Retirement is personal, so focus on your own needs and circumstances instead of benchmarking against peers.
Tailor your retirement saving strategy to your lifestyle, expenses and desired retirement age.
Realize your strategy may change, and that’s okay. Just make sure you have financial guidance to help navigate the journey.
So here’s the deal: If you're just starting your career, the best time to start thinking about retirement is right now. And if you’ve been working for years, we also think the best time to start thinking about retirement is also right now.
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Title: Retirement for the ages
Retirement is personal – so you have to make sure your plan is, too – that means a savings strategy that fits your lifestyle, expenses, and when you want to actually retire.
So with that in mind, here are a few key things to help set you up for a retirement for the ages:
In your 20s,: This is the time to make sure you’re taking full advantage of your employer-sponsored retirement plan, like a 401(k), if it’s available. If it isn’t, look into IRAs or target date ETFs. Two of the biggest things to pay attention to: fees and the amount of risk you’re taking. Remember, you’ve got a long career ahead of you – and that means you have time to weather any ups and downs in the market.
In your 30s and 40s,: It’s all about balance or at least trying. Odds are, you’ve got more than a few things on your plate: buying a home, starting a family, changing jobs – you name it. Those are big, near-term milestones. And one of the best things you can do to protect your long-term interests is to build up a healthy emergency savings buffer and pay down high-interest debt. That way, you can keep saving for those big retirement goals.
In your 50s, Retirement starts to get pretty real, so it’s a good time to consider all your options for generating and optimizing retirement income. Think Social Security, a pension (if you have one) or a 401(k) with a retirement income solution. And then you start crunching those numbers. There are digital tools that can help you estimate how much you can spend in retirement without running out.
And here’s the good news. There are also financial professionals all over the country who want to work with you and partner with you to build a great retirement – no matter what stage of life you’re in.
The bottom line is: Retirement planning is all about you. So focus on your needs, focus on your circumstances. And remember, it's okay if your plan changes over time—just keep calm and keep saving. Your future self will thank you.
What’s the best time to start planning your retirement? Jaime Magyera, BlackRock’s Senior Sponsor for Retirement, breaks down how to think about retirement throughout the ages
The best time to plant a tree was 20 years ago. We believe the second best time is today. We like to think that logic applies to planning for retirement, too. Across all generations, 60% of workplace savers are worried about outliving their savings. So, if you’re new to the workforce, now is the best time to start. If you’re further into your career, now is still the best time to start.
If your employer offers a 401(k) plan, sign up for it (they may even auto-enroll you). If you don’t have access to a 401(k) plan about half of U.S. private sector workers don’t look into IRAs or target date ETFs.
Re-evaluate your retirement plan contribution. Some plans offer auto-escalation that increases your contributions by 1% each year but it’s worth seeing if you can increase it even more.
Consider taking advantage of catch-up contributions. Starting at age 50, you can contribute up to $7,500 ($11,250 in 2025 if you're 60-63) extra annually in your 401(k) per IRS rules, and you don’t actually have to be behind to 'catch-up'.
Discover why annuity owners value lifetime income for financial security, peace of mind, and protection against market volatility and inflation.
Gain advisor insights on retirement income solutions, including guaranteed income streams and QDIA strategies, to ensure financial security for retirees.
The 2024 BlackRock Read on Retirement® survey provides insights from a research study of over 450 large defined contribution plan sponsors, 300 retirement plan advisors, 1,300 workplace retirement plan savers, 1,300 independent savers and 300 retired workplace savers in the United States. The survey is executed by Escalent, an independent research company. All respondents were interviewed using an online survey conducted between January 29 and March 7, 2024.
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