Plan For Retirement At Any Age

Planning for retirement is a key element in securing your financial peace of mind. Depending on your current age, your long-term investment goals for the future will differ. Whatever your age, three targets to plan for are your financial security, adequate health care coverage, and the well-being of your heirs and your estate. General wisdom suggests various perspectives on investing for your retirement based on your age group.

In Your 20s

Getting started in investing is crucial at this time–compound interest is your friend. Even if you are struggling to pay off college debts and meet living expenses, the interest that accrues if you begin investing early in life makes this the soundest financial decision you can make.

In Your 30s

Juggling to buy a home, support a family, pay for college, and make ends meet probably leaves little thought for retirement right now. Wrong! Remember that you can save on taxes by investing in a salary reduction plan on the job. You may also be able to borrow that money from yourself to help pay for your home purchase. Investment assets may prove helpful in securing a good mortgage rate.

In Your 40s
Earning more at this point in your life probably means spending more. Expensive hobbies, bigger homes, college tuition are all high on the list of expenses now but don’t forget to maintain your retirement savings.

In Your 50s
If you’ve paid off the mortgage, continue putting this payment into your retirement vehicle. You may begin taking contributions at this time. Consider making gifts of investments to your heirs.

In Your 60s
Think about continuing your investments even after you begin taking your retirement contributions. This money will keep growing for you and your loved ones.

In Your 70s
Enjoy your retirement wealth. Review estate plans to be sure assets are distributed according to your wishes. Consider setting up a scholarship at a local college that reflects one of your passions or honors a family member.