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Retirement Planning for Dads at Every Stage

Retirement Planning for Dads at Every Stage

Retirement planning is a journey spanning the entirety of your career, evolving as you move through different phases of your life. For dads, this process holds unique significance – not only are you securing your own future, but you’re also safeguarding your family’s long-term financial well-being. From the early days of your career to the time you decide to retire, every stage of your journey offers opportunities to optimize your retirement planning strategy. As Father’s Day approaches, let’s explore retirement planning for dads and what this may look like at each career stage, ensuring a smooth transition to a financially secure retirement for you and your family.

Early Career (20s to Early 30s)

In the early stages of your career, when you are in your 20s to early 30s, time is your greatest ally. To build a strong foundation in your retirement planning, you will want to begin contributing to your retirement accounts as soon as possible. Research any retirement accounts offered by your employer and be sure to enroll in one, such as an employer’s 401(k) plan. Once enrolled, strive to contribute enough to qualify for the full employer match, if it is available, as it essentially offers free money towards your retirement savings. Simultaneously, it’s essential to establish an emergency fund, which serves as a financial buffer during unexpected situations and emergencies. Aim to have three to six months’ worth of expenses saved in this account to avoid dipping into your retirement savings and preserve future compounding gains in case of emergency.  

Mid-Career (Mid-30s to 40s)

As you progress into your mid-career in your mid-30s to 40s, your earning power typically increases, making it the perfect time to ramp up your retirement contributions! Strive to max out your 401(k) contributions and consider opening an IRA for additional tax-advantaged savings. Additionally, it is critical to start diversifying your investment portfolio beyond standard retirement accounts. Other assets may include real estate, stocks, and more. Talk to your financial advisor to see which options are best for you and your risk tolerance. Moreover, while it is tempting to focus solely on saving for your children’s education during these years, it is important to maintain a balance between funding their college accounts and boosting your retirement savings. 

Late Career (50s to Early 60s)

When you reach your 50s to early 60s and retirement begins to inch closer, take full advantage of catch-up contributions in your 401(k) and IRA, which allow you to contribute additional funds if you are over 50. It is also important to reevaluate your retirement goals once you reach this stage. Ask yourself, “Am I on track to live comfortably?” and adjust your savings strategies accordingly. Additionally, focus on reducing or eliminating any outstanding debt including your mortgage, credit cards, and personal loans before retirement. Entering your retirement debt-free can significantly reduce your monthly expenses as well as financial stress. 

Nearing Retirement (Late 60s and beyond)

In the years closest to retirement, develop a strategic plan for withdrawing from your retirement savings accounts to maximize your gains and minimize taxes. Speak with your financial advisor to learn more about tax-saving strategies and the best approach for you and your unique situation. In addition, consider any necessary lifestyle changes such as downsizing your home for cost efficiency, and begin to plan for healthcare needs. Understand your Medicare options and assess the need for supplemental policies or long-term care insurance, ensuring you are covered for any health issues that may arise during retirement. 


As you navigate the joys of fatherhood, remember it’s also crucial to plan for your future. At Blakely Financial, we’re dedicated to helping dads at every stage of fatherhood work toward a comfortable retirement. From your first Father’s Day to enjoying your golden years, let’s make sure your financial plans are as strong as the legacy you’re building. Contact us today to get started. 


Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.