At Portfolio Solutions® we believe it’s never too early or too late to start planning for your retirement.

If you’re in your twenties, we suggest enrolling in your company’s 401K or retirement plan, making sure that you save enough to be eligible for the company match. For those with federal student loans, consider signing up for the income-based repayment plan that caps payments at 10% of your current income, leaving enough left over to invest. 

If you’re in your thirties, your salary has likely increased in the last decade, so now is the time to begin to ramp up your 401(k) savings. We also suggest that you become better acquainted with your investment portfolio. You may want to contribute to a Roth IRA, which offers tax-free distribution in retirement. Children often come into the mix in this decade, so saving for college is a must. 

If you’re in your forties, you may want to become a touch more conservative with your investments. This is also the best time to talk with a Portfolio Solutions financial advisor, to examine your retirement goals, where you currently are, and what adjustments you may need to make to get you where you want to be. 

But what happens if you reach your late forties or early fifties and haven’t started saving for retirement at all? Actually, there’s a lot of things you can do, starting with a simple cut in spending. We also suggest that those in their 50’s look outside the box at ways to save for retirement; everything from a later retirement age to starting a side business. And if you haven’t already, open an IRA with us, which allows those 50 or older to contribute $6,500; an extra $1.000 a year from the standard contribution allowed. 

While many baby boomers are facing retirement very differently from the generation before, having a secure income stream will allow them to have the things they desire, whether that’s starting a new business venture, or cruising around the world. 

Contact us today to start your personal Retirment Plan.