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Set (or reset) your retirement goals at any age

Individuals 03.08.2023 4 MIN

If you feel like you’re behind on your retirement goals, you’re not alone! According to a recent Goldman Sachs survey on retirement, about 40% of respondents said they were behind in retirement savings.1

The good news is that no matter when you plan to retire, it’s never too early to start and it’s possible to make up for lost time. Here are some factors to consider at each life stage to help you plan for retirement and get back on track with your goals. And don’t forget—your Financial Wellness coach can help with these steps along the way!

30+ years from retirement

Now is the time to get in the habit of saving for retirement. Consider saving enough in your 401(k) to secure any company match available to you so you’re taking full advantage of the benefit. Consider scheduling a call with a coach to make a financial plan that works for you right from the start.

One of the most effective saving strategies is to pay yourself first each month so a set amount goes to retirement. Starting early also gives you the opportunity to commit more to savings when your expenses may be lower and it gives you a longer time trajectory, so you can consider more aggressive investment options. You may also have the opportunity for automatic savings increases. This allows you to select a percentage to increase your contributions year by year, up to IRS limits, helping you save more. Later in life, you may need to balance college educations, a mortgage, assisting parents, and other financial responsibilities with saving for retirement.


20–30 years from retirement

Evaluate your investment strategy, understand your comfort with risk and make sure your investments are appropriate. Since you’ve got some time before you’ll need to use your retirement funds, you could consider investments with higher potential for returns (like stocks). But keep in mind, higher potential rewards typically come with higher risks!

Review tax laws and how they could impact your finances. Depending on your employer plan, you may be eligible to make pre-tax or Roth contributions, which could save you money in the long run. Remember, while it’s a good idea to contribute the minimum required to receive a full match from your company, you can also contribute more to boost your savings further, as these funds are contributed on a pre-tax basis. Each choice comes with its own advantages, so speak with a coach to help determine which best fits you.


10–20 years from retirement

Plan the specifics of your retirement and try to increase the amount you contribute if you have additional funds. Certain expenses may decrease such as commuting, education, or childcare. However, you may have an increase in other areas like travel or medical. Create a list of your current and future expected expenses to help solidify your plan.

Remember, at age 50, you become eligible to make additional “catch-up” contributions to your retirement savings accounts. Review the IRS annual limits on catch-up contributions to get started.


5–10 years from retirement

Look at your options for health insurance and long-term care insurance. Make sure you understand how Medicare could factor into your financial plan.

Reassess your risk tolerance. As your retirement approaches, you might consider shifting assets to less risky investments, like bonds, that can provide more stability.

Continue making adjustments to your budget. You should review your sources of income and the amount you have saved. Review your estimated social security benefit amount by visiting the social security administration, gathering your pension estimates, and reviewing your savings balances.


Close to retiring?

If you’re even closer to retirement, a Goldman Sachs Ayco coach can discuss your company benefits, retirement plans and options and make sure your investments align with your financial goals. A coach can also help you see if you’re on track to retire based on your current savings and can help you bridge any gaps to help you meet your retirement goals.

No matter what your life stage, or your goals, financial planning is available at no cost to you. Reach out for a one-on-one conversation today.

If you have Goldman Sachs Ayco as a company benefit, register, log in or download our Goldman Sachs Wellness app to learn more about this and other financial wellness topics.

If you have access to this benefit, the cost of financial planning services is paid for by your employer, and dependent on employment status.



2 Note: Any reference to an Internet site sponsored and maintained by third parties (the ”Site”) is provided solely as a convenience to you, and does not constitute an endorsement, authorization, sponsorship, or affiliation by The Ayco Company, L.P. or its affiliates. Ayco has not reviewed or tested any information, software, or products found on the Site, and therefore makes no representations regarding the content or sponsors of the Site or the suitability or appropriateness of the products or transactions described therein.