees who consistently contribute to retirement accounts have historically achieved higher long-term growth. ¹

2. Understand Your Starting Point & Set Realistic Targets

Benchmarking your savings helps set actionable goals. To put this in perspective:

• The average 401(k) balance across all ages was approximately $326,000 in 2025. ²
• Median balances are lower, reflecting the reality for many typical savers. ³

Even if you feel behind, smaller, consistent actions can put you on track over time.

3. Use Tax-Smart Accounts & Strategies

Different retirement accounts have different tax implications:

• Tax-deferred: Traditional IRA, 401(k)
• Tax-free: Roth IRA, Roth 401(k)
• Taxable: Brokerage and savings accounts

Even modest contributions in the right accounts can have a meaningful long-term impact. Reviewing strategies such as Roth conversions or Health Savings Account contributions now may help reduce future tax burdens.

4. Invest for Long-Term Growth While Managing Risk

Staying invested in a diversified portfolio allows your savings to grow over time. Younger or mid-career savers who maintain consistent contributions historically capture stronger growth than those who try to time the market.³

As retirement nears, aligning your portfolio with your personal goals and risk tolerance becomes increasingly important.

5. Review Your Plan at Least Annually

Life changes, and income, health, and goals often evolve. Regular reviews help ensure your retirement plan remains aligned with your objectives.

Studies show that confidence in retirement planning nearly doubles for those who work with a financial professional. ⁴

Why These Strategies Work for Everyday Americans

Whether you have modest savings or substantial assets, the same core habits apply. They don’t require perfect market timing or huge one-time contributions — just consistent, purposeful action. Starting today, even small steps can build lasting confidence in your retirement plan.

Sources:

1. Employee Benefit Research Institute & Investment Company Institute: Why It Pays to Be a Consistent Retirement Saver
2. Empower.com: Average 401(k) Balance by Age
3. NerdWallet: The Average 401(k) Balance by Age
4. Charles Schwab Pressroom: Retirement Confidence Study