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Saving for Retirement Through Each Phase of Life

December 01, 2014

saving for retirementSaving for retirement is a lofty undertaking, and it can be a huge challenge for many people. While there are many financial advisors available to help you plan your retirement, they can be costly. Learning to plan for your retirement can benefit you for years to come, both financially and educationally.

The first step toward saving for your retirement is to commit to doing it. The sooner you begin saving, the sooner the benefits of compound interest will start adding up. However, it’s important to remember that as you age, your financial situation will change, so your savings plan should change accordingly.

To get started saving for retirement, use the guidelines included in the Equifax Finance Blog article “

Saving for Retirement: A Timeline for Your 20s Through Your 50s” as a great starting point.

In your 20s, it’s important to start building a strong financial savings plan. Begin by opting into your employer’s 401(k) plan as soon as possible. Investing just $200 per year for eight years starting at age 25 can turn into more money than investing $2,000 per year for 32 years when starting at the age of 35!

As you enter into your 30s, most financial advisors will suggest opening an IRA account. Also, as your financial standing has most likely stabilized, consider increasing your 401(k) contributions. Another option to consider in your 30s is investing in the stock market or opening mutual funds or CDs.

Once you’ve reached your 40s, retirement planning should be a priority. While juggling family and household expenses may make you question whether or not you should decrease your retirement contributions, you would do so at the expense of your golden years.

For more information on how to prepare for retirement through each phase of life, be sure to read the full article. You can also find a wealth of additional retirement information on the Equifax Finance Blog.

 

 

 

 

 

Categories: Education

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Courtney Rogers

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