Planning your dream retirement looks different in each stage of life, but one principle remains the same across generations—save early and often. The reality is more than 43 percent of workers are not saving for retirement, and more than half have saved less than $25,000, according to Employee Benefit Research Institute.
It’s never too soon to start preparing for retirement, and it’s never too late to make retirement planning a priority. Consistent, modest savings can add up over time. Whether you’re months or what feels like a millennia from retirement, there are effective steps you can take now to reach financial readiness. Having a plan and knowing your steps puts your goal within reach.
The Roaring 20s
Believe it or not, you should think about retirement now, even when your cupboards may be stocked with Ramen and your school loans easily outpace your earnings for years to come. Be proactive with these steps:
The Up-Trending 30s
Things are likely looking up in your 30s, with income on the upswing and the upside down debt-to-income ratio balancing out. Your challenge is setting yourself on a path to long-term financial balance. Make these strategies part of your journey:
The Fabulous 40s
As your earnings increase, your savings should follow a similar trajectory. Keep the trend and momentum going, and don’t give in to the temptation to sacrifice tomorrow for fun today. A few key strategies to keep in mind:
The Formidable 50s
Retirement may be closer than you thought possible. Even if it’s not imminent, it’s on the horizon. Now is the time to make sure you’re really ready. Specifically:
The Sneaky 60s
Wow, where did the big 6-0 come from? You owe it to yourself and your family to do a thorough assessment and projection long before now. But you’re smart, so you’ve done that, and now you should:
Don’t let fear stop you from planning—Busey Wealth Management is on your side, even when time isn’t. For a partner committed to your retirement success, contact us today or call 1.800.67 | Busey and visit busey.com for financial calculators and more helpful retirement resources.
Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. You should discuss any tax or legal matters with the appropriate professional.
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This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Opinions are not necessarily those of Raymond James. The information has been obtained from sources conserved to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete.
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