How to Plan & Save in your 20s, 30s and 40sSep 14, 2023
How you save money in your 20's will and should be different than how you save in your 40s as goals and life circumstances change - and as you draw closer to retirement. Learn strategies specific to the phase of life that you are currently in now.
Saving in Your Twenties
When you are in your twenties, retirement probably seems really far away but it is important to start creating good money planning and saving habits now that will pay off exponentially down the road for you.
In the video below you'll learn how much you should plan to save based on the lifestyle you aspire to in retirement. And hear what the average Canadian's retirement income is.
Saving in Your Thirties
Establishing a well-structured budget and a robust financial strategy is important as you enter your thirties. This life stage frequently involves the financial demands of raising a young family, accompanied by increased expenses.
Having a financial plan that offers flexibility for saving and investing becomes essential for not only managing your current financial responsibilities and reaching short-term financial goals but also for building a secure and prosperous future during this period of life.
Saving in Your Forties
As individuals reach their forties, they often find themselves past the midpoint of their working careers, and retirement begins to transition from a distant notion to a tangible reality. Although expenses in this life stage typically remain substantial, income has also likely grown as well.
This can create the ability to save more and make significant strides toward securing a comfortable retirement, striking a balance between meeting current financial obligations and building a nest egg for the future.
Parallel Wealth Financial Group offers customized financial guidance for Canadians, with a primary focus on wealth management and retirement planning.