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Expanding on our recent blog about planning your retirement in your 20s, we will now focus on your 30s. Delaying starting a pension by another 10 years can have a significant impact on how much you will need to put away every month. 

Planning for retirement in your 30s 

In your 30s, you may see money become stretched as you naturally gain more responsibilities. If you are thinking about cutting back, then this is good but don’t make cutbacks to your pension.  

If you decide to reduce your pension payments, then you will miss out on:  

  • The tax benefits they bring  
  • Contributions from your employer  
  • Potential investment growth over time 

What should you do? 

Our advice would be to protect your pension savings as much as possible, even if your other financial demands on yourself are great. You will appreciate it in the future.  

Check again with your employer to find out how much they are willing to contribute. This is also a time when you should keep track of old workplace pensions. It might be worth consolidating all your pensions into one scheme if its beneficial for your savings.  

It may also be worth looking at what other assets you have. When you think of retirement you may only think of your pension, but savings should also be considered. If you are in your late 30s and have not opened a Lifetime ISA then it might be worth paying in £1 to keep the option open for future investments.  

If you find yourself in your 30s, with little responsibilities then you should maximise your contributions into your pensions as much as possible. Topping up your pension on a regular basis, can have a significant positive impact on the value of your savings at retirement.  

At Resolve Financial Solutions, we love taking the time to listen to our clients’ retirement plans and helping to make them reality. We focus on cash flow modelling to give you a clear picture of the retirement lifestyle you can expect. Get in touch today to discuss how we can assist your plans.   

Please note: A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investment (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. 

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