Run the numbers on your retirement savings goal 🔢

Check out our 3-part series on saving for retirement.

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Log in ›     Hi Janet, Saving for retirement is a huge undertaking, and if you feel overwhelmed by it, you’re not alone. That’s why we’re here to break it down and focus on how to get your long-term savings on track. Let’s take a closer look at how much you may need to save to retire comfortably, plus tax-saving strategies.     Tip #1: Run the numbers 🧮       As we covered in part one of the series, early and often is a great way to help save for retirement. But you can’t reach a goal if you don’t have a target, so the first rule of retirement planning is knowing how much you may need to retire comfortably.         Click to use calculator with full requirement inputs. Above is for educational purposes and assumes retirement age of 65 years, life expectancy of 90 years, no current retirement savings balance, $7,000 of contributions per year (the maximum contribution limit), and 7% annual return.     One guideline says you should multiply your annual salary by 10, and that’s how much you’ll need in retirement. But we recommend going a step further with our retirement calculator¹ , which provides a more in-depth calculation quickly and easily.       Tip #2: Make tax-saving retirement accounts part of your strategy 🧾       For many, saving for retirement includes investing, which may provide greater returns than a basic savings account. And there may be tax advantages to retirement investment accounts, like 401(k)s and IRAs (individual retirement accounts).  You can defer taxes with a traditional IRA, while a Roth IRA offers tax-free withdrawals, and a 401(k) allows you to make pre-tax contributions. To potentially maximize your savings potential, contribute to both an IRA and 401(k). This may help you bring down your taxable income so you may save more of what you earn—because you work hard for your money!       Open a SoFi IRA     To learn more, explore the Invest Page.       Have questions? Contact us   Download the SoFi app   SoFi is committed to fighting racism, standing in solidarity with all of our communities, providing space for open dialogue, as well as taking action as informed allies. INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE SoFi Invest is a trade name used by SoFi Wealth LLC and SoFi Securities LLC offering investment products and services. Robo investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser. Brokerage and self-directed investing products offered through SoFi Securities LLC, Member FINRA/SIPC. For disclosures on SoFi Invest platforms visit SoFi.com/legal. For a full listing of the fees associated with SoFi Invest please view our fee schedule. Diversification can help reduce some investment risk, but cannot guarantee profit nor fully protect in a down market. SoFi doesn’t provide tax or legal advice. Consult with a qualified tax advisor or attorney about your specific needs. ¹This calculator is for educational purposes only and based on mathematical principles that do not reflect actual performance of any particular investment, portfolio, or index. Results are not gaurenteed and should not be considered investment, tax, or legal advice. Investing involves risks and results vary based on a number of factors including market conditions and individual circumstances. Past performance is not indicative of future results. The S&P 500 Index is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. It is not an investment product, but a measure of U.S. equity performance. Historical performance of the S&P 500 Index does not guarantee similar results in the future. The historical return of the S&P 500 Index shown does not include the reinvestment of dividends or account for investment fees, expenses, or taxes, which would reduce actual returns. SoFi Securities LLC, values your privacy and the security of your personal information so please do not include sensitive personal information, such as your Social Security number, in any email or letter that you send to us. Social Finance, LLC. 234 1st Street, San Francisco, CA 94105 Unsubscribe Privacy Policy Licenses w: 2572424 IN25-2278050-C