Planning for Retirement as You Age

Retirement planning should be an ongoingprocess throughout your life. 

In your 20s, you should be developing goodsaving habits.  Start planning early bysaving in a retirement account, taking advantage of companies that matchcontributions to 401(k) plans, and tucking away up to 12% of income.

In your 30s and 40s, do your best to staydisciplined in the wake of buying a home, raising kids, and paying for college.

In your 50s and early 60s, take care ofhealth-care costs and big debts in these peak earning years.  Also, take advantage of increasedcontributions to retirement accounts.

After 62, decide how to make your savings lastand when to take Social Security benefits. And remember the longer you wait to take benefits, the higher youreventual payout will be.

SeeTom Lauricella, It’s Never Too Soon toStart Planning Your Retirement, The Wall Street Journal, May 27, 2013.