Am I Saving Enough? Building a Retirement Strategy That Works

Before you go on, check out part 4 to learn why rebalancing your retirement plan matters.

Even if you’ve picked solid investments and your portfolio is balanced, there’s still one big question left: Are you putting in enough? For many university employees, the answer is “I have no idea.”

Knowing whether you're saving enough for retirement isn’t about guesswork. It’s about understanding a few basic variables and using the tools already available to you.

How Much Should You Save?

The general rule of thumb is to aim for saving 15% of your income each year for retirement. That includes both your contributions and anything your university contributes.

Even if that sounds high, what matters is consistency. Starting at 5–10% and gradually increasing over time can get you on the right track.

Don’t Leave Free Money on the Table

If your university offers a matching contribution, make sure you’re contributing enough to get the full match. It’s essentially free money added to your retirement account, and it adds up quickly.

How to Check If You’re on Track

Fidelity and TIAA both offer online calculators that estimate your future retirement income. They use:

• Your current salary

• Contribution rate

• Investment performance

• Expected retirement age

Adjust as You Go

Your savings strategy isn’t fixed forever. Adjust when:

• You get a raise

• Your expenses change

• You’re close to retirement

• You start earning extra income

Final Thoughts

If you’ve read through this series, you now understand what you’re invested in, how to balance your portfolio, what fees to watch for, and how to keep your strategy on track.

If you’d like a clear, simple guide that pulls all this together, download our free resource: Investing 101 for University Employees