Your 20s
Establish a good financial base by assessing your debts while balancing them against your starting income and the need to save for retirement.
“One of the best things you can do is maximize tax-deferred savings through your employer, whether it is a full contribution through a 401(k) or fully funding a Traditional or Roth IRA,” says Bill Scofield, director of the Planning Groups at Morgan Keegan & Co.
Your 30s
It may be difficult if you are married and have children, but you still must balance debt with other expenses and discretionary spending while saving for retirement.
Also start thinking about setting aside money for your children’s college fund.
Your 40s
Begin maximizing contributions into 401(k) accounts. Extra income from prime earning years can be put aside to maximize retirement.
This, too, is the time you may be putting children through college.
In addition, you may want to protect your income in the event of major unexpected events by investing in life and disability insurance.
Your 50s
You may be beginning to care for your aging parents and contending with your own health problems. This is time to evaluate long-term care insurance and whether to invest in a long-term care program.
Advice, Please
Whatever your age, Scofield offers this suggestion: “Call a retirement adviser once a quarter. An adviser can educate you on where you stand in the marketplace, and see how and where you can allocate funds that would best suit your particular needs.”
Call the Regions Morgan Keegan Service Center at (866) 951-9511 to schedule an appointment with a financial advisor or for a brief review of your finances via phone.
Investment services are provided through Morgan Keegan & Co., Inc., a subsidiary of Regions Financial Corporation and a member NYSE, SIPC. Securities and insurance products sold through Morgan Keegan are not FDIC insured, not guaranteed by Regions Bank or its affiliates and may lose value.