Retirement Planning—Resolutions for Every Life Stage

As you plan for the year ahead, don’t forget to also think about longer-term planning. This is the perfect time to prepare for many happy new years to come by developing a complete retirement plan.

Here are a variety of resolutions so you can prioritize according to your life stage.

JUST STARTING OUT (20s–30s)

Resolution 1: Establish an emergency fund.
Focus on building for the future—rather than living day to day—by establishing your financial foundation. When something unexpected happens, you’ll be ready to handle it.

Resolution 2: Set up automatic contributions to an IRA.
Give yourself the best start to accumulating wealth by saving for retirement early. Your future self will gain all the benefits of compound interest and decrease the effort required throughout your 40s and 50s.

Resolution 3: Begin or bump up 401(k) contributions.
Take advantage of your employer’s 401(k) or 403(b) option, if they provide one. Contribute at least enough funds to utilize your employer’s matching program. Then increase your contribution each time you get a raise.

CLOSER TO RETIREMENT (40s–60s)

Resolution 1: Maximize your contributions.
Meet the annual contribution limits every year. For 2026, the IRA limit is $7,500 for employees in their 40s and $8,600 for employees 50 and up. The standard 401(k) limit is $24,500 for people under 50 and $32,500 for folks 50–59.

Resolution 2: Diversify and rebalance your portfolio.
Schedule an annual portfolio review to ensure your asset mix aligns with your timeline and goals, adjusting as the market and other conditions evolve. Many investors shift to a more conservative approach at about this age.

Resolution 3: Get serious about retirement income projections.
Start calculating your anticipated expenses in retirement, including healthcare, housing and lifestyle costs. Identify potential income gaps between your projected expenses and make adjustments as needed.

IN RETIREMENT (60s AND BEYOND)

Resolution 1: Review your Social Security strategy.
Take time to understand your Social Security benefits and the optimal timing for claiming them. The longer you wait (up to age 70), the bigger the benefits—just don’t sacrifice your health or other intangibles. If you’re married, explore how spousal benefits may affect your timing and potential income.

Resolution 2: Create a withdrawal strategy.
Familiarize yourself with different withdrawal strategies and determine which will allow your portfolio to last but also meet your lifestyle. When you turn 73 (or older, depending on your birth year), you need to calculate and take your first required minimum distribution (RMD) by April 1 of that year or by December 31 for subsequent years.

Resolution 3: Review and adjust your plan annually.
Analyze last year's actual spending against your retirement budget and adjust based on the market, cost of living and inflation shifts. Also, review your estate plan beneficiaries, especially after major life changes like marriages, births or deaths in the family.

Have questions?
Mountain America Investment Services is here to help. We tailor solutions to help you create and manage your retirement planning strategy. Call us at 1-800-540-7670 or schedule an online or in-person consultation.

Make Your Plan