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Retirement planning for 30-somethings

by , 08 October 2014

If you're in your thirties, chances are that retirement planning is not one of your priorities. If that is the case, it's time to change your perspective a bit.

Why? Because it's never too early to start saving for retirement. Actually, the sooner you start, the better.

How do you get started?

First of all, it’s completely understandable if you’re still uncertain when it comes to your retirement savings. After all, in your 20s, you barely have time to consider saving for such a distant period, since you have other more urgent problems to worry about.
 
However, once you hit 30, it’s time to become a bit more responsible when it comes to your future, and planning for retirement is one of the things you should definitely consider at this stage in your life.
 
When you’re in your thirties, time is on your side, so you can save a smaller amount each month and actually have a good chance of reaching retirement with enough savings to live comfortably. The longer you wait to start saving for retirement, the harder it will be to catch up on your savings.
 
With 30 years or so to go until retirement, someone in their 30’s can approach retirement planning in a less aggressive way than someone who starts saving after 40, for example.
 
Here are a few strategies to plan for a comfortable retirement when you’re in your 30s.
 
1. Learn more about your employer-sponsored pension plan
 
It’s time to find out everything there is to know about your employer-sponsored pension plan. The amount you receive when you retire depends on various factors, including your salary during working years and duration of employment. The sooner you understand exactly which benefits your employer-sponsored pension plan provides, the sooner you can take action towards increasing your retirement contributions.
 
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2. Talk to a financial advisor
 
If you’re completely clueless when it comes to retirement saving and investing, then it’s time to consult a financial advisor. A professional can help you better understand just how much you need to save each month, depending on your income and retirement needs, and how to properly invest your money and diversify your portfolio in order to grow your savings.
 
3. Consider finding a job with increased retirement benefits
 
If your current employer doesn’t provide a retirement plan or you’re not satisfied with the  benefits, then start looking for a better job. You still have the time and energy to change jobs without much trouble.
 
4. Start saving more
 
And, of course, the most important goal in your 30s should be to save more for retirement. Create a separate retirement savings fund, if you don’t have one already, and plan to redirect a certain amount on a monthly basis into that account. Look for ways to make the money work for you and invest it wisely, depending on your risk tolerance.


Retirement planning for 30-somethings
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