Building your retirement savings in mid-life

Quick answer: Regularly check your progress toward your retirement goals, review your budget, and talk to your family members about their goals and concerns.

You may have given saving for retirement a lot of thought when you first joined the workforce, or when you were younger. Things may have changed for you since then. You may have more expenses and responsibilities now, and your financial picture may have changed. But a lot of the principles still apply.

  • Work toward a goal of saving 10% – 15% of your salary for retirement.
  • Make sure you have or are building an emergency fund that will support you for 6 – 9 months.
  • Review your budget monthly and adjust for any changes, like new expenses that need to be accounted for.

New concerns

You may also have some new things to deal with. At this stage in your life it’s important to find the right balance between your retirement goals, children’s education costs, and caring for aging loved ones.

Lessen these worries by:

  • Teaching your kids good financial habits. Involve them in decision making when it comes to how much the family will contribute to their education needs.
  • Keep saving. Don’t forget the magic of compound interest.
  • Talk to your parents or other older relatives. Make sure you talk to them when everyone is well, and when there aren’t other stresses occurring (like during the holidays).