Saving for retirement is a big task, and there are a variety of financial planners available to help you prepare and save. However, you can also learn how to plan and save for retirement on your own. Preparing your own retirement savings plan can be challenging, but the financial savings and education will benefit you in the long run.

The first step to saving for retirement is starting as early as possible to take full advantage of compound interest. But, it is important to keep in mind that as your career, financial situation and lifestyle changes, so should your retirement savings plan. To determine how it should change as you progress through life, this helpful timeline in the Equifax Finance Blog article “

Saving for Retirement: A Timeline for Your 20s Through Your 50s” highlights the major savings step you should take.

In your 20s, you should start saving by opting in to your company’s 401(k) retirement plan while also developing good financial habits. Next, in your 30s, open an IRA and develop your investment portfolio. Once you reach your 40s, it’s important to start prioritizing your retirement savings. Finally, in your 50s, consider contributing more to your retirement accounts as you evaluate your full financial portfolio and begin making a retirement plan.

If you’ve already passed some of these stages, it’s important to remember that it’s never too late to begin saving. Start your retirement portfolio as soon as possible, because the most valuable asset you can invest in today is your future.

To learn more about the individual steps you should take to plan for retirement, read the full article on the Equifax Finance Blog.