Things to consider about retirement planning at any age

One of the biggest concerns for people of working age is their ability to retire comfortably. This concern is present whether you are just entering the workforce or nearing departure. This is why it’s so important to ease your retirement planning fears with due diligence and preparation – that is, start saving no matter how small the amount.

The twenty’s

For most twentysomethings, retirement planning is rarely a top priority. While this sentiment is certainly understandable because twentysomethings are more focused on building their career, starting to prepare for their exit from the workforce couldn’t start at a more perfect time. However, when it comes to twentysomethings, grooming is nothing like grooming for a fifty-something. That is, they can prepare for a better financial future by paying off credit card debt and student loans. Plus, they can start making other smart financial decisions, like enrolling in a 401k or Rollover IRA and sticking to a budget. It also helps you live well and stay healthy so that your exit from the workforce is as pleasant as possible.


Planning for retirement in your 30s is very similar to planning for your 20s, with a few minor differences. At 30, it’s important not only to do things like set and implement a budget, stay healthy, and contribute to your employer’s 401k, but you should also maximize your contributions to your plans and have your savings automatically deducted. Specifically, you’ll want to try to live on 50 percent of your income and save more than 10 to 20 percent, as well as avoid going into too much debt. Obviously, the last part is a bit tricky, as the 30s are usually the years when property debts pile up, but if you save enough before buying a home, you will reduce the debt you have on the property.


At this point in your retirement planning, you’ll want to seek financial advice from the experts if you haven’t already. An expert can provide specific suggestions to help you stay on track to meet your personal financial goals in preparation for your retirement from your workforce. Other recommendations include aggressive savings, including saving any bonuses and pay increases you may receive, as well as focusing on more conservative investment strategies.

Fifty and more

For people over 50, retirement planning should be reaching its climax. Two things are important during the years approaching retirement from the workforce: aggressive saving and conservative investing. You’ll want to do things like reduce your expenses so that you can save as much as possible, and that includes reducing your debt as well. Another important note is that people over 50 will want to get into the habit of preparing to live on a low income, as this will help them move on to the next phase of their life.

The right approach is essential to make your golden years as comfortable as possible. It is never too early to start thinking and preparing for your later years.

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