How to Plan Your Retirement From the 20s to 60s

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Have you ever thought about your retirement life? Many people start saving late for retirement but you must understand the importance of starting saving earlier.

No matter you are 20 years old or 50, retirement planning is a must. The earlier you start, the better option you can get for your retirement planning and savings. Here, we will discuss saving money for your retirement life.


How much you should save for retirement?

Many financial experts believe that saving for retirement should be done between 10% to 20% of pre-tax income but it doesn’t work for everyone. Retirement savings depends on many factors-

  • Age– If you start earlier, you need to save a small amount otherwise you need to save more.
  • What your employer is offering– Many employers offers funds during retirement. If your employer is also paying you an amount as retirement safety, you need to save a little amount.
  • Investment habits– Investment leads to profits but many a time it can give you huge losses also. Your savings also depends on your investments.
  • Your after retirement lifestyle plans– The savings also depends on how you have planned to spend your life after retirement.

Age-wise retirement saving Tips

Retirement saving ways change according to age. It means if you start saving in your 20s, the ways will be different than if you start saving at 60s. Let’s have a look:


If you start saving in the 20s

  •     You must focus on paying your high-interest debts. The amount you are paying on your interest can be used for saving money.
  •      You can take more risks in your investment. Try Cryptocurrency, It’s risky but then you can get huge profits.
  •      Saving for an emergency fund is easier at this age as you don’t have many responsibilities.

If you start saving in the 30s

  •       IRA Investment
  •        Keep your retirement savings and other savings separately.
  •       Invest in the Stock Market

If you start saving in the 40s

  •        You still have 2 decades, You can take risks and earn huge profits.
  •         It’s time to talk openly to your kids about how much you can afford for their education. Don’t opt for any loans as they will never let you save for your retirement. Give priority to Your Retirement Above Your Kids’ College Fund
  •       Increase your investment. It will help you make more money.
  •       If you are confused about saving for retirement, you can take help from a financial advisor.

If you start saving in the 50s

  •      Re-evaluate your Asset Allocation. Transfer your assets from volatile investment options to safe options like CDs and Bonds.
  •    Work More to earn more. If you think your income is not enough for savings, You must work more. Take some part-time jobs.
  •     It’s time to Pay off Your Debt completely.

If you start saving in the 60s

  •        Make a Retirement Budget and this will help you to plan your after retirement expenditures properly
  •       Figure Out How Much You Can Afford to Withdraw because the retirement fund is limited and you have to be careful while withdrawing.
  •       You must keep investing till you work.


It’s better to start your saving for retirement as earlier as you can because it will help you to save more and relieve stress. After retirement life can be scary if you don’t have enough savings. So, start saving now!


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