Retirement may be years away — or closer than you would like to admit. There’s no wrong time to start planning.
From your first paycheck to your final day at work, the choices you make along the way can help shape the financial freedom and flexibility you have when retirement arrives.
The following is a game plan for retirement planning during all stages of life, from our partners at GreenPath Financial Wellness:
In Your 20s: Start Early
Retirement may seem far away, but time is your biggest advantage. If your employer offers a 401(k) match, consider contributing enough to receive the full match. An IRA may also be an option.
Focus on: Starting with an amount you can afford and making contributions automatic.
In Your 30s: Build Momentum
With careers, families, housing, and debt competing for your income, saving for retirement can be challenging. Increase your contributions as your income grows and work toward paying down high-interest debt.
Focus on: Putting part of each raise toward retirement.
In Your 40s: Check In
Your forties are a good time to take stock of your retirement savings and make sure your investments and goals still align with your plans. Review old retirement accounts, emergency savings, and insurance, too.
Focus on: Giving your overall financial plan an annual checkup.
In Your 50s: Catch Up
With retirement getting closer, look for opportunities to increase your savings. If eligible, catch-up contributions can help you save beyond standard limits. Consider your expected expenses, healthcare costs, and desired retirement timeline.
Focus on: Putting bonuses, tax refunds, or other extra income toward retirement when possible.
In Your 60s and Beyond: Plan for Income
Once retirement arrives, the focus shifts from saving to making your money last. Consider Social Security timing, retirement account withdrawals, healthcare costs, and your expected spending needs.
Focus on: Creating an income plan that covers the essentials while leaving room for the things you enjoy.
Wherever You Are, Take the Next Step
If you feel behind, don’t let that keep you from moving forward. Life happens, and debt, unexpected expenses and other priorities can make retirement saving challenging.
Ready to plan for the retirement you envision? CEFCU Investment Services can help you explore your options and take the next step toward your retirement goals.
Visit cefcu.com/invest to learn more. To schedule an appointment with one of our financial advisors, email investmentsupport@cefcu.com.
No matter what your age, it’s never too soon — or too late — to start building a more confident financial future.
