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Learning how to save for retirement and ensure a solid financial future can often be overwhelming. Savvy planners understand the importance of devising a plan and sticking with it to achieve financial freedom. Here are some practical goals to have for each decade of your adult life.

Your 20s

Although your earning power is lower in your 20s, you also have the benefit of having less financial responsibility. The best thing you can do for yourself is to learn how to make a realistic budget and stick to it. Even if you’re not putting a lot away, starting your retirement accounts now could pay big dividends down the road because of compounding interest. Now is also the time to establish a good credit history so you can continue to pursue all of your financial goals in the future. This decade is also the ideal time to start saving for your first home purchase.

Your 30s

By this point, you hopefully have a steady job and consistent income. Once you have a solid emergency savings fund built up, it’s time to begin thinking about purchasing a house if you haven’t already done so. If you’ve started a family, it’s important to have an estate plan drawn up by a professional. In your 30s, it may become tempting to live beyond your means, but minimizing credit card debt as you head into your peak earning years should be a primary goal.

Your 40s

You’ve most likely reached the pinnacle of your career and earning power by the time you’ve reached your 40s. Now is the time to save as much as possible for retirement. If you have children, you also need to start thinking about saving for their college. Begin thinking about concrete retirement plans. When you want to retire, where you want to live, and how much money you think you’ll need during retirement are all important factors that need to be on your radar in your 40s so you can plan accordingly.

Your 50s

In your 50s, make sure to meet with a trusted San Diego financial advisor to finalize your retirement savings goals. Keep abreast of investment trends to ensure your money is working for you and your goals. This is also when you may need to start thinking about future medical expenses and end-of-life care.

Your 60s & Beyond

The longer you can delay retirement, the more money you will have accumulated. Having your house paid off prior to your 60s will put you in the best shape possible to enjoy the golden years.

No matter how old you are, it’s important to pay mind to your finances, and one of the best ways to accomplish this goal is to meet with a financial planner. Jan Gleisner has over 16 years of experience in the financial services industry. Call 858-337-2385 today to schedule an appointment.