How to Save for Retirement at Age 30

One of the most important things you can do for yourself in your 30s is to start prioritizing retirement savings if you haven’t done so already.

Building retirement savings at 30 is not always an easy task, even if you’re earning a higher salary as a more experienced worker.

Saving in tax-advantaged retirement accounts available through work, known as a 401(k), is one of the best things you can do to start saving for retirement.

1. Contribute to a 401(k)

If you don’t have a 401(k) at work, opening an IRA can give you access to a tax-advantaged savings account.

2. Open an IRA

Your asset allocations will reflect your goals, risk tolerance and time horizon.

3. Plan Your Asset Allocation

Just as a portfolio with different types of assets offers some downside protection, so too, does diversification within those asset classes as well.

4. Diversify within Asset Classes

If you’re only in your 30s, it’s likely that you’ll change jobs a couple of times, or more, over the course of your career.

5. Don’t Cash Out your 401(k) if You Get a New Job