--- title: An Age-by-Age Guide to Saving for Retirement description: Whatever your age, it's not too early (or too late) to save for your retirement years. Here's a guide to how you should save each decade of your life. image: https://go.hfcu.org/hubfs/retirement-1.jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) ### Posts by Topic - [Personal Finance (262)](https://go.hfcu.org/blog/topic/personal-finance) - [Home (164)](https://go.hfcu.org/blog/topic/home) - [Life Changes (109)](https://go.hfcu.org/blog/topic/life-changes) - [Credit Cards (92)](https://go.hfcu.org/blog/topic/credit-cards) - [Security (74)](https://go.hfcu.org/blog/topic/security) - [Credit Score (69)](https://go.hfcu.org/blog/topic/credit-score) - [Auto (60)](https://go.hfcu.org/blog/topic/auto) - [Checking (54)](https://go.hfcu.org/blog/topic/checking) - [Business (48)](https://go.hfcu.org/blog/topic/business) - [Investments (36)](https://go.hfcu.org/blog/topic/investments) - [Mortgage (32)](https://go.hfcu.org/blog/topic/mortgage) - [Savings (29)](https://go.hfcu.org/blog/topic/savings) - [Scams (29)](https://go.hfcu.org/blog/topic/scams) - [Work (28)](https://go.hfcu.org/blog/topic/work) - [Debt (25)](https://go.hfcu.org/blog/topic/debt) - [Holidays (25)](https://go.hfcu.org/blog/topic/holidays) - [Money Management (22)](https://go.hfcu.org/blog/topic/money-management) - [Hanscom FCU (21)](https://go.hfcu.org/blog/topic/hanscom-fcu) - [Home Ownership (21)](https://go.hfcu.org/blog/topic/home-ownership) - [Credit Report (20)](https://go.hfcu.org/blog/topic/credit-report) - [Government (20)](https://go.hfcu.org/blog/topic/government) - [Home Equity (18)](https://go.hfcu.org/blog/topic/home-equity) - [Budget (17)](https://go.hfcu.org/blog/topic/budget) - [Mobile Banking (17)](https://go.hfcu.org/blog/topic/mobile-banking) - [Investment Property (16)](https://go.hfcu.org/blog/topic/investment-property) - [Saving Money (16)](https://go.hfcu.org/blog/topic/saving-money) - [Insurance (15)](https://go.hfcu.org/blog/topic/insurance) - [Taxes (15)](https://go.hfcu.org/blog/topic/taxes) - [Children (13)](https://go.hfcu.org/blog/topic/children) - [College (11)](https://go.hfcu.org/blog/topic/college) - [Financial Wellness (11)](https://go.hfcu.org/blog/topic/financial-wellness) - [Retirement (11)](https://go.hfcu.org/blog/topic/retirement) - [Community (10)](https://go.hfcu.org/blog/topic/community) - [Online Banking (10)](https://go.hfcu.org/blog/topic/online-banking) - [Estate Planning (8)](https://go.hfcu.org/blog/topic/estate-planning) - [COVID (7)](https://go.hfcu.org/blog/topic/covid) - [Deals (7)](https://go.hfcu.org/blog/topic/deals) - [Death (7)](https://go.hfcu.org/blog/topic/death) - [Shopping (7)](https://go.hfcu.org/blog/topic/shopping) - [Fraud (6)](https://go.hfcu.org/blog/topic/fraud) - [Mass Save (6)](https://go.hfcu.org/blog/topic/mass-save) - [Teens (6)](https://go.hfcu.org/blog/topic/teens) - [Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # An Age-by-Age Guide to Saving for Retirement ** [MoneyWisdom Newsletter](https://go.hfcu.org/blog/author/moneywisdom-newsletter) ** Jan 13, 2021 ![](https://go.hfcu.org/hubfs/retirement-1.jpg) Retirement experts say by the time you retire at age 67, you should have at least 10 times your annual salary saved. If that number is daunting, remember: the sooner in life you start saving, the more time your retirement funds have to grow. As you get closer to retirement, the money you’ve saved through the years will have grown through interest, increased value, and/or dividend reinvestments, giving you a huge boost toward reaching seemingly overwhelming retirement savings goals. Here’s an age-by-age look at how to save for retirement: **In Your 20s:** You’ve got time on your side, an asset you won’t have later in life, so “use it or lose it.” In your 20s, you may not have a mortgage or family to support, meaning you’ll have more disposable income for savings. Start by building your [emergency savings](https://go.hfcu.org/blog/emergency-savings-accounts-where-to-stash-your-cash); three to six months of living expenses is a solid amount. Then aim to save 10% of your income for retirement. Use your employer’s 401(k), where you can take advantage of any employer matches (free money!) or save through an individual retirement account (IRA). You always want to defer enough money in your 401(k) savings to get 100% of your company match; otherwise you're leaving free money on the table. **In Your 30s:** You’re settling down now, maybe buying your [first home](https://go.hfcu.org/blog/6-mistakes-first-time-homebuyers-make) or raising a family. You may not have as much discretionary income as you did in your 20s, but you still have time on your side. It’s important to stay the course if you’ve been saving regularly. Resist the urge to cut back or eliminate your retirement savings to cover other expenses, like a house down payment or mortgage. Aim for saving 15% of your annual salary for retirement. If  that's a challenge, some company plans allow you to automatically increase your contributions by 1% or more every year, which can make hitting this goal easier and less painful. Your 30s can be a good time to start talking with an investment professional to ensure you’re on track to reach your goals. **In Your 40s:** Congratulations, you’ve entered your peak earning years! You may still have a lot of expenses ─ [mortgages](https://go.hfcu.org/blog/3-new-rules-for-refinancing-your-mortgage), car payments, child care and educational costs − but by now you’ve built up some good savings habits. Put any bonuses, raises, and inheritances you receive into savings or investments. Work with an accountant to ensure you’re getting every tax advantage you can; they can often suggest ways to reduce your tax bill so that extra money can get funded into retirement savings.* **In Your 50s:** You’re still flying high at work, but retirement is just around the corner. Take a hard look at your retirement savings. Are you on track? If you’re not, plow as much money as you can into your retirement accounts; if you’re 50 or older at the end of the year, you can make an [annual “catch-up” contribution](https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-catch-up-contributions#:~:text=Individuals%20who%20are%20age%2050,403(b)) to your 401(k) of up to $6,500 in 2022 and $7,500 in 2023.* Avoid the temptation to dip into your retirement savings to fund a child’s college education as you won’t have time to make up the short-fall. **In Your 60s and Beyond:** Whew, you made it! If you were able to save throughout your working years and invest that money wisely, you can now enjoy the fruits of your labor. Life expectancies are longer today than they’ve ever been, so if you’re short on retirement funds, consider working beyond the traditional retirement age. This could be your opportunity to do the work you’ve always wanted to do. While time won’t be able to work its magic on any savings you accrue now, you’ll have regular income coming in each month to augment your savings.   *The investment advisors at Hanscom Investment Services can help you with retirement planning whatever age you are. It’s never too early…or too late! Give them a call at 800-656-4328 ext. 2236 or visit *[*www.hanscominvestmentservices.org*](http://www.hanscominvestmentservices.org)*.*† [![Schedule a free consultation with Hanscom Investment Services](https://no-cache.hubspot.com/cta/default/118438/92c28789-cb49-49a6-ab5d-00afcbfacbd5.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/92c28789-cb49-49a6-ab5d-00afcbfacbd5) *Others are reading:* - [Get SMART About Financial Goal Setting in the Age of COVID](https://go.hfcu.org/blog/get-smart-about-financial-goal-setting-in-the-age-of-covid) - [Unexpected Early Retirement? How to Protect Your Financial Future](https://go.hfcu.org/blog/unexpected-retirement) - [Smart Money Moves to Make in Uncertain Times](https://go.hfcu.org/blog/money-moves-uncertain-times) - [3 New Rules for Refinancing Your Mortgage](https://go.hfcu.org/blog/3-new-rules-for-refinancing-your-mortgage) - [Emergency Savings Accounts: Where to Stash Your Cash](https://go.hfcu.org/blog/emergency-savings-accounts-where-to-stash-your-cash) * The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation*.*   †Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Hanscom Federal Credit Union is not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Hanscom Investment Services, and may also be employees of Hanscom Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Hanscom Federal Credit Union. Securities and insurance offered through LPL or its affiliates are:  Not Insured by NCUA or Any Other Government Agency / Not Hanscom Federal Credit Union Guaranteed / Not Hanscom Federal Credit Union Deposits or Obligations / May Lose Value ** [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance), [Savings](https://go.hfcu.org/blog/topic/savings), [Retirement](https://go.hfcu.org/blog/topic/retirement) [** Buy Vs. Lease Your Next Auto ](https://go.hfcu.org/blog/buy-vs-lease) [** Protect Yourself From Unemployment Fraud ](https://go.hfcu.org/blog/protect-yourself-from-fraud) ### About Author ![Default Author Image](https://cdn2.hubspot.net/hubfs/476360/Blog%20Template/Images/default-author-thumbnail.jpg) MoneyWisdom Newsletter Related Posts [![Navigating Financial Challenges After a Job Loss](https://go.hfcu.org/hubfs/iStock-1444494544.jpg) Navigating Financial Challenges After a Job Loss ](https://go.hfcu.org/blog/job-loss) [![Three Tips to Build a Financial Safety Net](https://go.hfcu.org/hubfs/2-2.png) Three Tips to Build a Financial Safety Net ](https://go.hfcu.org/blog/safety-net) [![Traveling this summer? 9 credit card tips to know](https://go.hfcu.org/hubfs/two%20women%20at%20cafe%20on%20vacation.png) Traveling this summer? 9 credit card tips to know ](https://go.hfcu.org/blog/traveling-this-summer-9-credit-card-tips-to-know) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/an-age-by-age-guide-to-saving-for-retirement/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/an-age-by-age-guide-to-saving-for-retirement/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/an-age-by-age-guide-to-saving-for-retirement/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Comment ### Subscribe To Blog ### Subscribe to Email Updates ### contact **Hanscom Federal Credit Union** 1610 Eglin St. Hanscom AFB, MA 01731 Call us: [800-656-4328](tel:8006564328) [https://www.hfcu.org/](https://www.hfcu.org/) ### About Us [The MoneyWisdom Blog](https://www.hfcu.org/the-moneywisdom-blog.html) ### Social ** ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.facebook.com/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### http://www.youtube.com/c/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "MoneyWisdom Newsletter" }, "dateModified" : "December 31, 2022, 5:12:55 PM", "datePublished" : "2021-01-13 13:21:00", "description" : "Whatever your age, it's not too early (or too late) to save for your retirement years. Here's a guide to how you should save each decade of your life.", "headline" : "An Age-by-Age Guide to Saving for Retirement", "image" : { "@type" : "ImageObject", "url" : "https://f.hubspotusercontent30.net/hubfs/118438/retirement-1.jpg" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/an-age-by-age-guide-to-saving-for-retirement", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```