Retirement Planning in Your 30s: How to Start planning for retirement

Believe it or not, millennials are the trailblazers when it comes to retirement planning ^1. Maybe it's in defiance of the criticism they often face, being accused of prioritizing the enjoyment of life. So, if you're one of them—or better yet, one of us—and haven't begun saving, here's a piece of advice you might not have heard before: the ideal time to start is now.

Published on 2024-03-12

How to start

In this enlightening piece crafted for your enjoyment of life after retirement, we'll delve into two crucial aspects to kickstart your retirement planning. The first step is indispensable: earning strategies to maximize the potential of your money and achieve your retirement goals.

The second aspect, revolves around saving strategies to ensuring a happier ever after for both your present self and your future self.

Earning Strategies

1. If your employer offers a retirement plan, take it!

In the standard job scenario, companies often include a retirement benefit known as a 401k, especially for individuals aged 18 and above. Here's the rundown – you allocate a portion of your pre-tax salary, and taxes only come into play when you withdraw the funds. To sweeten the deal, employers usually match your contribution, typically falling between 2% and 5% of your salary. The catch? If you neglect to contribute, your employer won't contribute either. Remember that in previous jobs, you might have had a 401k account and forgotten about it; make sure to check in this Search for Abandoned Plans. Don't let this chance slip by to stash away some "free" money for your retirement.

2. Other retirement plans:

Explore various retirement plans beyond a 401k if your job doesn't provide one. Consider options like IRAs or Roth, which can be used alongside a 401k. Seek guidance for the best choice and, in cases of income gaps with your partner, explore a spousal IRA. Roth money, taxed before entering the account, grows and is withdrawn tax-free, with contributions available for withdrawal at any time. Diversifying retirement plans ensures flexibility and strategic financial planning.

3. Invest your money:

Last but not least, diversifying investments to make your money work for you is the key. There are plenty of options we've covered in our latest article, Investing 101. Make sure you check it.

Saving Strategies

1. Automate saving transfers:

To resist sweet spending temptations, put aside a portion of your post-tax salary. Set up automated transfers to your savings accounts, leveraging the various free options offered by your bank for a hassle-free monthly process.

2. Steer clear of high-interest debt:

Especially with credit cards that tend to grab attention in this context, ensure to settle the entire bill, as the common mindset of 'I can pay it next month' is, unfortunately, counterproductive to every financial objective.

3. Cost-effective care is crucial:

Taking care of your health and belongings is more cost-effective than medical treatment or replacing and buying new things at home. Cultivating good habits such as healthy eating, frequent exercising, and regular doctor check-ups will undoubtedly help.

4. Save as much as you can:

As detailed in our blog; Saving is a Mindset With Benefits Both Psychological and Financial, so eliminate unnecessary expenses and start saving as much as you can.

In essence, the key is to start right away by making the most of employer benefits, exploring retirement plans, and practicing smart financial management. As you navigate this financial journey, remember that securing your financial well-being today ensures a comfortable and stress-free retirement tomorrow. Your future self will appreciate it.


[1]: Transamerica Center Studies, 2016,

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