In Your 30s and Haven’t Started Saving for Retirement? Do this.

A recent study revealed that Millennials believe 61 years of age to be the best time to retire. Sounds great. But there is a problem—most Millenials (66%) have nothing saved for retirement.

Millennials range from 18 to 37 years of age. So what if you are on the older side of the Millennial generation and still have nothing saved for retirement? You need to get started. Now. And here are a few suggestions on what to do.

1. Identify your goal. Identify how much you need to save. I recommend striving for 15% of your gross income. If you don’t think that is enough, go higher. You still have several years left for compounding, so take full advantage of it.

2. Max out your employer match. Some companies offer employer matches. This is where they contribute additional monies into your retirement account based on your contribution. If your company offers an employer match, figure out how to max it out. You will not find a better return on your investment.

3. Consider a Roth IRA. After you have maxed out your employer match, consider placing money into a Roth IRA. You contribute after-tax dollars into this type of IRA. When you are 59 ½ year of age, you can take the money out tax-free. This can be a significant benefit to you in your retirement years.

4. Automate. Automate. Automate. Leverage technology. Automate your retirement savings. It is too easy to forget about or spend money that should go toward retirement. Make saving for retirement automatic. Have your employer take money from your paycheck and put it into the company plan. Or set up an automatic withdrawal from your checking to your IRA. Use technology for your benefit.

If you are in your 30s without any retirement savings, there is good news. You can still set aside a significant amount of money for retirement. But it will take discipline. Make retirement the most generosity-filled years of your life. Set aside money now so that you can live and give generously later.

3 Ways Millennials Can Miss a Huge but Vanishing Opportunity for Their Retirement Savings

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