Age is just a number. And no matter what the number is when you start your investment journey, there are smart choices to make that can benefit whatever is happening in our life at that moment.

“If you are in your early 20s or just retired, you may have had people discourage you from investing because ‘you are too young’ or ‘you are too old.’ However, age has nothing to do with investing. The earlier you start, the higher the chances of earning more from your investments over time. So, holding out on investing based on age can deter your financial goals. Do not let age dictate your investment decisions,” says Tom Koesternen, a chartered financial analyst with The Guaranteed Loans.

If you set up a $50 automatic contribution when you’re in your 20s, in 50 years that could be over $240,000, (assuming a 7% return during that time), points out Chloe Elise, a certified financial coach and founder of Deeper Than Money. 

You don’t want to tap into the myth that if you’re close to retirement you should reallocate your portfolio dramatically to safety.

“From an actuarial perspective, most of us will live at least another 10 to 15 years post-retirement. If investors become too safety conscious, they miss out on the growth necessary to maintain their purchasing power. Taking a realistic look at future needs generally dictates keeping a large percentage of the portfolio in growth, even as we age,” says Ilene Slatko, founder of DSS Consulting, a financial coaching firm.