How To Plan For Your Retirement In Your 20s

If you’re in your 20s, retirement planning is probably No. 2,515 on your priority list, sandwiched between learning how to build a lawnmower and discovering a planet. However, you’ll hear a lot of people in their 50s and 60s say the same thing:

“I wish I’d planned better for my retirement when I was young.”

It’s not just financed, either, that trip people up later in life when simply walking and maintaining balance is hard enough without the additional mental and material stress of retirement anxiety. Here are things to do in your 20s that will make you physically and financially sounder as retirement nears—when those issues will surely be at the top of your priority list.

Financial planning

The best thing you can do in your 20s is to develop a relationship with a capable, trustworthy, and likable professional financial planner. You may not have a lot of money to invest or save right now, but when you do, you’ll need help making the right decisions because there are hundreds of options—and it can get very, very complicated.

Many young people take financial advice from parents, a rich uncle, a successful colleague, or other well-meaning friends and connections. But this is a dangerous approach. People such as these have the best intentions, but what worked for them may not work for you. There are lots of things to consider in terms of risk tolerance, tax implications, and more. A professional knows how to systematically analyze the variables, and build a short- and long-term financial plan that’s sensible for you, not Uncle Nigel.


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Credits: Brad Shorr

About the Author

How can you know what you should do if you don’t know what you can do? Author, radio personality, educator and financial planning pioneer Stephen Kelley shares his secrets to More Now, More Later™ retirement income planning. Most planners regard income planning as a “zero‐sum game,” a “Rob Peter to pay Paul” exercise. In these self‐serving, Wall Street‐dictated scenarios, people must limit the amount of income they receive to ensure they don’t run out of money in retirement. But there is an alternative to this “less now, more later,” or “more now, less later” mentality. Using state‐of‐the‐art income planning techniques, and his own trademarked “Last Things First™” planning process, Stephen Kelley blows the lid off the traditional Wall Street‐serving methods and brings retirement planning home to the individual retiree. In his books you will learn how to: - Unleash as much as 3 times the lifetime income using half the money with Kelley’s trademarked planning process, Last Things First™ - Ensure your Social Security benefits enhance, rather than impede, your plan. - Reduce, or even remove, taxes and fees from your retirement plan. - Maximize market returns while minimizing market risk. - Regain control of your pension so you not only get all the income you can, but so you can also leave it to your heirs. - Take control of the planning process so you can spend freely without worry. - Much, much more.

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