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IRA Financial Blog

Jumpstart Your Retirement Savings


It can feel like once you’ve gotten your life together everything changes, and if you didn’t jumpstart your retirement savings in your 20s, you definitely should in your 30s.


Key Points
  • Your 20s are the best age to start saving for retirement
  • Saving for retirement is moving your money forward
  • Compound interest and the power of deferral make the most of your time

Life In General

In a perfect world, everyone would have a job they love, earnings would be plentiful, and they would save more than enough money for retirement.

In the real world, though, life happens. And it often happens in ways that aren’t planned for. Let’s say you went to college, got a job, have a schedule for your future. Then you’re hit with a bolt of lightning and fall in love, get married, have a family, buy a house, move out of the city, buy a minivan, and a host of other things that change the whole view you had of the world.

Or you decide you were all wrong about wanting to be a teacher, and instead want to be a corporate tax attorney, which requires different education and different skills. So instead of settling into a routine of student teaching, you’re going back to school for even longer because it’s a brand new career path for you, and to get another degree.

Saving for Retirement

So if you’re in your 30s, and life has brought you to where you are, and your retirement savings aren’t robust, what are you to do? The single greatest secret to doing anything is getting started. So make a plan for what you would like your retirement to look like.

Are you spending beyond your means? Start reining in your spending and getting control of your finances. You don’t need to wait until you have “leftover” money. You can plan to save for retirement, and if you are working in a corporate environment that has a 401(k) match, there’s free money for your future. And the cliche of skipping a latte and saving for retirement with that money might be an oversimplification, but it can be a great place to start.

Review your budget, and really decide what deserves your money. Bills you owe, student loans, and saving for retirement should be payments you make automatically.So should contributing to an emergency fund, so that in the event of emergency you have money put aside and don’t have to touch your retirement savings, which often comes with substantial penalties.

Ways To Save

Educate yourself about retirement savings options. If you have access to a 401(k) account, you can normally automate your savings so that the money goes into your account painlessly, before you even see it. And it accumulates before you know it, building a solid foundation for your future. An IRA is another option for saving for retirement.

If you’re working for yourself or with a spouse, a Solo 401(k) or Self-Directed IRA may be best for you. These options allow you greater flexibility and freedom that traditional 401(k) and IRAs but with the same tax and savings benefits.

When you establish a Self-Directed IRA LLC, you can make all types of Self-Directed IRA investments if they are IRS approved. The Self-Directed IRA LLC offers you the ability to use your retirement funds to make almost any investment without requiring the consent of a custodian. All decisions will be yours.

Jumpstart Retirement Savings

In 2020, which has been, at best, a complicated year, saving money can seem challenging in new ways. But the stimulus check could go straight into retirement savings, giving a little boost. Christmas bonuses, extra pay, anytime “extra” money comes your way, consider putting it into retirement savings. Once you start to see it grow, you want to see it continue to grow. And it becomes sort of a game, seeing it increase exponentially. As you watch it grow, you want it to grow, and as it continues to grow you enjoy seeing it grow, and on and on and on. Get started today!


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