20s

• Contribute early—even a little goes a long way

• Take full advantage of your employer’s match

• Consider a growth-oriented investment mix

• Put off saving for “later”

• Prioritize short-term spending over long-term savings

• Stick with default investment options even if they don’t align with your goals

30s

• Increase your contribution rate

• Consider consolidating old 401(k)s

• Review your asset allocation to stay aligned with your goals

• Cash out your 401(k) when changing jobs

• Neglect to increase your 401(k) allocation as your income grows

• Forget to update beneficiaries after major life events

40s

• Catch up if you’ve fallen behind

• Estimate how much you’ll need for retirement

• Look beyond your 401(k) for additional investment opportunities

• Prioritize other financial commitments over retirement savings

• Neglect to rebalance your portfolio

• Put too much into your company’s stock

50s

• Use catch-up contributions to boost savings

• Fine-tune your retirement timeline

• Pay down debt

• Assume you can make up for lost time later

• Ignore having a backup plan for early retirement or job loss

• Underestimate future healthcare expenses

60s

• Explore various withdrawal strategies

• Decide when to claim Social Security

• Reassess risk in your portfolio

• Claim Social Security early without a plan

• Forget about potential taxes on withdrawals

• Keep too much allocated in riskier investments

70s

• Take Required Minimum Distributions (RMDs) on time

• Simplify your finances

• Plan your legacy and estate

• Miss RMD deadlines and incur penalties

• Fail to prepare an estate plan

• Skip consulting with a financial professional or tax expert