Retirement Savings Strategies
Starting out
Getting your retirement savings underway? Use these strategies to get going.
Take advantage of a workplace retirement plan
Invest through an employer-sponsored plan, like a 401(k), if offered. These accounts may:
- Have higher contribution limits than other retirement accounts
- Let you automatically contribute from your paycheck, and many employers match a certain percentage of your contributions
- Come with potential tax advantages
A great goal is to save at least 15% of your income every year, which can include employer-matching dollars. If 15% seems out of reach, then consider contributing at least enough to receive your full employer match.
Open an IRA
If you’re earning a taxable income, then a tax-advantaged Individual Retirement Account (IRA) can allow you to get your retirement savings underway. You typically can open an IRA alongside your workplace retirement plan to potentially give your savings a boost.
Consider traditional vs. Roth
Whether you’re saving in a workplace retirement plan or in an IRA, consider how different types of accounts, like traditional versus Roth, will affect your future tax picture. If you are eligible, having a mix of traditional and Roth savings can give you flexibility in retirement.
Things to keep in mind along the way
Know how much you can save and invest by keeping a close eye on your income and expenses.
Build and maintain a cash cushion of three to six months' worth of living expenses.
Factor in any debt. In general, a good practice is to pay down any high-interest debt before investing, but you can consider investing while paying down low-interest debt.

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Want the help of a dedicated advisor to develop a personalized strategy? Your J.P. Morgan Advisor gets to know you, your family, and your goals, to help you design a retirement strategy.