How much to save for retirement by age

Looking for smart financial moves to make for retirement? No matter how old you are, there are important steps you can be taking today ensure a comfortable retirement in the future.

Here's how you can protect — and grow — your retirement savings throughout the decades.

20s: Start an emergency fund. While it's not money that's going directly into your retirement savings, rainy day funds negate tapping into your retirement money.

One-income households may need to have 6 to 12 months of living expenses in a savings or money market account. Two-income households may only need 3 to 6 months.

30s: If you're already maxing out your employer's 401(k) match, consider opening a Roth IRA, where after-tax money goes into the account.

At 59 ½, withdrawals are tax-free. In 2021, the most you can contribute to an IRA is $6,000 a year (If you're 50 and up, you can contribute $7,000 per year.)

40s: Make a financial plan. Are you on track for retirement? If not, make tweaks. Also consider contributing to term life insurance, long-term care insurance, and disability insurance to help protect the assets you've worked so hard to build.

50s: How much is enough for retirement? Imagine what spending in retirement could look like. Will you be traveling? Buying a beach house? Pursuing a dream business?

60s: Now's the time to hone in on what expenses might really look like. Depending on your situation, you might need to work longer, adjust your anticipated expenses, or plan for a different lifestyle.

The earlier you start saving for retirement, the better. Remember: Start small. If you don't think you can swing it, ask yourself: "What does 1% of my salary look like each paycheck?" Chances are, you probably won't miss it. But if you don't do it, the future you will.

Contact a Synovus financial advisor to get started.