Planning for retirement can feel like staring up a steep summit. The trick is breaking the climb into doable stages with concrete targets and a sensible investment mix at each step.

Use this decade-by-decade roadmap to set savings milestones, choose tax-efficient saving options, and adjust your portfolio so risk and return stay in balance as your life evolves.

Age 30

Target savings: about 1× your annual salary.

Suggested mix: 90%–100% stocks, 0%–10% bonds.

Start with momentum you can maintain. Capture your full employer match in a workplace plan first—it’s a guaranteed boost—then automate contributions toward roughly 15% of pay. If a 401(k) isn’t available, use a Roth or traditional IRA; self-employed earners can consider a SEP or solo 401(k).

Keep the portfolio simple. A three-fund core—total U.S. stock, total international stock, and total U.S. bond—delivers broad diversification at very low cost. Prefer one click? A target-date index fund aligned to your expected retirement year handles allocation and rebalancing automatically. Create a safety net before surprises strike. Build three to six months of essential expenses in high-yield cash so a job loss or medical bill doesn’t force early withdrawals. Update beneficiaries on retirement accounts and set a basic will so money goes where you intend.

Benjamin Graham, an investor and author, writes, “The individual investor should act consistently as an investor and not as a speculator.”

Age 40

Target savings: roughly 3× your annual salary.

Suggested mix: 85%–100% stocks, 0%–15% bonds.

Life gets busier—careers, kids, and housing can crowd out saving. Combat drift by auto-increasing contributions 1%–2% each year or at every raise. Review your allocation annually; keep it growth-heavy, but add a small bond sleeve if market swings shake your resolve.

Tighten the plan around real risks. Health issues are a common cause of early retirement, so prioritize preventive care and consider adequate disability and term life coverage. If cash flow allows, add a health savings account paired with a qualifying plan; HSAs have distinct tax advantages and can complement future medical costs.

Age 50

Target savings: near 6× your annual salary.

Suggested mix: 70%–90% stocks, 10%–30% bonds.

This decade often brings higher earnings—and bigger obligations. Each raise is an opportunity to “pay yourself first” by lifting deferrals before lifestyle creeps up. If you’ve collected retirement plans from prior jobs, consolidate where practical to cut fees and simplify rebalancing.

Use every available lever. Catch-up contributions begin at 50 in workplace plans and IRAs, meaning you can put more tax-advantaged dollars to work. Evaluate whether partial Roth conversions during lower-income years make sense, building a tax-flexible mix of traditional and Roth assets for future withdrawals. Clarify priorities when trade-offs appear. Saving for education is admirable, but shortchanging retirement can create a larger challenge later. Keep the retirement contribution rate intact, then fund other goals with what remains.

Age 60

Target savings: about 8× your annual salary.

Suggested mix: 65%–85% stocks, 15%–35% bonds.

Retirement moves from someday to soon. Stress-test the plan: estimate essential spending, add discretionary wishes, and compare to projected income from portfolios and guaranteed sources. Build a “cash bucket” covering 12–24 months of expenses to reduce the need to sell stocks during market dips.

Make timing work for you. Delaying your primary benefit from the national retirement program can raise the payout permanently; weigh this alongside portfolio size, work plans, and health. If leaving work before age-based health coverage kicks in, price interim coverage so there are no surprises. Design a tax-savvy drawdown. Map withdrawals in a logical order to manage brackets—taxable accounts first for many, then traditional accounts, preserving Roth money for later flexibility. Remember that required minimum distributions begin in your mid-70s (based on birth year), so avoid building a future tax by planning ahead.

Stay Flexible

Milestones guide—not judge. If you’re behind, focus on high-impact steps: raise your savings rate a few points, extend your timeline, trim housing or transport costs, and keep investing costs low. If you’re ahead, consider balancing “later security” with “now joy” by funding meaningful experiences while staying on track. Revisit estate details and paperwork as life changes. Keep beneficiaries current, assign powers of attorney, and ensure loved ones know where key documents live. Simplicity and clarity prevent costly detours.

Conclusion

A successful retirement isn’t one giant leap; it’s a series of well-timed, repeatable moves. Hit age-appropriate savings multiples, keep fees low, automate contributions, and right-size risk as you go. A practical next move is to set a contribution rate you can sustain—and schedule a quarterly check-in to keep it on track.