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Saving for Retirement In Your 30s: Building Momentum

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Turn This Pivotal Decade Into Your Financial Breakthrough

By making strategic decisions that pay dividends for life.

Your 30s can be a pivotal decade, often including many exciting milestones. You're likely growing in your career, celebrating the purchase of your first home and embracing the joys (and responsibilities) of starting a family. While you might be juggling multiple financial demands, this is the time to strategically assess your financial foundation, boost your retirement savings and make forward-thinking decisions that will pay off for decades to come.

Explore the steps to confidently secure your long-term financial future by downloading the Retirement Readiness Guide.

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No, it’s never too late to start saving for retirement, especially when you’re still in your 30s. While starting in your 20s is ideal due to compound interest, starting in your 30s still gives you roughly 35 years of growth before the typical retirement age.

In your 30s, debt management and retirement saving must go hand-in-hand.

  • High-interest Debt: Prioritize paying off debts, such as credit card balances, to free up more money for savings and investments. You could also consider consolidating your debt into lower-interest loans or balance transfer credit cards.
  • Emergency Fund: Aim to build a "buffer" of three to six months of living expenses. Having an emergency fund prevents you from having to take high-interest loans or dip into your retirement accounts if something happens.

There are two key retirement accounts that you should prioritize:

  • 401(k) / 403(b) Retirement Plans: Always contribute enough to get your full employer match, as these retirement plans are essentially a 100% return on investment.
  • Roth IRA: These are funded with after-tax dollars, meaning your withdrawals in retirement are tax-free. Consider opening a Roth IRA to supplement your employer-matched retirement plan, especially if you have additional money to save beyond what's matched by your employer.

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