Retirement Saving Strategies

If you're starting to save in your 20s:

• Try to set aside 10%–15% of your income for retirement.
• Resist the temptation to cut back on retirement savings.
• Remember that even small contributions can grow substantially over time.

If you're starting to save in your 30s:

• Try to save 15%–25% of your income for retirement.
• Track your spending patterns to see where you might cut back.
• Put as much of your bonus as possible into your retirement savings.
• Continue to fund your retirement accounts—even while saving for your children's college expenses and paying down your mortgage.

If you're starting to save in your 40s:

• Try to save 25%–35% of your income for retirement.
• Max out your 401(k), SEP-IRA, or other business retirement plan.
• Contribute to a Traditional IRA or a Roth IRA, if eligible, and consider a deferred variable annuity.
• Look for ways to cut back on unnecessary expenses.

If you're starting to save in your mid-40s or later:

• Try to set aside at least 35% of your income for retirement.
• Max out all of your tax-deferred retirement account options.
• Contribute to a Traditional IRA or a Roth IRA, if eligible, and consider a deferred variable annuity.
• Consider postponing retirement for a few years, or working part-time to supplement your retirement income.