Save for retirement in every stage of life

Financial expert Rachel Langlois gives us easy ways to save in every decade. Last week was National Retirement Security Week to raise awareness about the importance of saving for retirement.

As we are all in different stages, we’ll go through each age group and discuss some key things to keep in mind:

Your 20s

  • Start saving—set retirement goals and enroll in a 401k
  • Pay down debt, such as school loans, but don’t procrastinate saving as you lose out on compound interest

Your 30s

  • Consider purchasing a home—good for retirement as a place to live “rent-free” or to sell
  • Diversify portfolio

Your 40s

  • Max out employer benefits for 401k matches
  • Seek professional financial help—you are at the halfway point, make sure you are on track

Your 50s

  • Take advantage of catch-up contributions
  • Focus on eliminating debt
  • Start moving towards conservative investment options

Your 60s

  • Plan post retirement lifestyle:
    • Where are you going to live? Is your home paid off? Will you rent/sell?
    • Review budget, is it in line to what your expenses are?
  • Update estate planning

For more information on the best steps towards retirement to make at each age, visit: https://cypruscu.com/blog/