Preparing for Retirement In your 20’s & 30’s

by Heather L. Moir-Dangler, CLU®, ChFC®, CASL®

As we all know it takes diligence and persistence to fund your retirement.  Each stage of life is a little bit different for living for today and saving for tomorrow.  This series will run from 20’s to retirement.

You’ve just graduated and have started that first “big” paying job.  In addition to paying down your student loans and creating an emergency fund, it’s also time to start saving in an IRA or an individual investment account.  Utilizing any one of these examples could make a tremendous difference in your future financial options:

  • Start with $50/month to an individual investment account
  • 1% to your employer sponsored retirement plan
  • $50/month to a Roth IRA (if eligible)

Once you are eligible to participate in your employer’s retirement program, start participating.  Your employer may or may not have a matching program.  If there is no match, don’t let that stop you.  Save for your future!

Moving into your 30’s, as your income rises, look at gradually increasing the amount you’re putting away for your future.  At this point in your life, you may be looking at purchasing a home vs. renting.  By saving along the way for short-term and intermediate-term goals, it may provide you with more options for your first home purchase.

When it comes to saving for your future, the earlier you start can potentially give you more flexibility and choice, making it easier to find your financial balance at each stage of life.


pdf version here