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Retirement Savings by Age

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Retirement Savings by Age

Posted On: June 16, 2021 by Bank of Louisiana in: Budgeting, Personal Finance, Retirement, Savings

At any age, you should be saving for retirement - yes, even when you’re 20. This can mean more than just putting a little money into your employer's 401(k) plan. It’s important to think about all the expenses you will have in the future and how you will afford them. Therefore, we wanted to share some information on how you should save for retirement based off your age. Read on to learn more!  Twenties  This age is becoming more in touch with finances and investing. Different apps allow you to invest in stocks and make money over time. Getting in on these investments at this age is a good idea, as it gives you ample time to learn more about this environment and change things as you grow. An advisor can help you learn about investing while also teaching you about other options such as CDs or IRAs.  You’ll also want to make sure you are investing as much into your 401(k) as your employer is matching.