Saving for retirement based on age

In this week’s episode of Money Glow Up, host Tiffany Aliche welcomes Robert Powell, the host of Yahoo Finance’s Decoding Retirement, for a discussion on retirement planning—whether you’re just starting your financial journey in your twenties or approaching your golden years.

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Regardless of when you begin saving for retirement, the crucial question remains: how much will you actually need to save?

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To help you achieve your savings goals, Powell, a retirement expert & financial advisor, emphasizes the importance of young professionals in their twenties maximizing their company’s 401(k) plan, advising them to “sign up to receive as much of the company’s employer match as soon possible.”

Powell acknowledges that those in their thirties and forties may feel behind in their retirement savings. During this critical period, he recommends reviewing expenses and cutting back on discretionary spending to boost retirement contributions.

“And then by the time you get to your fifties, you’ll be able to take advantage of catch-up contributions, which is sort of this great gift,” Powell says.

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Powell also adds that even working two additional years beyond your initial plans can significantly improve your chances of achieving retirement security.

Together with Yahoo Finance, Tiffany Alice creates a space to share real and inspiring money stories, learn financial fundamentals, and build your future. Step into the classroom with Money Glow Up every Thursday at 12 pm ET with Tiffany Aliche — aka The Budgetnista — to jump-start your financial journey.

This post was written by Shelby Boamah.