Retirement Tips By Age

Set realistic goals, according to your age, and adapt your strategy as time goes by.

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The FIRE movement has been rising for the last few years.

Since the Covid Pandemic started, many even joined the Great Resignation to focus on creating several passive income streams, to achieve the much-desired financial independence.

But how do you build towards a retirement fund? It all depends where you stand in life right not.

Disregarding any social aspect, and focusing solely on age, here are some tips you could follow.

Full disclaimer: I am no financial advisor so do your own due diligence.

20-Year-Olds

• Start saving as soon as possible;
• Be aggressive in the asset allocation;
• Educated yourself as much as possible in finances and investing;
• Build an emergency stash;
• Avoid debt;
• Live frugally;
• Get a Roth IRA account (or similar if you're non-USA-based);
• Sign up for the 401(k) Plan (or similar if you’re non-USA-based).

30-Year-Olds

• Save outside of work too;
• Maintain an aggressive asset allocation;
• Don’t let a new job derail your retirement plan;
• Start preparing your kids’ savings accounts;
• Protect your earnings with disability insurance.

40-Year-Olds

• Hit your savings maximums;
• Save independently;
• Maintain the right mix of safe assets;
• Make tough decisions about non-essential expenses.

50-Year-Olds

• Set realistic goals;
• Contact financial experts to help you;
• Take advantage of catch-up contributions;
• Time your retirement year;
• Tackle any debt you might still have;
• Prepare for any emergency.

Inspired by a fellow creator, I decided to challenge myself to publish 100 short-form articles within January. This is article number 65.