How much should you be saving as you progress in your career and stage of life?

Saving for retirement is not a static event. You can’t merely put a dollar amount into a 401k at age 25 and continue for the next 35 years. Retirement saving is an ever-changing event that will depend on your idea of retirement. For those that want a more quiet retirement at home, less might be needed. And for those that want to travel and buy new things regularly, more might be needed.

Each decade of life brings new challenges and new opportunities for saving. As you pay off student loans, advance in your career, and start a family, new aspects of saving and investing take shape and priority.

After graduating from college and beginning your career, your focus should be on paying off student loans and learning good spending and saving habits. The faster your loans are paid off, the quicker you can begin saving and investing in your future. And the aster you learn to budget your money monthly and develop good spending and saving habits, the better off you will be later in life.

I found a recent article helpful in breaking down some of the priorities of each decade. This is important because as you get older and advance in your stage of lie you must be conscious of changes that are needed in your plan for retirement. You might have planned for traveling the world when you were younger, but, now, you want to sit on the porch of your house in the country and enjoy a cup of coffee. Those are two very different retirement plans that require very different planning.

Your health might be excellent right now, but things can change. If you have on going health concerns it can adversely affect your retirement plan unless you plan accordingly. Adjustments to your retirement plan are needed if health becomes a factor

Maybe you’ve delayed retirement planning for one reason or another until later in life. Well, it’s never too late to start. You might not be able to retire the way you ha originally hoped, but that doesn’t mean you can’t retire. Just because you are in your late 40’s or mid-50’s doesn’t mean you should forgo a detailed plan for retirement. If you haven’t started yet, don’t let another week go by without creating a basic retirement plan.

If you are unsure of how much you will need for retirement, make us of tools like a retirement calculator. As I’ve said, retirement depends on your idea of what retirement looks like and other factors, like your health. So the amount of money you will need will no doubt be different than the amount needed by others. A retirement calculator can help give you a starting place for saving.

A good financial adviser can also help. Financial advisers have many resources that can help you develop a comprehensive retirement and investing plan. They can help you get out of debt, plan for emergencies, retire, accumulate wealth, and leave a legacy to the people you love.

Whether you need a lot of money or not for retirement is not the main point. The main point is that you will need money to retire and it’s important to start saving today. The earlier you begin the better off you will be as time is the most important factor in growing your money. Start today, evaluate often, and work hard to secure your retirement future.