Turn retirement from a question into a plan.

Retirement planning for busy parents

Retirement can feel far away when you are paying for childcare, groceries and school costs. A clear plan helps you make steady progress without giving up today’s priorities. Start with three questions: what you may spend, what income you may have, and what gap remains. Our step-by-step retirement planning guide goes deeper.

Where retirement income usually comes from

Most people rely on a mix of Social Security, workplace plans, and personal savings. The U.S. Department of Labor says experts estimate you will need 70 to 80 percent of your preretirement income to maintain your standard of living, and that Social Security replaces about 40 percent of preretirement income for the average beneficiary (U.S. Department of Labor). Estimate your own numbers with the Retirement Income Estimator and the Retirement Income Gap Calculator.

Understand your employer match

If your employer offers a plan such as a 401(k), the Department of Labor suggests finding out how much you need to contribute to get the full employer contribution, and how long you need to stay in the plan to keep that money (U.S. Department of Labor). Your plan documents or HR team can answer both questions.

Roth vs. traditional accounts

The main difference is when you pay tax. Roth contributions are made with after-tax dollars, while traditional pre-tax 401(k) contributions are made with before-tax dollars (IRS Roth comparison chart). If you meet the requirements, qualified Roth IRA distributions are tax-free (IRS). For 2026, total IRA contributions are limited to $7,500 ($8,600 if you are 50 or older), or your taxable compensation if that is less (IRS).

Social Security timing

You can start Social Security retirement benefits as early as age 62, but the benefit is reduced. Full retirement age is 67 for people born in 1960 or later, and delaying past full retirement age up to age 70 increases your benefit (Social Security Administration).

Talking about retirement with kids

• Young kids: Explain that grown-ups save some money now for when they stop working, the same way kids save for a toy.
• Kids (about 6 to 12): Talk about grandparents and older relatives. Our guide to what family caregiving really costs helps you plan those conversations.
• Teens with a job: Use the First Paycheck Decoder to spot retirement deductions. A teen with earned income can contribute to an IRA, up to their taxable compensation (IRS).

Family activity: a letter to future you

Have everyone write a short note to themselves 10 years from now. What do you hope you are doing? What did you save for? Adults can add one retirement step to finish this month, like checking their employer match. Seal the notes and open them at next year’s family money meeting.

Discussion prompts: What do you think grandparents do with their time and money? Why might someone keep working after 65? What would you want to be able to afford when you are older?

Retirement FAQ

Should we save for retirement or for our kids’ college?

Many families do some of both. Compare your options with our 529 plan guide and the Retirement Income Estimator, then decide what balance fits your family.

When can I start Social Security?

As early as 62, with a reduced benefit. See the SSA chart for your birth year.

How do I know if I am getting my full employer match?

Check your plan summary or ask HR how much you need to contribute to get the full match, and when the employer money becomes yours.

Is this financial advice?

MyFinancial.help shares general education, not individual financial, tax or legal advice. For decisions about your own accounts, check the linked official sources or talk with a qualified professional.