Building Wealth: Save for Multiple Goals
Saving for retirement and other long-term goals
Even as you consider other savings goals, it's important to continue saving for retirement. Be sure to take full advantage of your workplace savings plan (including catch-up contributions if you are age 50 or over), and contribute to an IRA and other tax-advantaged investments to save even more.
Maximizing your retirement savings is a smart way to help create a solid foundation for your future. But, the reality is, you will need to save for more than just retirement.
Balance your savings goals
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Once you’re in a position to save for other important priorities in addition to retirement, Fidelity believes you should consider:
- Identifying and prioritizing your short- and long-term savings goals (i.e., buying a car or home renovations vs. saving for college or a second home).
- Examining the tradeoffs, time horizons, and costs of each of your financial goals; and learning about the types of investments that may help you achieve your goals.
- Ensuring you don't lose sight of your retirement savings goals.