Planning your dream retirement looks different in each stage of life, but one principle remains the same across generations—save early and often. The reality is more than 43 percent of workers are not saving for retirement, and more than half have saved less than $25,000, according to Employee Benefit Research Institute.

It’s never too soon to start preparing for retirement, and it’s never too late to make retirement planning a priority. Consistent, modest savings can add up over time. Whether you’re months or what feels like a millennia from retirement, there are effective steps you can take now to reach financial readiness. Having a plan and knowing your steps puts your goal within reach.

The Roaring 20s

Believe it or not, you should think about retirement now, even when your cupboards may be stocked with Ramen and your school loans easily outpace your earnings for years to come. Be proactive with these steps:

• Make contributions to your employer’s 401(k) or another retirement plan.
• Prioritize financial goals, such as paying off debt, developing a savings plan that leverages time and compound interest and building an emergency fund with three to six months of expenses
• Create a budget to track your spending automatically

The Up-Trending 30s

Things are likely looking up in your 30s, with income on the upswing and the upside down debt-to-income ratio balancing out. Your challenge is setting yourself on a path to long-term financial balance. Make these strategies part of your journey:

• Continue contributing to a 401(k) or other retirement plan.
• Manage your debt.
• Keep expenses in check.
• Establish adequate home, auto, health and life insurance.

The Fabulous 40s

As your earnings increase, your savings should follow a similar trajectory. Keep the trend and momentum going, and don’t give in to the temptation to sacrifice tomorrow for fun today. A few key strategies to keep in mind:

• Contribute the maximum amount to 401(k) or other retirement plans.
• Maximize your employer matching contribution.
• Don’t sacrifice retirement savings for kids’ college savings and expenses.
• Keep managing your expenses.

The Formidable 50s

Retirement may be closer than you thought possible. Even if it’s not imminent, it’s on the horizon. Now is the time to make sure you’re really ready. Specifically:

• Estimate your needs at retirement based on how you want to live your life.
• Adjust your level of savings, retirement date and expectations accordingly.
• Review your asset allocation, as recommended periodically, to ensure you aren’t taking on too little or too much risk.
• Protect against the possibility of outliving your assets.
• Consider long-term care insurance.

The Sneaky 60s

Wow, where did the big 6-0 come from? You owe it to yourself and your family to do a thorough assessment and projection long before now. But you’re smart, so you’ve done that, and now you should:

• Continue thoughtfully considering your asset allocation strategy.
• Take in to account Social Security—the longer you wait to collect, the higher your monthly payment and survivor benefits.
• Review your pension or 401(k) options and create a withdrawal strategy.
• Strike a balance between generating income today and growing your assets for the future.
• Consider working longer or part-time if it means achieving the lifestyle you want.

Don’t let fear stop you from planning—Busey Wealth Management is on your side, even when time isn’t. For a partner committed to your retirement success, contact us today at 1.800.67 | Busey for financial calculators and more helpful retirement resources.