Saving for Retirement at 30
 
Saving for Retirement at 30

Are you in your thirties? If you are, retirement may be something that you occasionally think about. If not, now is the time to start. While there are a number of benefits to saving for your retirement years when you are in your twenties, it is imperative that you start in your thirties. If not, you may find yourself with little or no money to retire with.

One of the easiest ways to set aside money for your retirement years is by saving money. Take any bit of money that you are able to save, by eliminating unnecessary purchases, and put it away. To save the most money, examine your spending habits. Buying an expensive pair of jeans is a nice pick-me-up when you were twenty, but now is the time to start worrying about your future. Remember, apply any money saved to your retirement future.

As for what you should do with your saved money, you do have a number of different options. One of the easiest approaches to take is to open a savings account. Often times, all you need is $50 to do so and your account should be fee-free, as long as you maintain the minimum monthly balance. As easy as it is to open a savings account, only do so if you are good with money. You will want deposit money into your savings account and forget all about it. If you have a passbook, hide it. Ignoring your savings account, aside from putting money into it, is the best way to leave it untouched. Unfortunately, with a savings account, it is much easier to get a hold of your money and you can do so without any immediate consequences.

As nice as savings account is, there are many other profitable and convenient approaches for you to take. These include a 401(k) plan. If you are employed and full-time, you should be able to contribute to your 401(k) plan. Have you already been doing so? If not, it is recommended that you start. Those in their twenties are encouraged to deposit at least 5% of their income into a 401(k). The same percentage is recommended for those in their thirties, as long as contributions were previously made. If this is the first year that you will continue to your 401(k), 7% to 10% is recommended. 401(k)s are nice because they offer tax savings and many employers will match contributions.

As previously stated, now is the time for you to start saving money. Eliminating unnecessary purchases and carefully tracking your spending is a great to reduce your living expenses and save additional money for retirement. Before you put all of that money into a savings account, 401(k), or an Individual Retirement Account (IRA), examine your debt. Do you have any? Retirement and debt do not mix, so take steps to rid yourself of debt and start doing so now. The best step to take is to reduce your expenses, which was outlined below, and split the money saved between a retirement savings account and your unpaid debt.

Now is also about the time that you should start thinking about what you want your retirement to be like. Many people think this is a step that is too early for someone in their thirties to take, but there is no harm in planning ahead. Where do you see yourself when you retire? What kind of home would you like to live in? Do you intend to travel? What activities do you want to enjoy? These questions can help you determine how much money you need to retire. Of course, you can still continue to save money for retirement even if you don't know the answers to these questions, but a goal can help make sure you are able to retire comfortably and with ease.

The above mentioned steps are just a few of the many that you, a person around the age of thirty, can take to prepare for retirement. They are, however, the easiest steps to take.

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Articles
Forced Into Retirement? What You Should Do

How to Find Retirement Communities

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Professional Retirement Help: Where Can You Turn

Retirement Checklist: Are You Prepared?

Retirement Planning: 5 Reasons You Should Meet a Financial Advisor

Retirement Planning Mistakes You Need to Avoid Making

Retiring: Should You Rent or Own a Home?

Saving for Retirement at 20

Saving for Retirement at 30

Saving for Retirement at 40

Saving for Retirement at 50

Saving for Retirement at 60

Saving for Retirement When Running a Small Business

Saving for Retirement When Working from Home

Saving for Retirement: Why Flexibility is Important

The Best Ways to Save for Retirement

Tips for Choosing a Retirement Community

Tips for Helping Your Parents Plan for Retirement

Tips for Saving for Retirement

Why Saving For Retirement Is Important

 

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This site is a common sense guide to Saving for Retirement at 30. In practical advice websites, like anything else in life, there are no guarantees of income made. Readers are cautioned to reply on their own judgment about their individual circumstances to act accordingly.

This site is not intended for use as a source of legal, business, accounting or financial advice. All readers are advised to seek services of competent professionals in legal, business, accounting, and finance field.

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