Retirement planning is a lifelong process that entails
myriad of factors to consider. Planning early is the key in order to have
financial freedom during your retirement years. According to financial analyst
Robert Stammers, “Investment management is about the probability of you
reaching your financial goals.” In addition to this, experts also recommend
these steps you can take during each decade:
20s
It is recommended to begin to fund a Roth IRA, start paying
off your credit cards and student loans.
30s
Experts recommend building an emergency fund, increasing
your contribution in a 401k plan and start creating your own portfolio.
40s
One of the key strategies is to continue boosting your
retirement savings and maximizing your 401k contributions.
50s
Experts suggest reviewing your options on long-term care,
increase contributions in your 401k plan, consider where you want to retire and
eliminate any of your outstanding obligations.
60s
As your retirement nears, develop a budget and make
necessary lifestyle changes. You can start taking Social Security at 62 and you
can enroll in Medicare once your turn 65.
70s
Optimize your retirement withdrawal and have a backup plan
if ever there’s a downturn in the market.
80s
Be careful where your money is going and put yourself first
since you’re living on a fixed income.
