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Preparing for Retirement Through Each Stage of LifeAn older couple sits at a table going over financials.

No matter how much you love your job, we all dream of the day we can jump into the retirement lifestyle of enjoying our favorite hobbies every day, traveling the world, and just embracing life. While we all know exactly how we want to spend our retirement years, we don’t always know the right way to prepare financially for retirement.

At Landmark National Bank, we are committed to helping you achieve all your financial goals through each stage of your life. Our finance experts will help you save and plan for retirement and teach you the right steps to take throughout your life. Keep reading to learn more about how to prepare for retirement in your 20s, 30s, 40s, 50s, and 60s, or begin your finance journey with Landmark National Bank by visiting your nearest bank branch location.

How To Prepare for Retirement in Your 20s

Retirement may seem like something in the distant future for those in their 20s just beginning their careers. However, you’ll be doing yourself a favor by planning for retirement as soon as you enter the workforce.

Start by studying your company’s retirement plan and understanding exactly how much is being set aside for retirement. In addition to the retirement plan set up by your employer, you will also want to consider setting up your own personal retirement account.

Understand Your Company’s Retirement Plan

Three pieces of paper with Roth IRA, 401(k), and IRA written on them.

Prior to starting any new job, figure out exactly how your retirement plan is structured and how much is being set aside for your retirement. Read through the section of your company’s handbook to learn more about their 401(k) plan the moment you start.

Be realistic about how much you can realistically put back for retirement each month while also planning properly for your future. You will also want to ask about the employer match for your 401(k). Find out what percentage your employer will be contributing to your retirement plan as it compares to the amount you are putting toward it.

Set Up Your Retirement Account

In addition to the 401(k) you will be contributing to, it may also be a good idea to set up your own personal retirement account. Whether it’s a traditional individual retirement account (IRA) or a Roth IRA, this will give you the extra boost you need to feel financially stable throughout your retirement.

As you move forward with setting up these retirement plans, you will want to consider whether or not you will defer your taxes on these accounts in order to make larger contributions. This will be extremely helpful to you as you begin using these funds after retirement. Just make sure you are contributing as much as you can at the end of each month. Contributing just $50 each month could still help exponentially in the long run.

How To Prepare for Retirement in Your 30s

After setting up your retirement accounts and ensuring you have some sort of payment schedule established, your 30s are a time for you to continue to build on those retirement funds.

Increase Your Retirement Contribution

Throughout your 20s, your contributions into your retirement accounts may not have been as consistent as they needed to be. Now that you hopefully have much more stable income and are fully invested in your career, it’s time to start being more consistent with your contributions and possibly boosting those payments each month.

Set up automatic payments or a payment schedule with a specific amount you will be contributing each month and stick to it. You may also consider upping the amount you are contributing to your work’s retirement account as well.

How To Prepare for Retirement in Your 40s

Financial advisor speaks to woman about planning for retirement.

Now that you are fully contributing to your retirement funds and increasing the amount you contribute as you receive promotions and raises, it’s time to begin diversifying your money. One of the best ways to do this is to begin investing while also following basic principles for investing.

Start Investing

Frequently touch base with your financial advisor to keep up with the best types of investments for your financial goals. You will also need to place your savings into different kinds of investments to ensure you are improving your return and reducing the risk. Become secure in your investments by diversifying them and monitoring trends.

How To Prepare for Retirement in Your 50s

Your 50s can prove to be a vital time in preparing for retirement. Ideally, your living situation and career are stable, and you should’ve started investing, contributing more to your retirement accounts, and speaking with a financial advisor regularly. Now, you can continue making those payments and paying off other loans and debts.

Continue Paying Off Debt

This is a key time in terms of paying off debt and setting yourself up for success after you have reached retirement. You don’t want to be dealing with piles of debt as you begin your retirement journey. That’s why it’s important to pay off any debt or loans you may still have in your 50s, such as remaining student loans or a mortgage.

How To Prepare for Retirement in Your 60s

Blank Social Security benefits application.


Now that retirement is well within reach, start getting into the smaller details of retirement. That way, you’ll be good to go once you retire within the next few years. Begin by setting up your Social Security account and planning for the years to come.

Create Your Long-Term Financial Plan

Sit down with your financial advisor and seriously plan for your upcoming finances. Determine exactly what your income needs are by averaging your monthly bills, mortgage payments, and other living expenses. Also factor in healthcare costs; this will be an expense that increases with age. Make sure you understand your Medicare options and what your coverage is.

Once you know what your monthly expenses are, you will be able to figure out a strategy to pay for said finances. Make sure you are thinking about how you will be bringing in income, whether that’s through your social security benefits, your retirement savings and investments, or a part-time job. You always want to know where your income is coming from.

Set Up Your Social Security Account

If you have not already set up your Social Security online account, now is the time to do so. You can create your account as early as 18 years old, but you are unable to begin receiving your retirement benefits until you are at least 62 years old. However, it is better to get your account set up sooner rather than later to ensure you know exactly what you need to do once you’re ready to apply for retirement benefits.

Save for Retirement With Landmark National Bank Today

Preparing for retirement is much easier when you have someone to help you along the way. Trust the experts at Landmark National Bank to help you through each and every step of the way. Whether you are trying to set up your savings for retirement or just need to open a personal checking account, we have all the tools you need to succeed. Find your local Landmark National Bank branch today.

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