Planning for Retirement: How Much Will You Need?
Retirement may seem far off, but starting to plan today is key to securing your future. For family child care providers, estimating your retirement needs and exploring the right savings plan can set you on the path to financial stability—even if retirement is decades away.
How Much Should You Save?
Financial experts suggest aiming to replace 70–80% of your current income to maintain your lifestyle in retirement. For example, if your business earns $40,000 annually, you may need around $28,000–$32,000 per year during retirement. Social Security will help, but additional savings are often necessary to bridge the gap.
Tools to Get Started
Understanding your retirement needs begins with using online calculators and guides to estimate your savings goals and strategies. Popular options include:
AARP Retirement Calculator: Comprehensive for long-term planning.
CNN Money Calculator: Estimate how much you should save each month to achieve your retirement goals.
Fidelity Retirement Tools: Advanced calculators for detailed planning.
Simplify the Process with Our Retirement Tool
Choosing the right retirement plan for your business doesn’t have to be complicated. Our Retirement Planning Tool is designed specifically for child care providers to help you:
Narrow down the best plan options for your business.
Understand how key details impact your retirement needs.
Maximize your savings potential.
Our three-part guides will walk you through everything you need to know:
Why Have a Retirement Plan? Learn the benefits of offering a retirement plan for your child care business.
How Do I Choose the Right Retirement Plan? Learn how to compare retirement plan options for your child care business.
How Can I Maximize My Savings? Learn strategies to make the most out of a retirement plan for your child care business.
Start Planning Today
Taking the first step toward retirement planning can feel daunting, but small, consistent actions make all the difference. Use our Retirement Planning Tool to simplify the process and take charge of your financial future.
Secure your retirement today—because your future self will thank you!
