There’s no one-size-fits-all approach to retirement planning because there’s no one-size-fits-all financial plan. No matter how close or far away retirement seems to you, there are decade-by-decade guidelines you can follow to make sure you’re working in the right direction.

Whether you’re searching for retirement planning by age, retirement savings milestones by age, or wondering how much you should have saved by 40, 50, or 60, having a structured roadmap can help you stay focused on long-term financial goals.

Retirement Planning Checklist by Age

20s — Lay the groundwork, and don’t hamstring yourself

We know, you don’t want to hear it. Your 20s are about getting an education, settling into your career, and, yes, enjoying your young adulthood.

Still: Time is the most powerful ingredient in your retirement stew. Interest compounds over time, and the little bit you save now will have a tremendous impact later. Get in the practice of setting aside savings each month. That practice will stick with you throughout your career.

As importantly, don’t dig yourself into a hole. Make sure the money you are spending on education is netting a return on that investment. Don’t bury yourself with credit card debt. The difference between paying interest and earning it is huge.

If your employer offers a retirement plan, start contributing as early as possible—even if you can only save a small percentage at first. Beginning early can significantly improve your retirement savings milestones by age because compound growth has more time to work.

30s — Build your foundations, and start financial planning services

Now, it’s time to start seriously thinking about your retirement plans and goals. If your employer offers a 401(k), max out the employer match, and try to make a gradual increase every year.

If you did get yourself into debt in earlier years, make it a priority to pay off your loans, especially if they are high interest. The debt you pay off now is interest you won’t be paying in the future.

This is also a smart decade to begin tax planning and review whether your retirement savings are keeping pace with your long-term goals. Many people start asking, “What should I do for retirement in my 30s?” The answer often includes increasing savings rates, building emergency reserves, protecting against lifestyle inflation, and reviewing insurance coverage.

If you own a business or receive stock compensation, your 30s may also be the right time to start planning for future liquidity events and tax-efficient investing strategies.

In your 30s, it’s a good idea to start a relationship with a financial advisor. Financial planning services today can help set you up for success down the road.

40s — Reassess, redefine, and diversify your portfolio

You may have thought things were busy in your 30s, but in your 40s, it starts to get really complicated. Your career path is well along, and you have a little more financial flexibility on paper. But your kids are growing, your parents are aging, and you’re trying to balance it all from the middle.

Even if you haven’t already, now is a really good time to reach out to an advisor. A wealth planner can help you start to diversify your portfolio in terms of risk as well as tax. Setting up your plan now can help make the difference between smooth distributions and significant tax bills during retirement.

Your 40s are also an important checkpoint for evaluating how much you should have saved by 40 and whether you may be behind on retirement savings. Reviewing retirement account balances, projected retirement income, and future expenses can help you course-correct while there is still time.

This decade is also a good opportunity to review college funding goals, tax diversification strategies, and retirement planning for business owners or high-income earners with concentrated investment positions.

50s — Preserve your assets and think ahead

In your 50s, it’s time to start thinking defensively. Make sure you have an emergency fund with at least six months of living expenses, so you don’t have to tap into your retirement assets or take on credit card debt. If you are behind in your retirement savings, use catch-up contributions to put more into your 401(k).

Review your estate. Set your beneficiaries and get your health care directives in order. This is also a good time to think about long-term care insurance — you may need it, and the longer you wait, the higher your premiums will get.

Many people in their 50s begin asking, “What should I focus on before retirement?” Key priorities often include catch-up contributions, tax planning, debt reduction, and retirement income planning.

Your 50s are also a critical decade for Medicare and health care planning. While Medicare eligibility generally begins at age 65, understanding future health care costs early can help you better prepare for retirement.

If you are wondering how much you should have saved by 50, focus less on a single benchmark number and more on whether your current savings trajectory aligns with your retirement lifestyle goals.

60s — Finetune your financial plan for the final stretch

Set a retirement age that offers a little wiggle room based on market performance. Decide when you are going to begin taking Social Security and make sure your reported earnings are accurate.

Look at your large expenses (such as your mortgage) that you will be carrying with you and be realistic about how that might impact your timeline. Then, think about the kind of retirement you are going to want. Do you want to travel? Spend more time with grandkids? Make sure you are retiring with the funds available.

In your 60s, retirement withdrawal strategy becomes increasingly important. Creating a sustainable income plan that coordinates Social Security, retirement accounts, taxable investments, and required minimum distributions can help support long-term financial stability.

This is also the time to review sequence-of-returns risk, portfolio allocation, and tax-efficient withdrawal planning as you transition from accumulating assets to generating retirement income.

If you own a business, your 60s may involve finalizing succession planning or converting business equity into retirement income.

70s+ — Focus on income sustainability and legacy planning

Retirement planning does not stop once you retire. In your 70s and beyond, it becomes increasingly important to manage required minimum distributions (RMDs), maintain a sustainable withdrawal rate, and review estate plans regularly.

This is also a good time to revisit beneficiary designations, charitable giving goals, and long-term care considerations as your retirement evolves over time.

How financial planning services can help you on your way to retirement

Of course, this is only a partial list, but now is the time to make sure you are meeting certain retirement benchmarks. If you aren’t meeting them today, it will be more difficult to meet them in the future. Be proactive, work with a comprehensive financial advising services team, and get your timeline in order.

A comprehensive retirement planning strategy can help you evaluate retirement savings milestones by age, prepare for taxes and health care costs, and build a sustainable retirement income plan tailored to your goals.

Frequently Asked Questions

1. What should I do for retirement in my 30s?

Focus on increasing retirement contributions, paying down high-interest debt, building emergency savings, and starting long-term financial planning.

2. Am I behind on retirement savings?

The answer depends on your goals, retirement timeline, and expected lifestyle. Reviewing your savings rate, projected retirement income, and expenses with a financial advisor can help determine whether adjustments are needed.

3. What should I focus on in my 50s?

Your 50s are often the time to prioritize catch-up contributions, tax planning, estate planning, Medicare preparation, and retirement income strategies.

4. How much should I have saved by 40, 50, or 60?

Retirement savings benchmarks vary widely depending on income, lifestyle, and retirement goals. Rather than focusing solely on generalized targets, it’s important to evaluate whether your current savings strategy supports your future retirement needs.

5. Why is retirement planning by age important?

Retirement planning by age helps you prioritize the financial decisions that matter most during each decade of life, from early savings habits to retirement income and legacy planning.

This article was originally published in the Pioneer Press. You may view the article here.

There is no guarantee that asset allocation or diversification will enhance overall returns, outperform a non-diversified portfolio, nor ensure a profit or protect against a loss. Investing involves risk, including possible loss of principal.