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Three simple rules of retirement

There’s a delicate balance to strike when it comes to managing your financial resources – living well now and also living well later. The decision is important, but you don’t have to make it alone.

Here are a few simple rules of thumb when it comes to saving for retirement.

  • First – start early. This may be an obvious one, but it bears repeating. The earlier in your career that you begin to actively save for retirement, the more prepared you’ll be down the road.
  • Target at least 15 percent of your pay toward your retirement savings.
  • Invest. It may seem intimidating, but that’s no reason to put it off. Purdue’s investment platform offers a range of options – for more information, check out the new “Growing Your Retirement Savings” webpage we’ve put together to give you an introduction.

A helpful guideline to keep in mind when it comes to savings is the 50/15/5 rule:

    • 50 percent or less of your income should go to essential expenses;
    • 15 percent should go to retirement savings; and
    • 5 percent should be directed to short-term savings.

If you want to see how your actual finances compare, check out the savings and spending check-up tool.

And of course you always have the option for a face-to-face discussion with one of the consultants at Fidelity’s local office. No matter what Purdue retirement plan you’re participating in – PERF, Standard or Matching – they can help educate and guide you. Just go to Fidelity's Purdue-dedicated website at http://netbenefits.com/purdue and click "Contact Us" and then "Meet".

 
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