Do your future self a favor—make these specific money moves in your 20s, 30s, 40s, and on.
Money doesn’t really age: It’s never too late to make smart financial decisions.
“This is the best time to make saving money a priority and the best time to avoid some pitfalls like getting into a lot of credit card debt,” says Ted Schumann II, managing partner of independent registered investment advisory firm The DBS Companies.There’s one way to do both, and it’s creating a reasonable budget that aligns with your priorities and includes at least some allocation toward savings, even if it it’s a small one.
The first two decades of “adulthood” are so important because time is the single biggest asset you have when it comes to growing your money . Investing early gives your money time to grow through compound interest. A retirement calculator will give you a good idea of your savings progress, and tell you whether you need to ramp things up, keep cruising along or even — in some rare cases — dial back.
In your 50s: Catch up while you can The IRS knows that many people are behind in saving for retirement, and so it throws out a bone for people this age: The contribution limits for tax-advantaged retirement accounts like 401s and IRAs increase for those over 50. That means it’s time to make some concrete plans. What was once a very vague goal starts to come into focus. When will you stop working? Do you plan to quit altogether or shift to part-time? Many retirement experts say your mental and financial well-being will benefit from the latter, if your health allows it.
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