Retirement Planning Checklist by Age

Retirement Planning Checklist by Age

• 20s: Start contributing to 401(k) — at least enough to get full employer match

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  Free money. Even 1% match is 100% return on that portion.
• 20s: Open a Roth IRA if 401(k) match is maxed

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  Tax-free growth for decades. Low bracket now = ideal for Roth.
• 30s: Aim for 1x annual salary saved by 30

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  Fidelity benchmark. Don't panic if behind — focus on increasing rate.
• 30s: Increase contributions 1–2% with each raise

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  You won't miss it. Automate the increase.
• 40s: Target 3x salary by 40

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  Compound growth accelerates. Stay consistent.
• 40s: Max out 401(k) and IRA if possible

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  Catch-up contributions start at 50. Prepare by tightening budget.
• 50s: Use catch-up contributions ($7,500 401k, $1,000 IRA in 2024)

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  50+ can contribute more. Take advantage.
• 50s: Aim for 6x salary by 50, 8x by 60

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  Benchmarks help. Adjust for your target retirement age.
• 60s: Decide when to claim Social Security (62 vs. 70)

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  Delaying increases benefit ~8%/year. Run breakeven analysis.
• 60s: Build a withdrawal strategy (which accounts to tap first)

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  Often: taxable first, then Traditional, Roth last. Depends on taxes.