Retirement planning isn’t just about saving—it’s about creating a future where you can live out your dreams. With thoughtful planning and regular check-ins, you can stay on track toward financial security and ensure you’re hitting the investment milestones that matter most. Here are some important savings and investment milestones to guide your progress and help you feel confident in your retirement planning.

Age 20 - Start your 401(k)

The time to start saving for retirement is now. Don’t wait until you earn more or have “extra” money. Take advantage of the tax and compounding benefits of your company’s 401(k) plan and strive to save at least 15 percent of your pre-tax income.

2026 update:  401(k) contribution limit is $24,500, increased from 2025’s $23,500.

Age 25 - Update your investment strategy

As your income stabilizes and your goals become clearer, this is a natural moment to revisit how you’re investing. Asset allocation—the mix of stocks, bonds and other investments—can have a major influence on long‑term results. If choosing that mix feels overwhelming, consider target‑date funds. These funds automatically match the level of risk and growth potential to your age and time horizon and come up with the suggested asset allocation for you.

Age 30 - Protect  those you love with life insurance

By your early thirties, more people may be counting on you, and life insurance can provide an important layer of security. Term life insurance is often the most affordable solution during the years when financial responsibilities are highest. Many households aim for coverage around ten times annual income, with adjustments for debt levels or family needs.

If you prefer coverage that lasts a lifetime—or like the potential to build cash value—permanent life insurance may be worth exploring. As your life changes, so should your coverage. New milestones, from children to homeownership, are cues to revisit your policy and make sure it still reflects your obligations.

Age 35 - Add tax flexibility with a Roth IRA

This stage often brings greater financial stability and the opportunity to broaden your retirement strategy. Adding a Roth IRA to your 401(k) can give you more control over future taxes: contributions are made with after‑tax dollars, but qualified withdrawals in retirement are tax‑free if certain conditions are met.

A Roth also offers planning advantages for heirs, and as your investment horizon shortens over the years, it’s worth reassessing how your portfolio is allocated to balance growth and stability.

2026 update: Annual contribution limit increased to $7,500 (or $8,600 if age 50+). Roth IRA eligibility in 2026 allows a full contribution below $153,000 MAGI (single) or $242,000 (joint).

Age 55 - Decide on your Social Security strategy

Your claiming age can shape the monthly benefit you rely on for decades. Starting early permanently reduces your benefit, while waiting until full retirement age—or delaying further—can increase it. Your choice should reflect much more than numbers alone. Health, longevity expectations, and what retirement will look like for you and your spouse all play a part. Speaking with an advisor can help you weigh the trade‑offs and explore coordinated strategies if you’re married.

2026 update: Full retirement age is now 67 for anyone born in 1960 or later.
Delaying beyond full retirement age increases benefit amounts by roughly 8% per year until age 70.

Age 60 – Shape your retirement income plan

At this stage, the focus begins shifting from saving to how you’ll draw income from what you’ve built. Each account—traditional 401(k)s and IRAs, taxable accounts, Roth accounts—comes with different tax considerations. Thoughtful withdrawal sequencing can help your savings last longer and reduce taxes over time.If you’re between 60 and 63, enhanced catch‑up contributions under SECURE 2.0 allow you to boost savings even further in these important years before you retire.

How to make the most of each milestone

At Bankoh Advisors, you’ll receive national‑caliber investment and insurance advice delivered by local professionals from a name you trust. Our financial advisors live and work in Hawaii, and understand what it takes to remain well-positioned for living our island home. Ready for a fresh perspective on your financial plan? Schedule a consultation for a second opinion with one of our Bankoh Advisors.

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