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.
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