No matter your age, there are smart, actionable steps you can take to strengthen your financial future. This decade-by-decade checklist helps you assess your financial health, set meaningful goals and take control of your retirement planning — starting now.

Remember, regardless of your age, the KDC Financial Planning Program is available at no extra cost and designed to help you feel more confident about your financial wellness.
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In your 20s

In your 20s: Build the foundation

  • Start saving early. Even small deposits per paycheck can grow significantly over the long term.
  • Contribute to an employer-sponsored retirement plan. Aim to contribute at least enough to get the full employer match.
  • Build an emergency fund. Save 3 to 6 months of expenses to avoid dipping into retirement savings during emergencies.
  • Avoid high-interest debt. Pay off credit cards as soon as possible and plan for major expenses.
  • Learn financial basics. Budgeting, credit scores and basic investing principles are key.

In your 30s: Grow and strategize

  • Increase retirement contributions. Aim for 15% of your income, if possible.
  • Consider investing beyond retirement accounts. Investing through taxable brokerage accounts can help build up assets for long-term goals.
  • Consider your insurance needs. Life, disability and health insurance become more important as responsibilities grow.
  • Plan for major expenses. Homebuying, child-rearing and education costs should be factored into your financial plan.
  • Create a long-term financial plan. Work with a financial advisor, if needed.
In your 30s
In your 40s

In your 40s: Catch up and evaluate

  • Maximize retirement savings. Commit to regularly increasing your contribution amount by a little bit.
  • Refine your investment strategy. Rebalance your portfolio to match your risk tolerance and timeline.
  • Pay down debt. Focus on eliminating high-interest and nonmortgage debt.
  • Plan for college. If you have children, consider 529 plans or other education savings plans.
  • Review estate planning. Create or revise your wills, powers of attorney and beneficiary designations.

In your 50s: Maximize and prepare

  • Take advantage of catch-up contributions. Beginning at age 50, you can contribute more per year to the Plan to help boost your savings as you approach retirement age.
  • Estimate retirement needs. Use calculators to project income, expenses and savings gaps. My Income & Retirement PlannerSM is an excellent tool for this task.
  • Consider long-term care insurance. It’s more affordable when purchased in your 50s.
  • Downsize or adjust lifestyle. Consider how your housing and spending align with your retirement goals.
In your 50s
In your 60s

In your 60s: Transition and sustain

  • Finalize retirement plans. Decide when to claim your Social Security benefits and how to draw down your savings.
  • Create a withdrawal strategy. Balance income needs with tax efficiency.
  • Manage retirement health care costs. Explore Medicare and supplemental insurance options.
  • Stay flexible. Be ready to adjust spending or investment strategies based on market conditions and life changes.
  • Continue participation in the Plan. We deliver potentially lower fees, continued access to knowledgeable professionals at no additional cost and online education and tools.
For support in the next steps toward creating your financial plan, contact your Kentucky Retirement Specialist.
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