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Is 30 Too Young for Retirement?

Published July 31, 2023

Whether you plan to retire at 61, as Wealth Professional reports, or you want to follow in your parent’s footsteps and work until closer to the age of 70, it is never too early to start planning. Whether you are in your 20s with your first home and in a new marriage, or you are in your mid-30s, established in your career, and have kids in double digits, everything you do now can affect your retirement in a positive way. To give you an idea of how to start planning for the future, Neighborhood Credit Union offers the following advice. 

What’s Your Worth?

Before you can really start planning for retirement, you first have to know what you’re worth right now. For those of you that already own a home, the bulk of your net worth is likely in home equity, which is the difference between what you owe and your home’s current market value. Other assets to consider include your vehicle, jewelry and art collections, retirement accounts, and savings.

Building Wealth

There is no single formula that can help you build wealth. Instead, it is up to you to make smart financial decisions, which include everything from making money to saving money to investing it so that it grows. A few tips include:

Starting a Business

You’ve likely already discovered that you’ll never become rich working for someone else. Even if you work full-time, consider starting a side business so that you can invest or save your additional funds. Cleaning, cooking, tutoring, and landscaping are all great options with little to no startup cost. 

Buying Your First Home 

Purchasing a home of your own is the cornerstone of the American dream, and it’s a wonderful way to build wealth. If you’ve put away enough for a down payment and are ready to buy, it’s important to carefully consider your loan options and the latest mortgage interest rates. If you have stellar credit, you’ll be able to access better rates, which translates to lower mortgage payments.

Safeguard Your Assets

Something many people don’t think about as they build their wealth is how they will keep it safe throughout the years. An essential element in your retirement planning should be taking steps to prevent significant losses and to protect your family. Consider:

Keeping Proper Records

Be sure to keep all of your documents in one place. It’s a good idea to digitize your important documents. From there, you can add pages to a PDF using this free tool. That way, you don’t have to worry about misplacing anything. Incidentally, PDF tools can also come in handy with advertising, as they’re a great way to put together newsletters and gift guides, as well

Setting Up a Will

You may feel like you’re too young to have a will, but as you start accumulating wealth, it’s important to make official how that wealth will be divided after your passing. For instance, if you have to move into an assisted living facility or pass away, your family can choose to hold an estate sale where everything in your home is sold. If you have bequeathed the home to someone, they will get the proceeds of the sale. Otherwise, the court will appoint someone to manage the sale.  

Establishing Other Safeguards 

Other ways to protect your retirement funds include buying long-term care insurance and looking for passive income streams that will continue to deposit money in your bank account long after you’ve retired. Another crucial aspect of safeguarding your wealth is to learn how to budget. This is essentially the practice of living within or below your means and saving on expenses where you can.

Watching Your Credit

You may be doing a stellar job with your finances, but if someone steals your identity, you need to know it right away. Regular credit monitoring can help you catch such a problem. Or, if you’re trying to raise your credit score, it’s important to keep tabs to know what is helping. Neighborhood Credit Union offers the free tool called Credit Score that will help you monitor your credit score progress. 

Be Strategic About Your Finances

The wealth you have now and the wealth you build in the future will have to carry you into your 60s, 70s, and, hopefully, beyond. From saving to spending on things that safeguard your assets, the decisions you make today will affect the amount of money you have available in retirement. Don’t be shy about looking for new ways to grow your assets while you are still young and able, and don’t forget to consistently monitor your credit score to make sure all of your good efforts show through. 

Carolyn Hart has been a financial planner for nearly four decades. She has dedicated her career to helping her clients achieve financial health by assisting them in setting budgets, saving for the future, and pursuing investment opportunities. Her site, CarolynKnowsMoney, is her passion project to reach readers near and far to find financial stability. When she’s not working, you’ll probably find her in the kitchen baking up a storm.

Who We Are 

As an active part of the community for 93 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, Ellis, and Tarrant counties. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of over 60,000. For more information, call (214) 748-9393 or visit our homepage


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