This is a guest post by Tina Roth of ProFinanceBlog. Take it away, Tina!
Getting old is a process which never ends, so a retirement plan is a must-have for spending the days of your retirement worry-free.
When it comes to building your nest egg for retirement, there is no shortage of advice from your family and friends. But only a few of them will lead you towards a well-planned retirement.
The moves you need to make as you approach your retirement depend entirely on your present age. So, here is a guide to help you plan your retirement successfully.
Retirement Planning for your 20s
It might sound a bit early to start saving in your 20s. But, if you are looking to spend a well-planned retirement then, now is the right time for you to take the initiative and start saving some money.
Plan and Follow a Budget
Long term retirement planning is the main key to achieve financial success in the future. Start with controlling your unnecessary spending habits. Build and follow a monthly budget for keeping track of your spending habits.
Start Your Saving Program
When creating your budget, don’t forget to include all your expenditures in the list, whether they are your obvious expenditures or not. Then find a way to save a small percentage of your income so you can watch your savings grow.
Get all the Details of your Student Loan
Student loan debts are a thing which can pull you back from your planning for a stress-free retirement. Gather all the information on all your loans in one place and evaluate what’s the best plan to pay them off quickly, e.g. a consolidation loan to reduce rates.
Retirement Planning for Your 30s
As you get a bit older, it becomes easier for you to understand the importance of building your retirement fund. Here are some moves you can make in your 30s to reach a secure retirement in the future.
Harness your Desires
Instead of spending your entire bonus on a frivolous desire, opt for saving them to brighten your future. It’s easier to stick to this path if you have made up your mind earlier that your future is as important as your present.
Focus on Advancing your Career
Having a good career has the ability to provide you with everything you need by retirement age. Thus, take the initiative now to grow your career to save a satisfactory amount for retirement.
Build a Habit of Investing
This is the perfect age for you to start investing seriously. In order to get the full benefit, think about investing in long term assets like stocks.
Retirement Planning for Your 40s
Although this is not the ideal time for you to think about saving money for you retirement but, if you have not seriously considered it earlier, then best to get started now.
Save as much as you can
People in their 40s should only think about saving as much as they can, whether you have thought about it earlier or not. Many people are not taking it seriously even now. Don’t be that person.
Rearrange Your Way of Living
It does not mean that you have to stick to your previous retirement plans, if you have not followed your saving plans for a long time. Thus, rearranging your way of living might help you to stick with your retirement planning. It’s never too late to reduce your expenses to increase your savings.
Now is the time for you to start working harder than ever. As it would be easier for you to save more, if your source of income goes higher. If you own your home, renting a part of your house can be a good way to increase your income.
Retirement Planning for Your 50s
This is the age where many people tend to think seriously about their retirement. Here are a few things for you to do at this age.
Check your Progress
Remember to check your progress towards retirement on a regular basis. This will help you to know whether there is any need to change your retirement plans or not.
Take Help from the Experts
If you are finding it hard to set a retirement goal, then don’t hesitate to take help from the experts. Hiring a professional adviser might change the whole scenario for you.
Take the Full Benefit of your Age
Opt for taking all the benefits of your age. Whether via AARP or other organizations, there are many discounts and special deals for senior citizens, which not only can be fun, but can lower your expenses to stretch every dollar.
Retirement Planning for Your 60s
This is the age when many people move from a regular job to part-time work or retirement. So, here is a guide for your 60s to spend a well-planned retirement.
Consider Extending your Career
If you want to work at this age, then think about extending your career. It would help you to save some more money besides giving you some opportunities to stay connected to your community.
Make Your Social Security Plan
At this age, you can think about availing yourself of Social Security, although this is an option which depends upon your needs and marital status. Given how complicated Social Security can be, consult an expert to build your plan for Social Security.
Start Drawing Your Savings
This is the time when you should think about drawing on your retirement savings. As you never know how many years will you live, now is the right time for you to start drawing on your hard earned savings.
Retirement Planning for Your 70s
Although this is not the perfect age for you to start saving for your retirement, there are a few things you can do at this age.
Get Back to Work
If it is possible, then think about getting back to work. This may be your earlier profession, or it may be something new. This will help you to keep a source of income open to supplement your savings, investments and other income.
Control Your Spending
Check your habit of overspending, especially now that you’re in retirement. For example, instead of maintaining and using your own car, think about using the public transport system.
Check Your Life Insurance
If you haven’t already, recheck all your insurance policies which you have taken earlier. Some may no longer be needed and can be canceled to reduce your expenses. Others may have a benefit that you haven’t used. If you find them unnecessary, then revise them to your benefit.
Have A Plan
Whether you are in your 20s, your 70s, or somewhere in between, there is always something you can do to improve your odds of a successful, secure retirement.
Having a retirement plan can take you a step closer towards a satisfying retired life.
Tina Roth is a passionate personal finance blogger and writer. She writes articles on personal finance, money management, investments, business management, and the economy. In addition to being the editor of Pro Finance Blog, she is a regular contributor to many financial platforms.
Image of stack of coins courtesy of Pexels.