Current:Home > StocksRetirement planning: 3 crucial moves everyone should make before 2025 -ChinaTrade
Retirement planning: 3 crucial moves everyone should make before 2025
View
Date:2025-04-18 12:12:24
Whether you're closing in on retirement age or have decades left in your career, the end of the year can be a fantastic time to double-check that your retirement plans are on track.Some aspects of retirement planning will depend on where you are in your journey.
People who are one year away from retirement may have different priorities than those early in their careers. That said, there are three moves that nearly every worker can make right now to prepare for the future.
1. Check your estimated Social Security benefit
If you've been working and paying Social Security taxes for at least 10 years, you likely qualify for retirement benefits. Once you qualify for benefits, you can check your estimated benefit amount online — even if you're still decades away from retirement.
Keep in mind that if you plan to work for many more years before taking Social Security, your benefit may change between now and retirement. But having at least a rough idea of what you'll receive in benefits can make it easier to save accordingly.
2. See if you can max out your 401(k) or IRA
Not everyone can afford to max out their retirement accounts, and that's OK. There may even be times when it's not wise to max out your account, like if you're saddled with high-interest debt or don't have a robust emergency fund.But if you have cash to spare, making those contributions now can be smart.
Retirement planning:This is the average 401(k) balance for ages 55 to 64
3. Double-check your retirement goals
Some of these factors are more applicable to those nearing retirement age, but even younger workers should be calculating their retirement savings goals and thinking about the age at which to retire. While you don't need to have every detail figured out right now, briefly checking in on these goals each year will make it easier to adjust your plans as necessary.
Planning for retirement takes decades, but small steps each year can go a long way. By checking in on your retirement journey regularly, you can set yourself up for long-term financial success.
The Motley Fool has a disclosure policy.
The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.
The $22,924Social Security bonus most retirees completely overlook
Offer from the Motley Fool:If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Simply click here to discover how to learn more about these strategies.
View the "Social Security secrets" »
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
veryGood! (91)
Related
- The FBI should have done more to collect intelligence before the Capitol riot, watchdog finds
- 'Reclaiming radical journey': A journey of self-discovery leads to new media in Puerto Rico
- Salma Hayek Covers Her Gray Roots With This Unexpected Makeup Product
- Artists outraged by removal of groundbreaking work along Des Moines pond
- Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
- Utah Legislature expands ability of clergy members to report child abuse
- South Carolina lawmakers finally debate electing judges, but big changes not expected
- Arizona’s Senate has passed a plan to manage rural groundwater, but final success is uncertain
- Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
- South Korea launches legal action to force striking doctors back to work
Ranking
- South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
- Watch: Tom Brady runs faster 40-yard dash 24 years after his NFL combine performance
- North Carolina’s public system will require colleges to get OK before changing sports conferences
- Ghana’s anti-LGBTQ+ bill draws international condemnation after it is passed by parliament
- Arkansas State Police probe death of woman found after officer
- When is the next total solar eclipse in the US after 2024? Here's what you need to know.
- Staggering action sequences can't help 'Dune: Part Two' sustain a sense of awe
- South Korea launches legal action to force striking doctors back to work
Recommendation
Which apps offer encrypted messaging? How to switch and what to know after feds’ warning
Florida couple used Amazon delivery ruse in elaborate plot to kidnap Washington baby, police say
Where could Caitlin Clark be drafted? 2024 WNBA Draft day, time, and order
Halsey Shares Photo of Herself Back in Diapers Amid Endometriosis Journey
Mets have visions of grandeur, and a dynasty, with Juan Soto as major catalyst
Missouri is suing Planned Parenthood based on a conservative group’s sting video
What went wrong in the 'botched' lethal injection execution of Thomas Eugene Creech?
Arizona’s Senate has passed a plan to manage rural groundwater, but final success is uncertain