Prepare for retirement no matter your age

No matter where you stand on life’s timeline, crafting a retirement plan can transform uncertainty into confidence. From your first paychecks to the golden years, each phase offers unique opportunities to build a secure future.

Starting in Your 20s: Laying the Groundwork

Your 20s are a period of discovery, growth, and setting habits that last a lifetime. This is the stage where small contributions can yield decades to compound and grow.

Key actions:

• Open a retirement account—401(k), Traditional or Roth IRA.
• Contribute enough to receive full employer matching contributions.
• Automate savings so you never skip a contribution.

Financial milestones:

• Save at least 15% of income annually.
• By age 30, accumulate the equivalent of your annual salary.

30s and 40s: Building Momentum

In your 30s and 40s, careers often accelerate and life events—home purchases, family additions—become priorities. Integrating these changes into your plan ensures you stay on track.

Strategies for these decades include:

Reassess lifestyle goals and expenses to refine contribution levels. Diversify investments across stocks, bonds, and alternatives. Use retirement calculators to gauge progress against targets.

Additional steps:

• Consolidate multiple retirement accounts for easier management.
• Increase contributions as debt decreases or bonuses arrive.
• Review asset allocation and rebalance annually.

50s: Maximizing Your Opportunities

Entering your 50s means turning up the heat on retirement preparation. It’s time to leverage every available advantage before the finish line draws near.

Catch-up contributions unlock additional savings—401(k) and IRA limits rise significantly at age 50. Redirect windfalls or deferred income into these accounts.

Action items:

Shift some investments toward lower risk as retirement approaches. Review projected healthcare costs and explore long-term care insurance. Update your Social Security projections to determine the optimal claiming age.

60s and Beyond: Transition to Retirement

The 60s mark the threshold where planning becomes reality. Decisions about income streams, healthcare, and lifestyle will define how you enjoy your freedom.

Focus areas:

• Determine the best age to claim Social Security to maximize benefits.
• Gradually move to conservative investments to preserve capital.
• Calculate safe withdrawal rates to sustain your portfolio.

Health care planning is critical—evaluate Medicare options, anticipate out-of-pocket costs, and consider supplemental coverage.

Universal Strategies for Success

No matter your age, a few guiding principles will keep your plan robust and adaptable:

• Set specific, detailed goals to maintain clarity and motivation.
• Review and rebalance your portfolio at least annually.
• Maximize employer benefits, especially matching contributions.
• Assume inflation will rise—especially in healthcare and housing.
• Consult a professional after major life events or every few years.

Key Milestones and Benchmarks

Tracking your progress against clear milestones helps maintain momentum and adjust strategies as needed.

Overcoming Common Barriers

Despite best intentions, challenges arise. Tackling them head-on ensures you stay on course.

• Procrastination stalls progress—commit to small, consistent actions.
• Knowledge gaps? Seek out workshops, webinars, or professional advice.
• Life changes may require plan adjustments—embrace flexibility.

Embracing the Journey

Retirement planning is not a one-time task but a lifelong commitment. It weaves through every career milestone, personal achievement, and unexpected detour. By breaking down the process into age-specific steps and embracing universal strategies, you cultivate a plan that grows with you.

It’s never too early or too late to take control of your financial future. Each decision you make today sets the stage for the life you envision tomorrow. With thoughtful preparation, regular reviews, and a resilient mindset, you can stride confidently toward retirement—no matter your age.