Saving now for your retirement years means you can live the lifestyle you want long after you have stopped working. Regardless of your age and financial situation, there is a retirement plan that is right for you. Keep reading for a few helpful tips that can guide you on the path to retirement planning and saving at every age.
In Your 20s
The earlier you start saving for retirement, the more your savings will have time to grow. Even if you cannot invest a significant amount of money in your 20s, making some kind of regular investment in a retirement fund is the best way to jumpstart your retirement savings and get yourself into the habit of saving regularly as you age.
In Your 30s
When you reach 30, it’s time to expand your retirement portfolio. Even if you are contributing to a 401(k), consider opening a Roth IRA or investing in other vehicles as your financial situation stabilizes. A more versatile investment portfolio means you’ll enjoy lower risk and greater financial rewards over the long term.
In Your 40s
In your 40s, other financial drains may start affecting your ability to save for retirement. However, paying for your child’s college education or caring for your parents doesn’t mean you should stop saving for your own future. Taking advantage of financing options and budgeting your income intelligently will help you stay on track for a wealthy retirement.
In Your 50s
As you reach retirement age, you can begin putting more money into your retirement plans than in previous years. Contributing a higher percentage today will mean enjoying a more comfortable retirement in the near future as this date approaches. Expanding your portfolio to include higher-risk options, such as stocks, can also help you catch up if you’re falling short of your original retirement goals.
If you need help with retirement saving in Tucson, Financial Directions, LLC can offer the personalized advice and investment assistance you need. Please call (520) 408-7777 or visit our website to find out more about our full range of financial services.
