Creating a Financial Plan
Hear CAPTRUST’s Debra Gates talk about how to get started with a systematic approach for building retirement savings and optimizing your employer benefits. This video outlines the steps employees can take to make the appropriate adjustments to their finances, secure their retirement plans, and establish financial independence.
Video Synopsis—“Creating a Financial Plan”
In this upbeat, employee-focused clip, CAPTRUST educator Debra Gates lays out a simple, step-by-step roadmap for turning today’s paycheck into tomorrow’s peace of mind.
- Start with the end in mind. Whether you picture a beach condo or just worry-free weekends, retirement requires a plan—just like healthy eating requires a menu. Skip the fad diets (get-rich-quick schemes) and stick with sustainable habits.
- Grab the “free money” first. If your employer matches salary-deferrals, hit that match before tackling anything else. Missing it is like refusing a raise.
- Tackle high-interest debt. After securing the match, redirect every extra dollar toward credit-card and other high-rate balances. Eliminating debt frees cash flow that can be redirected to long-term savings.
- Increase contributions gradually. Begin where your budget allows, then boost the percentage whenever you get a raise or pay off a loan. Gates suggests aiming for:
- 1x salary saved by age 30
- 3x salary by age 40
- 10x salary by traditional retirement age (67)
Focusing on these bite-size milestones feels less daunting than fixating on a seven-figure end goal.
- Automate good behavior. Payroll deductions and annual auto-escalations make saving painless—and help you tune out short-term market noise.
- It’s never too late. Even mid-career savers can catch up by tightening discretionary spending and channeling the difference into their plan.
Throughout the video, Gates stresses that no one has to navigate this alone. CAPTRUST advisors are “waiting by the phone” to help employees build a customized path to financial independence—because, as she quips, “You’ve never retired before, so you’re not supposed to know what to do.”
To download a copy of the transcript, click here.