In your 30s, you may feel like you have finally started to figure things out. You may have started a family or be firmly planted in a promising career. You may have purchased your first home or have enough income to finally take a well-deserved vacation. Whatever your life looks like, there is one thing you may not have thought about or at least thought enough about: retirement.
Planning for retirement in your 30s can help you take bigger risks with the chance of bigger rewards. Plus, the earlier you start, the more your money has the potential to make money, known as compounding. Compounding can grow your original investment exponentially since your earnings begin to generate their own returns over time. Sound good? Read on to discover how to plan for retirement in your 30s.
Planning for Retirement in Your 30s
Your 30s are an ideal time to start saving for retirement if you haven’t already. Take advantage of things such as employer matching, where an employer matches your contributions. Think about what you would like your retirement to look like and get a firm idea of how much money you will need to make it happen. These steps can help you fully prepare for your retirement:
- Retiring at Age 30, 40 or 50? What You Need To Know
- Should Millennials Rely on Crypto for Retirement?
- The 6 Keys to Successful Retirement Planning for Millennials
- Here’s How Much You Should Have in Your Retirement Account at Every Stage of Life
- 6 Types of Retirement Income That Aren’t Taxable
What To Know About Social Security in Your 30s
Did you know that Social Security reserves are projected to become exhausted by 2037? After that, benefits may not be paid in full or on a timely basis. What else do you not know about Social Security that you should know in your 30s? Find out more about Social Security and what it means for your retirement with our quick guide.
- Social Security: Millennials Will Need to Save $21 a Week To Make Up for Program Cuts
- Experts: 5 Things Millennials Should Know About Social Security
- From Gen Z to Boomers: A Generational Guide to Social Security
- When Social Security Runs Out: What the Program Will Look Like in 2035
- Worried About Social Security Running Out? Here’s How to Prepare Now
Early Retirement and the FIRE Movement
Like many people, you may dream of early retirement. But have you taken the steps you need to make this dream a reality? Many young people have taken early retirement into their own hands through the Financial Independence, Retire Early (FIRE) movement, where you save as much as possible and invest to allow yourself to retire earlier. Learn more about this revolutionary idea and how to live comfortably even if you want to retire early.
- Comparing and Contrasting the FIRE Movement With ‘Lying Flat’
- 6 Reasons You Should Retire Early
- Here’s How To Retire Early and Quit the Daily Grind
- What’s the Earliest You Could Retire?
- How Much Should You Have Saved If You Want To Retire Early?
- 8 Things You Can Learn From the FIRE Movement Even If You Aren’t Retiring Early
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