Planning Your Retirement In Your 30s

18 July 2017

In your 30s, you may find your priorities change especially as you get on the property ladder, get married and maybe start a family. You will find a lot of calls on your finances.

With the days of relying on a State Pension to cover the costs of your retirement long gone, it is important to save for retirement as much as possible now as it will be so worthwhile later on. Hopefully as your career progresses, your income should also increase.  Take advantage of tax-free saving into your workplace pension or your personal pension as your employer and the government will also be contributing.

Open a Lifetime ISA (LISA) or continue to pay into one if you already have one. The LISA is designed to help young people to either save for their first home or build up their retirement savings.  Therefore, they are only available to people aged between 18 and 30 years old.  You cannot open a LISA once you turn 40. Read our LISA guide for more details on this saving tool and the generous Government bonus on offer.

Read Daly Park’s guide to Planning Your Retirement and give your Accountant in Daly Park a call if you want more individual advice.