You might not be sure yet when you’d like to retire, but it’s worth giving it some thought because your choice will affect your savings and investments. This is particularly important if you are invested in the default option as many plans reduce the risk of underlying investments as you get closer to your retirement age.
For example, if you select a retirement date and continue to work for a few more years, your investments could potentially be growing more slowly due to taking lower risks. Or if you retire earlier than the date you’ve selected, your money could be invested in higher risk assets.
Retirement age is set automatically when you start saving into your Plan but you can choose a date that is right for you.
Learn more about how your savings are invested.