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This is an educational estimate, not financial advice.
What this means for you
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Retirement Planning at Age 30
Starting to save for retirement at age 30 gives you 35 years until traditional retirement age. This is an excellent time to begin building your nest egg with the power of compound interest on your side.
Key Advantages of Starting at 30:
- Time is Your Friend: 35+ years of compound growth
- Smaller Contributions: You can contribute less monthly and still reach your goals
- Market Recovery: More time to recover from market downturns
- Habit Building: Develop good saving habits early
Recommended Actions:
- Aim to save 15-20% of your income
- Take advantage of employer 401(k) matches
- Consider a mix of Traditional and Roth accounts
- Rebalance your portfolio annually
Compare IRA & 401(k) Providers
| Provider | Account Types | Typical Fees | |
|---|---|---|---|
| Provider A | IRA, Roth IRA | 0.25%–0.40% | Open account |
| Provider B | IRA, 401(k) rollovers | $0 trading, ETFs | Open account |
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Virginia Retirement Tips
- Check Virginia-specific tax treatment for retirement account withdrawals.
- Look into any state-sponsored retirement plans or special rules for Virginia residents.
- Benchmark your savings rate vs. Virginia median income if available.
- Consider Virginia cost of living when planning your retirement budget.
FAQ
How much should I have saved by age 30?
A good rule of thumb is to have saved the equivalent of your annual salary by age 30. However, starting at 30 is still great - the key is consistency and taking advantage of compound interest.
Is 30 too late to start saving for retirement?
No, 30 is absolutely not too late! Starting at 30 with consistent contributions can still build substantial wealth by retirement age thanks to compound interest.
What's the best retirement account for someone starting at 30?
Start with your employer's 401(k) if available (especially if there's a match), then consider opening a Roth IRA for tax-free growth and withdrawals in retirement.