Good Retirement Planning Takes a Lifetime

What is a simple way to begin planning for retirement? In this video, Adriane Berg, founder of Generation Bold and author of Bottom Line’s Aging for Beginners blog, explains that there are different things we should be doing at different life stages to plan for retirement. In your 20s, you should focus on saving a minimum of 10% of your income. In your 30s and 40s, be sure to live within your means and also plan for your children’s needs so that you don’t deplete your retirement funds to help your children. In your 50s, plan for income generation over the remainder of your working years. In your 60s and early 70s, focus on retirement options that add to your income and work with your existing savings, pension, etc. With today’s increasing lifespans, following these steps will allow for a long and prosperous retirement.