Retirement Planning in Michigan

Chapter 1

Retirement Planning Strategies for Every Stage of Life
Chapter 2

Retirement Planning in Your 30s: Laying the Foundation
Chapter 3

Retirement Planning in Your 40s: Strengthening Your Strategy
Chapter 4

Retirement Planning in Your 50s: Fine-Tuning Your Approach
Chapter 5

Retirement Planning in Your 60s: Making the Transition
Chapter 6

Retirement Planning in Your 70s: Enjoying Financial Freedom
Chapter 7

Why Work With Main Financial Group for Your Retirement Planning Needs?
Chapter 1

Retirement Planning Strategies for Every Stage of Life

Retirement planning isn’t a one-size-fits-all process. It’s just the opposite. That’s because your financial needs and strategies evolve as you age at different rates, making it important to have a retirement plan that can adjust based on your age, circumstances, timelines, and future goals. Whether in your 30s, 40s, 50s, 60s, or 70s, each decade presents unique opportunities—and challenges—for retirement planning.

At Main Financial Group, we believe every client deserves a custom-tailored retirement plan. Our team of Brighton financial advisors helps individuals and families in the greater Detroit area build comprehensive retirement plans that address the complexities of retirement income, Social Security benefits, tax planning, Medicare, and estate planning. 

In this Quick Guide, we’ll examine various retirement planning tactics based on your stage of life to make the most of your retirement years (both spouses). Let’s get started.

 

                    Watch our video on tax traps you want to avoid, especially in retirement.

Chapter 2

Retirement Planning in Your 30s: Laying the Foundation

Your 30s are the perfect time to establish good financial habits that will serve you well into your early, mid, and late retirements. While retirement may feel like the distant future, and it is, by making smart financial decisions now, you set yourself up for more success later in life, enabling more money to compound and work in your favor.

Retirement Planning Tips in Your 30s:

  • Start Contributing to Retirement Accounts: Take advantage of employer-sponsored 401(k) plans—especially if your company offers matching contributions. If you don’t have access to a 401(k), consider opening an IRA or Roth IRA to benefit from tax-advantaged growth.
  • Increase Savings Over Time: Begin with a savings goal of at least 10-15% of your income and increase contributions as your earnings grow.
  • Manage Debt Wisely: Focus on paying off high-interest debt (such as credit cards) while balancing saving for retirement and handling current expenses.
  • Build an Emergency Fund: Having 6 months’ worth of expenses in a savings account ensures that unexpected events and expenses won’t derail your long-term financial goals.
  • Invest for Growth: You have time at this stage of your life. A diversified portfolio of stocks and funds can allow your retirement savings to grow for decades.

By making smart financial decisions now, you set yourself up for success in later decades, allowing the value of your assets to compound longer.

Chapter 3

Retirement Planning in Your 40s: Strengthening Your Strategy

Your 40s are critical for building wealth and refining your retirement goals. You will have a higher income by this point, but you might also have competing financial obligations like a mortgage, children’s education, and supporting elderly parents. Your 40s are about refining your long-term strategy to ensure you are on track for a comfortable and financially secure retirement.

Key Retirement Planning Tips in Your 40s:

  • Maximize Retirement Contributions: If you haven’t already, work toward maxing out contributions to your 401(k), IRA, other retirement plans, and personal savings accounts. The IRS adjusts contribution limits yearly, so staying informed is important.
  • Diversify Investments: As your portfolio grows, ensure it remains fully diversified. Consider a mix of stocks, bonds, real estate, and other investments that align with your risk tolerance and retirement timeline.
  • Plan for College Costs Wisely: If you have children, don’t let college savings overshadow retirement savings. Use tax-advantaged accounts like a 529 plan, but prioritize funding your retirement first.
  • Assess Your Insurance Needs: Your 40s are a great time to review or update your life insurance and disability insurance policies to protect your family in case of unforeseen events.
  • Consider Estate Planning: If you don’t have a will or power of attorney, now is the time to put these in place. Working with a financial advisor in Brighton, MI, can help ensure your assets are structured correctly.
Chapter 4

Retirement Planning in Your 50s: Fine-Tuning Your Approach

As you enter your 50s, retirement is no longer a distant concept—it’s something that’s on the horizon. Now is the time to fine-tune your strategy and make critical adjustments to maximize your savings and minimize taxes. Your 50s are a time to optimize your retirement savings, prepare for healthcare expenses, and ensure your estate plan is in order.

Key Retirement Planning Tips in Your 50s:

Take Advantage of Catch-Up Contributions: Once you turn 50, you can contribute more to retirement accounts. 

Here are the 2025 Retirement Account Catch-Up limits: 

  • 401(k), 403(b), 457, TSP:
  • Standard 50+ catch-up: $7,500
  • Enhanced 60-63 catch-up: $11,250
  • Total: $31,000 (50-59, 64+); $34,750 (60-63)

IRAs (Traditional/Roth):

  • 50+ catch-up: $1,000
  • Total: $8,000

SIMPLE IRA/401(k):

  • Standard 50+ catch-up: $3,500
  • Enhanced 60-63 catch-up: $5,250
  • Total: $20,000 (50-59, 64+); $21,750 (60-63)
  • Assess Your Retirement Income Plan: Identify how much you will need in retirement and whether your current savings align with your expected expenses. This includes factoring in Social Security benefits, pensions, and investment income.
  • Evaluate Healthcare Costs: Now is the time to start understanding Medicare and long-term care planning. Consider purchasing long-term care insurance before rates become too expensive.
  • Pay Down Debt Aggressively: Entering retirement debt-free (or close to it) will significantly reduce financial stress. Focus on paying off your mortgage, credit cards, and personal loans.
  • Review Estate Planning Documents: Ensure that wills, trusts, and power of attorney documents are current and reflect your wishes.
Chapter 5

Retirement Planning in Your 60s: Making the Transition

Your 60s are the decade of multiple retirement decisions with short and long-term consequences. Whether you retire at 62, 65, or later, ensuring that your financial plan aligns with your lifestyle goals is essential.

Key Retirement Planning Tips in Your 60s:

  • Decide When to Claim Social Security Benefits: You can start collecting Social Security benefits at 62, but waiting until full retirement age (FRA) or 70 can significantly increase your monthly payments.
  • Sign Up for Medicare on Time: Medicare eligibility begins at age 65. Failing to enroll on time can result in penalties and coverage gaps.
  • Develop a Withdrawal Strategy: A well-planned retirement tax planning strategy ensures efficient withdrawals from taxable, tax-deferred, and tax-free accounts.
  • Adjust Your Investment Portfolio: Reduce risk exposure by shifting some assets from stocks to bonds and other lower-volatility investments.
  • Consider Part-Time Work: If you want to continue working in some capacity, part-time work or consulting can supplement your income and keep you engaged.
Chapter 6

Retirement Planning in Your 70s: Enjoying Financial Freedom

By your 70s, you’ve officially entered retirement, and your focus should shift to income distribution, tax efficiency, and estate planning.

Key Retirement Planning Tips in Your 70s:

  • Start Required Minimum Distributions (RMDs): Once you turn 73 (for those born between 1951 and 1959), you must start withdrawing RMDs from tax-deferred accounts.
  • Monitor Healthcare Expenses: Healthcare costs rise as people age, so staying on top of Medicare options is critical.
  • Continue Estate Planning Updates: Ensure your wills, trusts, and power of attorney documents are current.


Enjoy Retirement Wisely: Your 70s should be about financial security and lifestyle enjoyment—whether that means traveling, spending time with family, or giving to charity.

Chapter 7

Why Work With Main Financial Group for Your Retirement Planning Needs?

At Main Financial Group, we help clients in the greater Detroit metro area with all aspects of retirement planning. Whether you need guidance on Social Security benefits, retirement tax planning, Medicare, or estate planning, our experienced team of Brighton retirement planners is here to help.

Retirement planning is a lifelong journey. Regardless of age, taking the right steps today can provide financial security later in life.

Contact us today to schedule a consultation related to your retirement planning needs.

TROY
200 East Big Beaver Road
Troy, MI 48083
BRIGHTON
315 W. North Street, Suite C
Brighton, MI 48116
BLOOMFIELD HILLS
7 West Square Lake Road
Bloomfield Hills, MI 48302
NORTHVILLE / LIVONIA
19500 Victor Parkway
Livonia, 48152
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