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Retirement Checklist for Your 30s

As your earning power increases, your 30s are a great time to further build your retirement savings foundation. Here are some realistic steps you can take now to help balance your long-term financial goals with your short-term needs.

1. Continue (or start) saving

  • Try to maximize tax advantaged retirement accounts like IRAs and 401(k)s.

  • Take advantage of employer-sponsored retirement plans.

    • If your employer offers a retirement plan like a 401(k) or 403(b), consider signing up. If you’re already participating, make sure you’re taking full advantage of any employer matching contributions – these can provide a valuable boost to your retirement savings.
  • Consider an Individual Retirement Account (IRA)

    • Wells Fargo offers a range of IRAs. You can choose to control your own investment decisions or choose a professionally managed account. Certain choices carry investment risk, while others are FDIC-insured. Choose the right IRA that best suits your needs. You can open most IRAs immediately online.
  • Try to save at least 10% or more of your income, automatically, every month

    • First decide which retirement accounts you’ll use; there are several options to consider.
    • Try to contribute enough to your employer’s retirement plan to take advantage of the company match, and then contribute the additional amount to an IRA to build more savings for retirement.
    • If you are maximizing your 401(k) and IRA savings options, think about setting up a taxable savings or investment account.
    • Set up a recurring transfer of the amount you’ve chosen to save in an IRA. You can do this online and once it’s set up you don’t have to think about it anymore.
  • Consider adding bonuses, tax refunds, or other lump-sum payments to your retirement savings

    • Setting aside financial windfalls can help accelerate your retirement savings. You’ll thank yourself later.
  • Continue (or start) building an emergency fund

    • Save an amount equal to three months' income in a savings account. This cushion can help you weather an emergency without dipping into your retirement savings.

2. Watch your spending

  • Create a budget

    • Understand what you’re really spending each month. Wells Fargo’s My Spending Report helps you track what you spend, so you can find ways to save and budget dollars toward your retirement.
  • Keep debt under control

    • Lower monthly payments and high-interest debt with Wells Fargo's Debt Pay Down Solution®, a simple way to pay down debt faster.
    • As you reduce your debt, consider using the available cash to invest more for retirement and other goals.
  • Write down your retirement goals and outline a plan

  • Check in on your asset allocation; are you on target?

3. Learn more

  • Understand two key concepts of Retirement Planning

    • In your 30s, there are two main keys to retirement success: regular contributions and asset allocation.
  • Learn how to invest and allocate your savings

    • Explore different options, such as creating your own investment portfolio and speaking to a Financial Advisor for help.

We are here to help you take the steps that are right for you. To get started, contact a Wells Fargo Retirement Professional today.

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