Start saving for retirement as soon as you can. (Source: WECT)
WILMINGTON, NC (WECT) -
It's never too early to start thinking about your retirement.
Jerry Smith with SunTrust Investment Services joined us on WECT News First at Four to share tips that will help you no matter your age.
In your 20s:
Start saving as soon as possible.
Smith said you should allocate a percentage of your monthly income to a retirement account, especially if your employer offers matching funds.
In your 30s:
It's not enough to put your head down and save, Smith said you have to prepare for threats to your financial well-being. Consider life and disability insurance. Put together your will. Create college savings accounts for your children.
In your 40s:
Smith recommends you accelerate your savings during these prime earning years. As you move up the income scale, place higher percentages of your earnings into retirement accounts.
In your 50s:
Take advantage of higher catch-up contribution limits in 401ks and IRAs.
Be sure to have your life insurance and estate plan in order.
You can get more tips on retirement planning here.