The Women’s Institute for a Secure Retirement has some good tips about saving throughout the stages of your life. Here’s a snapshot but do check out their site for more. And consultant with your tax and accounting professional before making any moves.
Saving in your 60äó»s, 70äó»s and beyond:
- continue to invest your retirement assets, living off a small percentage each year, and consider annuitizing all or a portion of your retirement assets, or a little bit of both.
Saving in your 40äó»s and 50äó»s:
- use a retirement calculator to see how much you should be saving at this point in order to meet your future retirement goals.æ
- donäó»t be afraid to ask for help from a financial planning professional if you feel you have fallen off course or need help getting more organized.
- caregiving can have serious financial consequences. It is important, especially for women who tend to take the majority of caregiving responsibilities, to understand the consequences and to take steps to protect their retirement security.æ
Saving in your 20äó»s and 30äó»s:æ
- the savings habits you develop in your 20äó»s and 30äó»s can set a precedent for how you will save throughout your life. Get into the habit of saving now.
- start by depositing about five percent of your salary into a savings account each pay period.æ
- start an emergency savings fund in your 20äó»s and 30äó»s. You should have about three to six monthsäó» pay saved up in case you run into financial surprises äóñ a job loss or expensive car repairs, for example.
- sign up for your companyäó»s 401(k) plan if they have one, and contribute at least enough to get the full match if offered.