Available through CUSO Financial Services, L.P.

Life could get more complicated once you hit your 30’s. You may be married, have children, or could be buying a home. You might have student loans, a car loan, and other expenses. All of these things place a demand on your income—possibly leaving little to no money for savings.

According to Fidelity, by age 30, you should have saved the equivalent of your annual salary, and by 40, that amount should be three times your salary. That means if you make $50,000 per year, you should have between $50,000-150,000 in your retirement account.

How does your retirement savings measure up? If you’re a bit behind, don’t worry. You still have time on your side, and with these tips, you’ll be able to make a few adjustments to get your retirement goals on track.

Ramp up savings. An emergency fund is the backbone of a healthy financial plan. To ensure you’re prepared for what life could throw your way, it is vital to have 3-6 months of expenses saved. Once that’s covered, move your focus to retirement.

If you only have a small amount of retirement savings or haven’t started saving, you’ll want to take a hard look at your monthly budget so you make adjustments. Here are some tips to consider:

• Cut back on big expenses—rent a cheaper apartment, buy a home well under your budget, or drive an older car.
• Start working a side gig—there are several flexible options, including pet care, rideshare, or food delivery.
• Put unplanned money into savings—including stimulus checks, tax refunds, or gifts.
• Consolidate retirement accounts—combining retirement plans from past employers into a single account could help your savings grow at a faster rate.

Contribute to multiple accounts. Depending on your current (and future) work situation, contributing to various accounts may be beneficial.

First, consider taking advantage of employer-based retirement plans with employer matching, like a 401k. If that isn’t an option, an Individual Retirement Accounts (IRAs), like a Roth IRA, could be a great option as a primary retirement savings account.

Next, review the best options to maximize savings, including considering a secondary retirement account. To help you choose the best option for you, an Advisor can review your situation and make recommendations that fit your goals.

If you’re an independent contractor or small business owner, an Advisor can help find the best option to fit your needs.

Pay off high-interest debt. Not all debt is equal. That’s why it’s essential to evaluate your debt situation and create a payoff strategy, like paying off high-interest debt. Freeing up that money allows you to increase your monthly retirement savings amount and help you achieve your goals.

Earn more, save more. As income increases, it’s natural to increase spending, especially for things you couldn’t previously afford. However, resisting the urge of lifestyle inflation could mean future financial success. You could do this by allocating a percentage of your monthly income rather than a flat rate. This will automatically increase your retirement savings amount as your income increases.

The upside? You’re thinking about making adjustments while there is still time to build wealth. Even minor adjustments could help you reach your retirement goals. Seeking guidance from an Advisor is also a great option. Our CFS* Financial Advisor, Shanel Dubique, can help you create a custom retirement plan. To get started, complete this form or contact Shanel at Shanel.Dubique@atriawealth.com.

* Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk, including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Before deciding whether to retain assets in an employer-sponsored plan or rollover to an IRA, an investor should consider various factors including, but not limited to: investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock.