The Thirties: Time To Get Serious

We have retirement on the brain this week. Every day this week we will post retirement advice from NerdWallet on the various stages of life. Today, we are focusing on the thirties. These folks have been working a while and are more stable in their careers but do they know how to prepare for retirement? Read about your twenties here (w/Link) 

There’s one truism about retirement that has stood the test of time: It’s never too late, or too early, to start saving. Whether fresh out of school or winding down in a career, there are things you can do to successfully prepare your nest egg, as well as places where it’s easy to stumble. Financial institutions such as Vinton County National Bank can help you set up a retirement account and personalized plan. But it’s up to you to do the heavy lifting throughout the decades.

If you are in your thirties, now is the time to get serious about your retirement savings.

By Cait Klein, NerdWallet

If you hit your thirtieth birthday and you haven’t started thinking about retirement, you’re not in the danger zone yet, but you are starting from behind. Consider meeting with a financial planner to see where you’re spending more than you need to and discuss how to redirect some of that money toward retirement. Create a budget and consider trying to divert 20 percent of your income into savings. If the company you work for provides a 401(k) account and matches a percentage of employee contributions, make sure to participate with an eye toward contributing at least enough to get the full match.

Before making big purchases, look into a crystal ball and envision the future. Don’t saddle yourself with a level of debt that could distract from your retirement down the line. If you’re about to buy your first home, and you made good strides in building your retirement fund in your twenties, you might be tempted to draw on that money for a down payment. Although the Internal Revenue Service allows first-time homebuyers to draw on a portion of their retirement savings to pay for a home, doing so results in a double hit. Not only are you reducing your plan by the amount you withdraw, you’re also causing the dividends that that money would have accrued to evaporate. As a result, though you might have a beautiful house, you might also find that you have to delay your retirement because you have to work longer to make up for the withdrawal and those unrealized dividends — or, you might find that your later years end up being less golden than you’d anticipated.


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