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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

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.

Next step

Calculators & Tools: Investing for Growth
Sharpen your investment strategy with portfolio analysis tools to keep your money working for you.

Keep in mind investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.
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