Plan for Retirement, Live Along the Way: Building Readiness at Every Stage
In this episode:
00:00 – 02:55: Starting with Goals and Purpose
02:56 – 08:03: Balancing Future You vs. Present You
08:04 – 18:06: Compound Interest in Your 20s and 30s
18:07 – 25:22: Shift in Priorities in Your 40s, 50s and 60s
25:23 – 30:11: Planning for Early Retirement
30:12 – 36:35: Business Owners and Retirement
Saving for retirement is a journey you take one decade at a time. It’s not a number you hit, a day you stop working or a switch you flip. It’s a process that allows you to plan at every stage of life while giving yourself permission to live along the way.
In this episode, SVP Director of Wealth Strategy, Joe Maier and SVP Wealth Advisor, Scott Wisnewski discuss what “retirement readiness” really means while walking through each decade to cover the priorities and goals you should focus on. Whether you’re just starting your career, mid-stride or nearing the finish line, you’ll walk away with a framework and a reminder that planning for retirement shouldn’t sacrifice the present.
Retirement Roadmap: A Guide for Each Decade
Our retirement guide provides age-based insights and tools to help you make informed decisions, no matter where you’re on your journey.
5 Key Takeaways
1. Compound interest is the 8th wonder of the world
Someone who saves for just 10 years early in life can end up with more at age 65 than someone who saves for 30 years but starts a decade later. Time does the heavy lifting. The earlier you start, the less you actually have to put in so even small amounts in your 20s can outpace big amounts in your 40s.
2. You have permission to live along the way
Good planning isn't about hoarding every dollar for the future. It's about knowing what you need so you can confidently spend on the things that matter today. When the math works, an extra $800 a month becomes freedom, not guilt. You’ve earned the right to enjoy it.
3. Early retirement is a lifestyle question, not just a math question
Retiring early sounds dreamy until you realize it means making a real sacrifice now for freedom later. The conversation has to start with an honest look at your true motivation and that's the hardest part. But that honesty is exactly what makes the plan work.
4. Business owners need to plan for the retirement of their business too
For many founders, the business is their income, identity and their retirement savings all in one. The problem? Too often the transition gets forced by a health event or an economic shock instead of a plan. The fix is simple but uncomfortable: Save outside the business and prepare for its succession before you have to.
5. In your 50s and 60s, new priorities emerge to plan for
Many people find themselves caring for aging parents at the same time they're planning their own retirement. And then there's the legacy question — giving to your loved ones with "warm hands instead of cold hands" lets you actually see the impact of your generosity.
Retirement readiness isn’t a one-time decision you make at 65. It’s a lifelong conversation that looks different at every stage. For personalized guidance, connect with an advisor to take action towards your future today.
Frequently Asked Questions
In your 20s and 30s, the main priority is consistency and letting compound interest do the heavy lifting, where saving even small amounts over ten early years can outpace thirty years of catch-up saving later. By your 40s, 50s and 60s, your focus shifts toward defining your future lifestyle, planning for pre-Medicare healthcare costs, supporting aging parents and deciding when to transfer wealth to your children.
You can balance planning for retirement with enjoying your present life by calculating your exact savings target first so you can spend your remaining cash flow guilt-free. Once you and your advisor confirm the math works for your long-term goals, extra monthly cash, whether that is $500 or $800 a month, becomes money you have permission to enjoy today on the things that matter to you now.
When planning for early retirement, the first step is having an honest conversation about your lifestyle motivation before looking at the math. Retiring ahead of schedule requires real financial trade-offs in the present to buy freedom later, so you need to be clear on what you are retiring to, not just what you are retiring from. Additionally, if you plan to stop working before age 65, your retirement plan must account for the healthcare coverage gap before Medicare begins.
Business owners should approach planning for retirement by building personal wealth outside of their company and creating a succession plan well before they need one. For many founders, the business represents both their identity and their entire nest egg, which creates a major risk if an unexpected health event or economic shift forces a sudden exit. Separating your personal retirement savings from your business equity gives you control over when and how you step away.
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