ACCC Explains How To Identify Retirement Needs And Goals

ACCC provides five considerations to help consumers get organized and more effectively save for retirement

Boston, MA – April 23, 2018

How to Identify Retirement Needs and GoalsRetirement can be both exciting and stressful for consumers, particularly when it comes to finances. The good news is that the process of saving for retirement does not have to be complicated if consumers know how much money they need and develop a plan to get there. To help consumers identify their retirement needs and goals, national nonprofit American Consumer Credit Counseling (ACCC) provides five considerations to help you get organized.

“Saving for retirement is usually a consumer’s top financial goal,” said Steve Trumble, President and CEO of American Consumer Credit Counseling. “In order to retire comfortably, consumers must take the time to calculate their needs, set realistic goals, develop a plan to reach those goals, and continue to monitor that plan.”

According to a recent survey by GOBankingRates, 42 percent of Americans have less than $10,000 in savings, down 13 percent in 2017. Of the respondents with $0 saved, 40 percent say they do not make enough money to save for retirement and 25 percent say they are struggling to pay bills. A survey by Employee Benefit Research Institute found that workers who participate in a retirement plan (74 percent) are more likely to be currently saving for retirement than those that don’t.

ACCC provides five considerations to help consumers identify their retirement needs and goals:

  1. When do you want to retire?
    It is important to know when your financial situation will change. Decide if you want to retire at the average age of 63 or if you plan to continue working part-time or full-time into your 70s.
  2. How much money will you need?
    It is suggested to have anywhere from 70 to 90 percent of your annual pre-retirement income saved, although 100 percent would be ideal. Break down your current spending habits and budget to see which expenses will continue into retirement. Ask yourself if you plan on spending more, the same or less. This is also a time to consider new expenses, such as medical expenses.
  3. How much do you need to save each month?
    Once you figure out your ideal number for retirement, break that number down to see how much you need to be setting aside each month to reach that goal. Consumers must also consider how aggressively they plan on investing.
  4. What are your goals?
    Figure out what you want to accomplish come retirement. Do you plan to do more traveling? Will you continue to help your kids financially? Will you stay in your current living situation or move somewhere else?
  5. Review
    Set up a planned time to review your finances and make sure you are staying on track. Make adjustments during this time as needed.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, and student loan counseling call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft,  senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit