There’s no one-size-fits-all approach to retirement planning because there’s no one-size-fits-all financial plan. No matter how close or far away retirement seems to you, there are decade-by-decade guidelines you can follow to make sure you’re working in the right direction.

20s — Lay the groundwork, and don’t hamstring yourself

We know, you don’t want to hear it. Your 20s are about getting an education, settling into your career, and, yes, enjoying your young adulthood.

Still: Time is the most powerful ingredient in your retirement stew. Interest compounds over time, and the little bit you save now will have a tremendous impact later. Get in the practice of setting aside savings each month. That practice will stick with you throughout your career.

As importantly, don’t dig yourself into a hole. Make sure the money you are spending on education is netting a return on that investment. Don’t bury yourself with credit card debt. The difference between paying interest and earning it is huge.

30s — Build your foundations, and start financial planning services

Now, it’s time to start seriously thinking about your retirement plans and goals. If your employer offers a 401(k), max out the employer match, and try to make a gradual increase every year.

If you did get yourself into debt in earlier years, make it a priority to pay off your loans, especially if they are high interest. The debt you pay off now is interest you won’t be paying in the future.

In your 30s, it’s a good idea to start a relationship with a financial advisor. Financial planning services today can help set you up for success down the road.

40s — Reassess, redefine, and diversify your portfolio

You may have thought things were busy in your 30s, but in your 40s, it starts to get really complicated. Your career path is well along, and you have a little more financial flexibility on paper. But your kids are growing, your parents are aging, and you’re trying to balance it all from the middle.

Even if you haven’t already, now is a really good time to reach out to an advisor. A wealth planner can help you start to diversify your portfolio in terms of risk as well as tax. Setting up your plan now can help make the difference between smooth distributions and significant tax bills during retirement.

50s — Preserve your assets and think ahead

In your 50s, it’s time to start thinking defensively. Make sure you have an emergency fund with at least six months of living expenses, so you don’t have to tap into your retirement assets or take on credit card debt. If you are behind in your retirement savings, use catch-up contributions to put more into your 401(k).

Review your estate. Set your beneficiaries and get your health care directives in order. This is also a good time to think about long-term care insurance — you may need it, and the longer you wait, the higher your premiums will get.

60s — Finetune your financial plan for the final stretch

Set a retirement age that offers a little wiggle room based on market performance. Decide when you are going to begin taking Social Security and make sure your reported earnings are accurate.

Look at your large expenses (such as your mortgage) that you will be carrying with you and be realistic about how that might impact your timeline. Then, think about the kind of retirement you are going to want. Do you want to travel? Spend more time with grandkids? Make sure you are retiring with the funds available.

How financial planning services can help you on your way to retirement

Of course, this is only a partial list, but now is the time to make sure you are meeting certain retirement benchmarks. If you aren’t meeting them today, it will be more difficult to meet them in the future. Be proactive, work with a comprehensive financial advising services team, and get your timeline in order.

This article was originally published in the Pioneer Press. You may view the article here.

There is no guarantee that asset allocation or diversification will enhance overall returns, outperform a non-diversified portfolio, nor ensure a profit or protect against a loss. Investing involves risk, including possible loss of principal.