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Between balancing careers, mortgages and family, it’s understandable why retirement planning may not be top of mind during your 30s – but it’s actually a crucial time to start laying the groundwork for a strong financial future.
From maximizing employer benefits to diversifying your investment portfolio, as you navigate the busyness of this important decade, we’re right by your side with some basic tips to help you make smart financial decisions today that will pay off down the line.
Key Tips for Retirement Planning in Your 30s:
While your thirties can be hectic, it’s important to not let day-to-day demands overshadow the big picture. Prioritizing long-term goals like retirement are crucial for setting yourself up for success.
It’s also beneficial to make sure goals are clear, defining specifics for what you want your retirement to look like. For example, think about how much traveling you’d like to do, and consider where you’d prefer to live. Thinking about these types of details will help you determine how much you need to save. (While you’re at it, you should also try out one of our helpful retirement calculators!)
Consider setting short-term financial goals alongside your long-term plans. By achieving smaller milestones like paying off debt, you can build momentum and motivation on the path to financial freedom.
Take full advantage of any employer-provided benefits, especially retirement plans like a 401(k), which often come with matching contributions. Designating part of your income in this way not only helps build a strong retirement fund, but it also ensures you’re not leaving free money on the table. Consider increasing your contributions over time as your salary grows.
While retirement planning in your 30s, you have the advantage of time, which allows you to spread out your investments more easily. Whether it’s Roth or traditional IRAs, bonds, mutual funds or any other opportunities, by diversifying and balancing your investment portfolio in this way, you can help mitigate risk and build confidence.1
The earlier you start saving, the more interest you can earn over time. Even if you’re only able to contribute a small amount now, the power of compounding that interest by making regular contributions can significantly boost your savings over the long term. Waiting even a few years could mean missing out on thousands of dollars in growth!
Remember to keep your spending in check with a well-structured budget, which can free up money for retirement savings. Track your income and expenses to identify potential areas to cut back, and be mindful of prioritizing meaningful experiences over unnecessary expenses.
When retirement planning, it’s also important to factor an emergency fund into your budget. This will help safeguard your finances from life’s surprises, such as unexpected car repairs, home maintenance or medical expenses. Aim to save at least three to six months of living expenses, so you don’t have to dip into retirement savings.
If you’re feeling overwhelmed or unsure about your retirement planning, you’re not alone! It’s healthy to consult a financial advisor who can help you establish a comprehensive plan that aligns with your long-term goals.
Also, since life changes – such as a new job, marriage or the birth of a child – can impact your financial situation and retirement goals, it’s wise to meet with your advisor at least once a year to review your plan. This way, you can adjust your contributions and investments as needed to stay on track.
Retirement planning in your 30s may seem premature, but starting now can set you up for a comfortable future. By prioritizing the tips we’ve outlined, you’ll be better positioned to take control of your retirement journey as you approach your golden years. We invite you to contact us at any point along the way so we can assist you with next steps at any age.
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1 There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
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