1. Retirement Planning For 30-Somethings: Introduction
  2. Retirement Planning For 30-Somethings: Check Your Progress
  3. Retirement Planning For 30-Somethings: Enhance Your Budget
  4. Retirement Planning For 30-Somethings: Increasing Your Savings Rate
  5. Retirement Planning For 30-Somethings: Reducing Savings
  6. Retirement Planning For 30-Somethings: Managing Life Changes
  7. Retirement Planning For 30-Somethings: Managing Your Credit Score
  8. Retirement Planning For 30-Somethings: Managing Your Investments
  9. Retirement Planning For 30-Somethings: Avoiding Withdrawals
  10. Retirement Planning For 30-Somethings: Deposits And Loans
  11. Retirement Planning For 30-Somethings: Retirement Resources
  12. Retirement Planning For 30-Somethings: Conclusion

If you designed and implemented a plan for your retirement while you were in your 20s, check to determine whether you are on target, and if changes can or need to be made. The following are some factors for consideration:

  • Change in family or relationship status: If your marital or relationship status has changed, your retirement needs, projected retirement date and planned retirement lifestyle are just of a few of the things that might have also changed. For example, if you got married, you now have to plan for retirement for two instead of one, and your spouse's income (or lack of income) should be taken into consideration.
  • Your retirement horizon: If the retirement date included in your original plans for retirement has changed, the amount that you will need to have saved will likely change as well. This may necessitate modifying the amounts that you add to your retirement nest egg, as well as changing your asset allocation model for your investments.
  • Addition to your family: If you have new family members, such as children or elderly parents for whom you are now responsible, such changes will impact your disposable income, your budget and ultimately the amount that you will be able to add to your retirement nest egg. If the change results in you reducing the amount that you add to your savings, it could necessitate postponing the date by which you had planned to retire.
  • Change in job status: A change in job status usually means a change in income. Your plans may need to be modified depending on whether your income increases or decreases.
  • Investment performance results are not what were projected: If your investments have not performed as projected, you may need to increase your savings if the returns were lower than projected, or plan for an earlier retirement date if they performed better than projected.
Regardless of the change you experience, your retirement plan should be reviewed to determine if it is on track, and to identify opportunities for modifications that could improve your results.


Retirement Planning For 30-Somethings: Enhance Your Budget
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