Tips for Building Wealth from Your Paycheck at Every Age

In your 20s, focus on building an emergency fund with 3-6 months’ worth of expenses in a high-yield savings account. In your 30s, start saving for retirement by maximizing contributions and opening accounts like a health savings account. Your 40s are for increasing wealth and planning for retirement needs.

Consider opening education accounts in your 40s and paying down debt in your 50s to retire debt-free. In your 60s, focus on understanding your retirement income and goals. Seek guidance from a financial advisor to ensure a comfortable retirement. As you approach retirement in your 60s, be mindful of potential Medicare premium increases due to IRMAA. Make extra pretax contributions to your 401(k) or HSA to lower your modified adjusted gross income and avoid unnecessary costs. Prioritize paycheck savings tasks to build wealth and achieve financial success.

Read more at Yahoo Finance: How To Build Wealth With Your Paycheck at Every Age