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Retirement Tips For Any Stage Or Any Age

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Good money management is important if you want to maintain financial stability during your later years! Here are ways to stretch your dollars at every age so you can better prepare for your retirement.


Those who range in age from 18 to 34 are just beginning their journey toward retirement savings. Although it might be easy to delay thinking about your savings goals for the future at this time, it’s a better idea to start planning.

Take Advantage Of Job Perks. If your employer offers a 401k plan try to contribute as much as possible, and at minimum the percentage that your employer promises to match. Even if you can only contribute $25 per month to this fund while you are paying off your debt, it’s better than not making any contributions at all.

Maintain A Budget. Track your spending and organize your expenses into categories such as “needs” and “wants”. If you are having difficulty getting on track, start small by listing your financial goals. As you achieve one goal, move on to the next.

Make Adjustments. Take an honest look at your income and think of ways to be more frugal. For example, do you pay for a gym membership that you never use? Or subscribe to magazines that you do not read?

Gen Xers

Savers between the ages of 35 and 52 are building momentum toward their retirement years. Individuals in this age group might have some legitimate fears about retirement savings. But the good news is that you still have time to put a little back for your golden years.

Cut Back On Spending. Free up more funds to pay off debt and start investing in your retirement! Retirement calculators at sites like LearnVest.com and Money.com can help you figure out how much you should be saving now so you can reach your retirement goals. When figuring your retirement budget, don’t forget to include health care and other potential costs that most people typically face in their later years.

Pay Off Your Home Loan Quicker. If you own your home, this is probably the largest expense in your budget. If possible, try to make an extra mortgage payment during the year or add a little more to your monthly payment and direct it toward the principal.

Review Your Insurance Policies. Consider car insurance discounts that you might be able to take advantage of. For example, you might be able to receive a discount for belonging to a certain group or working for a certain company, for having a low accident/citation rate or for bundling your car insurance with other insurance policies such as home insurance.

If you have children who are grown and about to enter the workforce, you should check to see if you could trim your life insurance amounts. Kiplinger.com suggests buying long-term care insurance when you reach your fifties, when the premiums will be cheaper and the policy may offer more protection.

Baby Boomers

Savers between the ages of 52 and 70 should have enough save to begin enjoying the fruits of their labor as soon as retirement is possible. Once you decide to retire you can still stretch your dollar.

Don’t Discount Discounts. Some hotels and restaurants give senior discounts. In addition, tickets to museums or movies usually come with nice senior discounts, too. Some discounts require a membership to AARP but for others all that’s required is a driver’s license or other photo identification.

Cut The “Fat” From Your Budget. Think about the things you really need and how much more beneficial it would be if you saved a little more money. For example, review your cable bill. If you aren’t using all of the channels, choose another plan that will save you money.

Be A Savvy Shopper. Look for great sales and special deals whenever you shop for groceries. Think about joining a wholesale club. Buying in bulk can save you time and money. Don’t forget to look for coupons online and in the store.



About the Author:

Jamie is a customer experience champion whose been serving the needs of her customers and clients for more than 15 years. She strives to provide her customers with the information needed to make the best decisions for themselves and their families, for their unique situation. Education and information are knowledge, and knowledge is power!