Retirement Planning from Your 20s-60s

April 4, 2022

Too many people think about retirement planning and mistakenly believe they do not have to think about it until they are older. You might think you have more than enough time, or you don’t feel like you’re financially ready to start planning. You always want to get ahead and start planning for your retirement if you can. Additionally, this becomes more important if you have trouble with finances. Developing a retirement strategy is essential, no matter how old or young you may be. Subsequently, there are various ways to achieve retirement planning for each age group.

Planning in Your 20s

Many young people in their 20s have barely even thought about retirement. If you’re in this age group, you might still be learning how to budget and grappling with common money problems, so planning for retirement may seem presumptuous. On the contrary, it’s better to start sooner. You can start by paying off any high-interest debt you may have so that your income is free to contribute to a retirement fund.

Planning in Your 30s

Once you’re in your 30s, you have a little more financial experience under your belt, and you may have more confidence in your ability to invest and plan for the future. You can capitalize on your faith by opening and investing in a Roth IRA account. It is an ideal option for supplementing a standard savings account, and it saves you from tax liability when you retire.

Planning in Your 40s

Most people are thinking about retirement by the time they’re in their 40s. Ideally, you will have been saving for a while at this point, but if not, you can still start. Planning at this stage should include a healthy level of risk in your investments. You want to see your money grow, so it’s time to invest in stocks and other opportunities that may yield higher returns.

Planning in Your 50s

You’re in the home stretch of retirement once you hit your 50s. Unlike the risks you took in your 40s, this is the time to play it safe. You should review your allocation of assets and transition your funds into CDs, bonds, and other secure options. However, do not drop all your stocks. Instead, keep your money protected in case the stock market fluctuates unexpectedly.

Planning in Your 60s

At 60, you’ve finally made it to retirement age. That doesn’t mean the planning is over, though. Planning is more important than ever at this time. You need to assess your expenses and income to develop a realistic budget. Many retirees fail at planning and run out of money in the middle of their retirement. You can avoid this by planning carefully.

About 1891 Financial Life

At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.