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Schulfer & Associates, LLC

When Should I Start Planning for Retirement?

By LouAnn Schulfer,  AWMA®, AIF®
Accredited Wealth Management Advisor®

Accredited Investment Fiduciary


We are often asked what the ideal time is to begin retirement planning.  To be clear, retirement planning and retirement saving are two different things.  One should begin saving for retirement as early as possible.  Our sons began their retirement accounts when they first had earned income, at ages 7 and 9.  Planning for retirement brings in more complexities, determining the income that you’ll need to fund the lifestyle that you desire in your golden years along with the many other factors and decisions that encompass the future projections.


If you are young, save as much as you can.  You can find simple calculators online that can give you preliminary estimates.  Keep saving.  As your nest egg and your age both advance, more detailed planning should add clarity as to how your financial future will play out.  If you wait too long to plan, you may not have the time or resources left to make necessary adjustments for your goals to come to fruition.  Generally speaking, it is advisable to begin detailed, comprehensive planning five to ten years before you wish to retire.  For many people, that puts them at 50 – 65 for the ideal age range to begin planning for retirement.


LouAnn Schulfer is co-owner of Schulfer & Associates, LLC Wealth Management and can be reached at (715) 343-9600 or


Securities and advisory services offered through LPL Financial,a Registered Investment Advisor.  Member FINRA/SIPC.