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You’re Never Too Young to Plan for Retirement

You’re Never Too Young to Plan for Retirement

November 27, 2022

When you’re in your 20s and 30s, retirement seems a long way off, but as anyone over 50 will tell you, those years go by in a flash.

Steven Covey, the well-known leadership and lifestyle expert, famously said, “Begin with the end in mind”. Those words couldn’t apply more than when it comes to starting your career and planning for your financial future.

If you are in your 20s or 30s, this is the time to lay the foundation for a secure retirement. Our team at One Financial Services would be pleased to discuss options to help you get started on building that future and potentially avoid the pitfalls many people make as they’re starting out.

Taking advantage of an employer’s 401K match is one way to save for retirement. If your employer offers this benefit, which may be up to 6% of your salary, signing up might be the right thing for you. For example, if you earn $50,000 a year and your employer match is 5%, you can save $2,500 annually but you'll end up getting $5,000. That’s $2500 of “free” money.

Beginning your retirement planning early has another benefit; compound interest. The longer your money is saved and invested, the longer it will be exposed to market dynamics. 

It is tempting when you’re in the early stages of your working life to say you’ll start thinking about saving and retirement when you’re older and earning more, but good retirement planning is a long game. A 25-year-old who saves $1,000 a year for just 10 years can have more money due to compounding at age 65 than a 35-year-old who saves $1,000 a year for 30 years.

There is lots of retirement planning information available in this electronic age. At One Financial Services, our team is dedicated to helping you build a solid financial future. Your One Financial Services advisor will provide customized planning options designed to pursue your individual goals.

At One Financial Services, we think of our clients as family.    

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.