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No matter where you are in your journey, here’s how to consider the big picture.


When you are planning for retirement, the financial focus and goals change through each phase of life. Most people in the workforce today must fund their full retirement as opposed to receiving an employer pension, and the amount of money needed continues to increase. It’s important to start early, save continuously and adjust your plan through each phase of life. Regardless of your lifestage, the financial experts at Old National can help. We’re happy to discuss your retirement savings needs.

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  • Two kids playing outside

    IN YOUR 20s

    Appreciate the major advantage of time. Money you save and invest today has more time for the interest it earns to compound. Interest is added back to your account and becomes part of your principal. With more principal, the account earns even more interest, which continually compounds into new principal. Use our Savings Calculator to see how savings can grow. If your employer has a 401(k) or other retirement program, take advantage of it. In particular, if your company will match what you save, not contributing means you are throwing away retirement dollars.

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    IN YOUR 30s AND 40s

    At this point in life, hopefully you are more established, with additional financial resources. However, you may also have greater financial responsibilities, creating a challenge in balancing spending and saving. Don’t let expenses like a mortgage payment or the cost of raising children create the mindset of, “I’ll save for retirement later.” Continue following a budget and managing daily spending, as even small contributions to a retirement fund will grow. Now is also a good time to begin thinking about longer-term goals. For example, if you have children, starting a college fund now can help you to avoid dipping into retirement savings later.

  • A woman drinking a cup of coffee

    IN YOUR 50s

    Retirement suddenly doesn’t seem so far away, and your focus starts to shift from saving to retirement income. Now is the time to ensure you will truly be able to cover anticipated expenses when you are no longer working. Think not only about the money you have saved, but also about other sources that may contribute such as Social Security benefits and Medicare. Learn about the various ways you will be able to convert employer retirement savings to a stream of income. Consider whether you should move to more conservative investments to preserve what you have saved. Meet with a financial advisor to begin thinking about post-retirement and making any needed adjustments. If you have managed to accumulate substantial wealth, you should consult with a wealth management professional.

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    IN YOUR 60s AND 70s

    After years of planning and saving, now is the time to make the most of your retirement money. Is the retirement income stream you planned covering expenses? Do you need to make adjustments to regular distributions? If you are in good health, do you have financial plans in place if your health begins to decline? Have you shared those plans with family members? Continue working with a financial professional to manage your retirement funds, so you can be certain the money you have saved will last your lifetime . . . and perhaps beyond for your family.