Most of us don’t grow up with a “retirement plan.” We grow up with money experiences.
Maybe you watched someone stretch every dollar. Maybe you learned to save early. Or maybe money felt stressful, unpredictable…something you were never quite supposed to talk about. Those early lessons, whether they were spoken out loud or simply observed, tend to stick with us.
Years later, when retirement starts feeling closer, those habits (and blind spots) show up again. We see it all the time: people who are doing well financially still wonder if they’re doing the right things. Others feel behind simply because no one ever gave them a clear roadmap.
The truth is retirement success rarely comes from one perfect decision. It usually comes from a handful of smart moves repeatedly over time. That’s why we like breaking retirement planning down by decade.
At Wealth Analytics we are financial mentors, helping you see the full picture, encouraging save to spend strategies, and building a personal plan that adapts as life changes. Feel free to schedule a time to talk on our website and let’s get your accounts organized and working towards your goals.
Here is a step-by-step guide to help you and your loved ones know where to start.
Table of Contents
Your 20s: The Launchpad Decade
Your 20s are about getting moving! Even modest contributions can grow significantly because you have the biggest advantage in retirement planning: time.
If your employer offers a retirement plan, consider enrolling as early as possible. The most important step for many people is contributing enough to earn the employer match — essentially “free money.” If you can’t contribute much yet, start small and build the habit first. You can always increase later as your income grows. “A simple strategy that works well is each time you get a raise, increase your retirement contribution rate before you get used to the extra take home pay,” says Jeff Poole, Wealth Analytics Principal.
Pro Tip: A helpful long-term target to work toward is saving 10%–15% of your income for retirement (including any employer match).
Action Steps:
- Contribute enough to your 401(k) to get the full employer match
- Build an emergency fund (keep 3-6 months of expenses in a high-yield savings account)
- Open and contribute to a Roth IRA (up to $7,500/yr in 2026)
- Consider contributing to an HSA plan ($4,400 individual, $8,750 family in 2026) if eligible
- Balance debt with savings (prioritize high interest debt)
Student loans in your 20s
Many people in their 20s are balancing retirement savings while paying off student debt. If you’re in that boat, the goal is to make progress in both areas without burning out financially. In many cases, a strong starting approach is to contribute to your employer’s retirement plan to get the employer match, build a basic emergency fund, then focus on paying down high-interest student loans while gradually increasing retirement contributions. If you don’t have a company plan or your employer doesn’t match, then use the Roth IRA as your retirement savings account.
HSA opportunity
If you’re eligible for a Health Savings Account (HSA) through a high-deductible health plan, it can be a powerful addition to your retirement toolkit. An HSA can help you cover current healthcare costs, but it can also serve as a long-term savings opportunity, especially if you can invest the balance for future use.
Savings benchmark: Aim for ~1x your annual salary saved by age 30
Your 30s: The Momentum Decade
Your 30s are often the “busy decade”—career growth, family responsibilities, housing decisions, and bigger monthly expenses. Time is still very much on your side, so it is important to keep the momentum.
Many people are saving for big, short-term goals in their 30s whether that’s a down-payment on a home, new car, or travel experiences. As Jeff Poole often reminds clients, “This is the decade where it really helps to separate needs from nice-to-haves—because even small changes in spending can create room to save without feeling deprived.” Whenever possible, build short-term savings separately in a dedicated account while continuing to contribute to retirement. The goal is to fund today’s priorities without borrowing from your future self. Tapping retirement accounts for major purchases can mean missing out on years of long-term growth.
Action Steps:
- Increase retirement contributions as income grows, aiming towards a 15% retirement savings rate or more (including employer match)
- Consider contributing to an HSA plan ($4,400 individual, $8,750 family in 2026) if eligible
- Review insurance as your financial responsibilities grow (life insurance, disability insurance, health coverage for dependents)
- Consider opening 529 accounts if you have kids
- Consolidate old retirement plans after job changes
Savings benchmark: Aim for ~3x your annual salary saved by age 40.
Your 40s: The Catch-Up Decade
Your 40s are a checkpoint decade. Retirement is close enough that the math starts to feel real, but you still have time to make meaningful improvements.
This is a great time to take a more active role in planning: Are you saving enough for the retirement you want? Does your investment strategy still match your timeline? Are there debts or expenses holding you back from increasing savings?
Action Steps:
- Increase savings as peak earning years approach (max out contributions if possible)
- Consider contributing to an HSA plan ($4,400 individual, $8,750 family in 2026) if eligible
- Rebalance investments periodically to stay aligned with your goals
- Eliminate debt strategically (especially high-interest debt) so you can free up cash flow
- Review and update key documents like trusts, wills, beneficiaries, powers of attorney
Funding Kids’ College
College savings are important, but retirement planning should come first. Many students have options to help cover education costs, including scholarships, financial aid, and loans. Retirement doesn’t offer the same flexibility—you generally can’t borrow your way into a secure retirement later. Jeff Poole says, “One of the best gifts you can give your kids is not having to worry about supporting you financially in retirement.”
Savings benchmark: Aim for ~6x your salary saved by age 50.
Your 50s: The Retirement Runway
This is often the decade when retirement shifts from a distant concept to an actual timeline. You may find yourself asking clearer, more specific questions: When do I want to retire? What kind of lifestyle do I want? And how do I turn what I’ve saved into income I can rely on?
This can also be a powerful decade financially: careers may be in peak earning years, children may be more independent, and catch-up contributions become available. At this stage, planning isn’t just about saving more; it’s about building a strategy that accounts for taxes, healthcare, income, and long-term stability.
Action Steps:
- Maximize retirement contributions and take advantage of catch-up limits
(for example, a 401(k) limit of $24,500, plus an $8,000 catch-up for those age 50+ in 2026) - Consider contributing to an HSA plan ($4,400 individual, $8,750 family in 2026) if eligible
- Reduce or eliminate debt
- Create a realistic retirement budget (What expenses may decrease? Where do you want to spend more?)
- Build a retirement income strategy that considers taxes and market risk
- Gradually adjust investment allocation as retirement approaches
- Plan for healthcare coverage, especially if you have gaps before Medicare
Plan for Taxes
Many retirees have most of their savings in traditional retirement accounts, which means withdrawals will be taxed as ordinary income. While no one knows what future tax rates will be, building tax diversity can give you more flexibility later. That might include using an HSA to save for healthcare expenses in a tax-efficient way, adding Roth savings (or exploring Roth conversions in low-income years) to create tax-free income, or setting aside additional savings in a taxable account.
Long Term Care
It’s estimated that 7 out of 10 people will require some level of care later in life, and those costs are often not covered by Medicare. You can self-insure with your assets or purchase long-term care insurance. For those considering insurance, ages 55-65 is the best time to explore options, since coverage is typically more affordable and easier to qualify for while you’re still in good health.
Savings benchmark: Aim for ~8x your salary saved by age 60.
Your 60s & Beyond: The Transition & (“You Made It”) Decades!
Your 60s mark a true transition. Retirement is no longer theoretical, it’s either happening now or just around the corner. This is the stage where individual decisions begin to come together: when to retire, when to claim Social Security, how to generate income from your accounts, how to manage taxes, and how to plan for healthcare and longevity. As Jeff Poole puts it, “Retirement is an exciting time, but it can also bring uncertainty. Having someone to help you connect the pieces and think through the transition can bring peace of mind.”
For those still working in their early 60s, this can be a final opportunity to strengthen the plan. Recent rule changes allow for super catch-up contributions between ages 60 and 63, which can provide an extra boost if cash flow allows. At the same time, attention often shifts from accumulation to preservation and income—making sure your savings can weather market ups and downs while continuing to support spending.
Action Items:
- Maximize contributions if you’re still working, including super catch-up limits
(for example, a 401(k) limit of $24,500, plus up to $11,250 in catch-up contributions for ages 60–63) - Before Medicare, consider contributing to an HSA plan ($4,400 individual, $8,750 family in 2026) if eligible
- Apply for Medicare 3 months before you turn 65 (you may be able to delay enrollment if covered through your or your spouse’s employer)
- Determine when to take Social Security
- Build a withdrawal plan that balances income needs, taxes, and market risk
- Plan ahead for Required Minimum Distributions (RMDs) from retirement accounts and how they fit into your tax picture
- Review and update key documents, including wills, trusts, beneficiaries, and powers of attorney
Social Security
While benefits can begin as early as age 62, waiting until your full retirement age gives you 100% of your benefit. You’ll receive an additional 8% increase for each year you delay until you reach age 70 (max benefit). There isn’t a benefit to delaying past 70, so even if you are still working, apply to receive Social Security.
Charity
For the charitable and giving-inclined, there are great opportunities before and during retirement to give money to where it matters most – Donor Advised Funds, Qualified Charitable Distributions, 529s for grandkids, or just gifting.
Big Picture
While it’s possible to manage pieces of this on your own, many people find real value in working with a trusted financial advisor, especially as decisions become more interconnected. At Wealth Analytics, we are a team of fiduciary financial advisors that help people create a comprehensive financial plan and investment strategy for a meaningful and secure retirement. Retirement planning isn’t something you solve in one conversation or one decade. It’s a series of decisions made over time—adjusted as your life, goals, and priorities evolve.
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