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How to Start Planning for Retirement in Your 30s

October 26, 2022

While your 20s are mostly focused on short-term financial goals, your 30s are a time of greater earning power - which means greater potential for long-term financial success. Learning how to start planning for retirement in your 30s will give you better peace of mind for your future, and a few simple adjustments now will pay off in a big way down the road. Find out more about retirement investing in your 30s with IntentGen, and get in touch with us for financial advice in the Chicago and Arlington Heights area.

Retirement Investing in Your 30s

While everyone has a different financial situation to consider, there are a few basic concepts to follow that can pay major dividends in your future. Here is a simple guide help you start saving for retirement in your 30s:

  • Prioritize Retirement: Take advantage of employer-sponsored plans (QRP) such as a 401(k), 403(b), or governmental 457(b) and let the power of compounding work its magic. You could also take matters into your own hands with an Individual Retirement Account (IRA), but be sure to research the different options carefully.
  • Create Goals: Keep an eye on your retirement fund and adjust as needed. Consider adding a little extra money if you find yourself with extra money, like tax refunds or bonuses. Avoid cutting back on your retirement savings except in cases of emergency.
  • Save Strategically: Saving for retirement in your 30s is easier when you have a safety net in place. Many experts recommend building an emergency fund with three to six months’ expenses in an interest-earning bank account, such as a money market or interest-earning savings account.
  • Consider Life Insurance: Investing in your retirement can protect you for the future, and life insurance can help protect your loved ones in the future. Life insurance policies tend to be affordable for healthy individuals in their 30s, and IntentGen can help you learn more about your options.

Start Saving with IntentGen

We’ve gone over how to start planning for retirement in your 30s, but what if you still have questions? Don’t hesitate to contact us at IntentGen in Naperville. We’re happy to offer free resources as well as customized financial planning to help you achieve your goals.