Hand putting Coins in glass jar with retro alarm clock for time to money saving for retirement concept

The average retirement age in the United States is 62. How prepared are you for your retirement?

If you’re like most Americans, your preparation is certainly inadequate. A recent survey established that Americans need about $1.7 million to retire comfortably, yet one in three people have less than $50,000 saved up for retirement.

If you’re in your 30s and you’re ready to start saving for retirement, you’ve made a sound decision. But how do you go about it? Which is the best savings strategy?

Here’s is how to prepare for retirement when you’re in your 30s.

Keep Your Debt in Check

The typical 30-year-old American is starting to get a firm grip on their career, but expenses are almost out of control. You aren’t a homeowner yet and you probably have a staggering amount in student loans.

If you want your quest to save for retirement to be successful, you need to keep your debt levels in check. While there’s little you can do about getting rid of your student loans, avoid taking up other unnecessary loans and credit cards. These will only push you into a debt cycle and derail your retirement plans.

If you already have multiple debts, it’s not too late to devise an aggressive repayment strategy. Debt consolidation, for instance, can do you’re a lot of good. Read more here to learn about debt consolidation companies and how they can help you.

Open an Individual Retirement Account

The easiest way to start saving for retirement in your 30s is to open an individual retirement account (IRA). You will then be making contributions to the account, much like you would put money into a savings account.

An IRA account develops your savings habit. Throw as much as you can into it every month. If you make some money off your tax deductions, save it into this account.

Earned a pay increase at work? Save it for retirement instead of using it to improve your lifestyle.

What’s more, an IRA account offers a bunch of benefits, the biggest being the ability to deduct the amount you have saved in a year from your federal income tax return.

Invest, Invest, Invest

At 30, you aren’t too young to invest. Warren Buffet, one of the richest men of our time, started investing when he was just 11.

Why risk your money in investments? You ask.

Well, saving will only do so much. Even if you’re a disciplined saver, by the time you retire you still won’t have enough.

Investing is the best way to grow your wealth and ensure you’ll have a paycheck even in retirement. Sure, investing can be risky, but as long as you make smart moves, such as investing in the right stocks, you’ll be successful. Real estate is also another profitable venture.

Know How to Prepare for Retirement While Young

At 30, it’s only natural to want the finer things in life. However, in a few decades you’ll hang up your spurs, and you don’t want your pockets to be empty when you do. With this guide on how to prepare for retirement in your 30s, you now know the moves you can make.

Stay tuned to our blog for more money tips!