A Guide for Caring Professionals
Retirement isn’t just about stepping away from work. It’s a new chapter to enjoy life, follow your passions, and stay connected to what matters most. Building a secure and joyful retirement doesn’t happen by accident. It takes a bit of planning, consistent saving, and making choices that align with your values, now and in the future.
Here’s how to get started.
1. Determine what kind of life you want to live
When we think about retirement, it’s easy to focus on the numbers. But the most successful retirement plans start with a different question: What kind of life do I want to live when I’m no longer working full time?
Do you want to travel? Spend more time with grandkids? Volunteer or start a side project? Having a clear vision helps you build a plan that supports those dreams. A plan also helps you prioritize, because money + life balance comes not just from how much we save, but how intentionally we live.
A coaching session with The Beans, or Boldin’s Retirement Readiness resources are great places to start. They help you explore both the emotional and financial sides of retirement planning.
The Beans is proud to be a trusted partner with Boldin, working together to support financial progress for caring professionals. Boldin does not charge you any fees to use the free part of the Site or the Referral Service.
2. Understand (and Use!) Your 403(b)
If you work in a school, nonprofit, or public agency, chances are you have access to a 403(b). This is a special type of retirement plan designed for caring professionals. Like a 401(k), it helps you save money from each paycheck automatically, and it grows tax advantaged over time.
Here’s what makes a 403(b) worth using:
- Your money can grow through investments like mutual funds.
- Your employer might offer matching contributions which is free money worth asking about.
- There are no income limits on contributions, so you can save steadily no matter your salary.
If you’re in healthcare or another nonprofit sector, you might have a 401(k) instead. The idea is the same. Save regularly, take any available match, and let compound growth do its thing.
3. Make a Plan for your money
It’s normal to wonder where your 403(b) fits alongside other financial priorities. Here’s our simple framework for deciding what to tackle and in what order.
Here’s a general guide:
- Make a cash flow plan. Get started in our app which makes you an automagic and personalized cash flow plan based on your earning and spending.
- Determine your Future number, that is, how much you have available to save or pay towards debt beyond the minimums required.
- Contribute enough to your 403(b) to maximize any available match. This is free money.
- Build up your essential savings fund so that necessary but unplanned expenses don’t slow your progress.
- Use the snowball method to pay off high interest debt like credit cards. If you’re still establishing your essential savings, pay minimums until you tackle that goal. Then use the snowball method to pay off your debt.
- Then, use what remains of Future contribution to increase your contribution to your 403(b) or 401(K).
Advanced moves:
- If you’re eligible, contribute to a Health Savings Account (HSA).
- Consider maxing out an IRA if the fees are lower than your 403(b).
4. Save Consistently (It Adds Up)
The biggest retirement myth is that you need to make huge contributions to make a difference. The truth is that small, consistent savings lead to meaningful progress.
Even putting aside a little each month, especially if you’re getting a match, can make a big difference over time. The key is consistency. Treat retirement savings as a part of your plan, it’s a payment to your future self. When you get a raise or bonus, come back and update your plan. A raise means your Future contribution number got bigger, too, and you can now direct more money to the step you are on (Establish savings, pay down debt, or grow your future).
5. Spend in Alignment with Your Values
A joyful retirement isn’t just about having money. It’s about how we use it. Spending in a way that reflects our values feels good, both now and later.
If travel, community, or creativity matter to you, prioritizing those things in your plan today. That way, you’re not just saving for retirement,you’re practicing how to enjoy it.
Final Thought
You don’t need to know everything. You just need to take the first step.
Start with a clear picture of what you want life to look like. Use your 403(b) or 401(k) to build security. Save what you can, automatically. Most important, make spending decisions that reflect who you are.
Want support getting started? Sign up for a coaching session or out Boldin’s Retirement Readiness classroom. It’s designed specifically for caring professionals like you.
Your future self says thank you.