Am I Doing Enough for My Financial Future?

You may have made a great start investing in your future with an IRA or your company's 401(k). Still, it’s not unusual to question whether you’re doing enough to achieve the financial security we all want. Uncertainty about long-term goals like retirement can be natural. But sometimes, worries without a plan do more harm than good.

Financial consultants Rachel McLain and Addison Schubert discuss ideas that could help boost your savings, whether you’re concerned about choosing the right retirement tactics or wonder how much you should save.

One place to start is determining where you stand right now: on track, falling behind, or ahead of the curve. No matter where you are, our strategies can help you move toward your financial goals. Knowing you're doing what you can may also give you more confidence.

Ideas to Help Secure Your Financial Future

There’s more than one way to plan for your future and not every idea may fit you. Consider the following to help ensure you’re doing all you can for your future.

1. Max Out Traditional or Roth IRAs for Tax Benefits and Saving

Traditional and Roth IRAs have typically been an essential retirement strategy. They provide tax benefits for your contributions. And can be a smart way to save for retirement, even if you also have a retirement plan with your employer. If you're already contributing, a goal may be to invest the maximum every year.

"Adding the most to a traditional or Roth IRA each year can help grow your savings," says Addison. "It can also increase your tax benefits, no matter which IRA you pick." If you’re not ready to max out an IRA, you could consider increasing your contribution amount each year. “Any amount can make a difference.”

Which IRA should you choose? Rachel says, “Choosing between a traditional versus a Roth IRA will depend on the individual, their tax situation and sometimes their age.”

Addison agrees: “Investors in a higher tax bracket might want to think about a traditional IRA. This can help save on income taxes today.” For those in a lower tax bracket, a Roth IRA might be a good choice. After-tax contributions in a Roth IRA allow for tax-free withdrawals in retirement.

2. Match Company Contributions and Other Retirement Plan Strategies

A workplace retirement plan can help you save more money, especially with an employer match that employees value. Many 401(k) plans offer matching contributions. Other retirement plans, like SIMPLE IRAs for small businesses, also provide them.

“Using a company match is an easy way to increase your retirement savings without extra cost,” says Rachel.

While contributing to the match is a smart tactic, you can also contribute the maximum allowed. In 2025, the maximum for 401(k)s is $23,500 for those under age 50. You can contribute an additional $7,500 if you are age 50 and older.

In a SIMPLE plan, you can put in $16,500 in 2025 if you are under 50. If you are 50 or older, you can add another $3,000.

“All combined, I like my clients to contribute 15% of their income for retirement—which could be a combination of contributing to a retirement plan and their own IRAs,” says Addison.

If your company has a Roth 401(k) option, you can benefit from the tax diversity of having both kinds of contributions. Rachel says: “Use our Roth IRA vs. Traditional IRA calculator to see which contribution type may be better for you—pre-tax traditional or post-tax Roth. Ideally, you would contribute to both at different points.” SIMPLE IRAs may also have a Roth option.

Another strategy for your employer’s retirement plan is to increase the percentage you save each year. “Some retirement plans offer automatic increases," says Addison. "If yours doesn’t, it can be a good idea to bump up your savings annually on your own."

Rachel says: “I encourage my clients to contribute percentages from their paychecks instead of dollar amounts. That way, if you get a raise, you automatically increase the amount you contribute to your retirement plan.”

3. Knock Out High-Interest Debt to Free Up Money

High-interest credit card debt or personal loans can have rates much higher than what you might earn by investing. For example, as of May 14, 2025, the average credit card interest rate was slightly over 20%.* Investors' expectations regarding retirement account returns are generally lower than this.

“That means that if you have high-interest debt, you may lose money in the long term if you do not pay it off sooner,” says Addison. If you regularly save for retirement but have high-interest debt, try to pay off the debt as quickly as possible.

“Investors may wonder if they should pay off debt or save for retirement first,” says Rachel. "Generally, tackling the high-interest debt should be the top priority. We hope that if clients work hard to pay off their high-interest debt quickly, it will free up even more funds to be able to contribute toward their retirement going forward."

"In some cases, it may be beneficial to keep contributing to your company retirement plan to qualify for the company match, but I would consult with a financial planner about that first.”

The key is to find out if paying high-interest debt costs you more than what you earn from your investments. If it does, you might consider making the debt your priority for now and then focus more on your savings.

4. Consider an HSA for Medical Expenses, Tax Savings AND Retirement

After you set up investment accounts and pay off debt, think about a health savings account (HSA). An HSA helps with health care costs now and in retirement. You can also use it for other expenses in retirement, all tax-free.

HSAs usually need a high-deductible medical plan. Payroll deposits into your HSA are made before taxes and can help you pay for medical bills now.

You can also use an HSA to save for retirement in the long run. It may be a good choice, especially if you’ve maxed out your 401(k) and need additional savings.

Plus, when you reach age 65, you can withdraw penalty-free funds for any expenses. And like a traditional IRA, the IRS will tax it as income.

Addison says, "I'm not sure people fully utilize or understand how powerful an HSA can be. Maxing out an HSA first may be a wise decision because they offer so much flexibility."

“The contribution limit is not super high, so a lot of my clients are maxing out their HSAs,” says Rachel. “I think a lot more people would contribute if they understood the triple tax benefits they offer.

“An HSA can also be helpful for people who retire early, before they qualify for Medicare," says Addison. "It can help pay for medical expenses in that in-between time."

5. Consider Non-Retirement Accounts and Individual Securities

Is there a place for individual securities or different investment vehicles in your financial strategy? If you have tax-advantaged retirement accounts, consider looking at taxable accounts. You might also want to explore a brokerage account.

Rachel says a lot of her clients have brokerage accounts, and sometimes, it’s a hobby rather than a long-term plan. "I tell clients that most of their portfolio should be in a diverse option like a mutual fund or an exchange-traded fund. Individual stocks can be good for extra investments. However, they may not be the best base for your retirement savings."

A rule of thumb is to have no more than 5% in one stock. “Individual stocks keep people involved and paying attention to their investments," she says. "But it can also be risky, especially if you have too much invested in one thing."

Addison says, “It’s nice to have different pools of money. Pre-tax, post-tax and non-retirement investments can help you have more diversified tax options when it’s time to withdraw money in retirement.”

Rachel agrees, “I like the idea of my clients having tax diversification, especially if tax rates go up. So many people have their investments in a pre-tax bucket and that could mean they pay a lot in taxes when it’s time to withdraw in retirement.”

She says that’s especially true if the client is going to retire early. They can pull from Roth IRAs and taxable accounts and not feel that large tax sting before they are ready to draw Social Security or withdraw from tax-deferred accounts like IRAs and 401(k)s.

Get a Financial Plan to Bring It All Together

While worrying about retirement savings may keep you up at night, remember to focus on what you can control. That can be creating a financial plan, making sure your portfolio is diversified and talking to a consultant when needed.

“A financial plan can bring all the pieces we’ve discussed together,” says Addison. “And help you determine when and how much of your portfolio to consider for each of our ideas listed.”

“It can also help with your financial decisions—Roth and traditional IRAs, HSAs and more,” says Rachel. “Another key is the tax planning aspect of what a plan can provide. When thinking about when you will retire, your plan can help give a clearer picture of what you might need.”

Developing a thoughtful plan may also help put emotions about volatility in perspective. Reacting to the market’s ups and downs may muddle your long-term strategy.

If you are unsure how to move forward, you can work with one of our financial advisors to help balance your portfolio with annual check-ins to review your strategy. And you may even sleep a bit better knowing you have a retirement plan that fits your needs.