Put More Gold in Your Golden Years: How To Plan for Retirement Today

For most people, retirement can feel a lifetime away, and planning for it can wait. Sure, you’ll get to it eventually, but between saving for a new car, the perfect wedding, or sending your kid(s) to college, retirement ranks low on your financial priorities.

We get it; it always feels like you’re waiting for the right time. The truth is, retirement planning isn’t one financial event— it’s not something you save for like a wedding; once it’s over, you can start saving for the next thing.

Retirement planning is like a lifelong piggy bank; every small decision adds up over time. You don’t need a C-suite job, acute stock market knowledge, or even an above-average understanding of finances to make progress. 

Simply put: Your strongest ally in retirement planning is time. The sooner you start, the more you can save.

Planning in your 20s

In your twenties, you’re experiencing a multitude of firsts: First jobs, first time away from home, student loans, credit cards, and figuring out your weekly dinner schedule. Making weekend plans is hard enough— forget about what you’ll be doing in forty years. 

But remember, starting in your twenties gives you a big advantage: Time.

Focus on:

• Setting up a retirement account. Typically, your employer will offer a 401(k), and some will even match your contributions. Read through all the details to be sure you’re eligible for a full match.
• If your employer doesn’t offer a retirement plan, look into an IRA. Do your research to see whether a Traditional IRA or Roth IRA would be better for your financial situation. 
• Add retirement savings to your monthly budget. Set automatic contributions of $25, $50, or $100 per paycheck to build the habit. Small steps will help grow into big earnings down the line. 

Planning in your 30s

A lot of your thirties can feel like a balancing act. Responsibilities tend to ramp up, and you may be juggling a budding career, raising a family, knocking down debt, or purchasing a home. Retirement feels far enough away that saving can easily fall to the back burner. 

Boost your savings by:

• When you get a raise, consider increasing your retirement contributions. Even small increases — like 1% annually — can build your savings.
• Revise your retirement investments to make sure they still align with your goals.
• Struggling with high-interest debt? Create a plan to address it with GreenPath— high-interest debt that consumes a large portion of your budget can keep you from saving consistently for long-term goals. 

Planning in your 40s

Retirement planning is starting to settle in, and by now, so are you. At this point in your life, you may have grown savings you can rely on, built equity in your home, or reached peak professional earnings. 

At the same time, you may have accumulated more debt, caregiving and other family responsibilities, and additional financial pressures that weigh heavily on your budget. 

Remember to:

• Review all of your retirement accounts, including those from previous employers.
• Estimate how much retirement savings you need. The exact number will vary, but a broad picture will help guide you in the next few decades.
• Pay attention to investment fees and asset allocation. Even small adjustments can make a major difference.
• Review any additional coverage, savings, or investments to get a bird’s-eye view of your finances. This can include estate planning documents, insurance, and any savings accounts.

Planning in your 50s

Your fifties are a critical period for retirement planning. Retirement is right around the corner, but you still have time to boost your savings. Keep in mind, this is also when most people are eligible for catch-up contributions. Check the most recent IRS rules to see whether or not you qualify.

It’s important to:

• Increase savings wherever possible.
• Estimate when you plan to retire, and see if you need to make adjustments.
• Review your income projections and future expenses, including healthcare costs.
• Start thinking about Social Security and how it fits into your retirement plan.

Planning in your 60s

Believe it or not, retirement planning doesn’t stop once you retire — it simply changes. Instead of setting aside money from each paycheck, you start planning how to generate income while maintaining your post-retirement finances.

Focus on:

• How and when you receive your Social Security benefit(s) affects your monthly income.
• Review your healthcare coverage(s), long-term care needs, and other health-based decisions.
• Create a withdrawal strategy for your retirement accounts.
• Revisit your retirement plan regularly. Retirement can last 30+ years, and it’s important to stay flexible.

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Whether retirement is decades away or closer than you think, it’s never too late to start saving. Contact our investment team to get a personalized, expert plan built for your finances. Or contact us to see what retirement options are right for you.