What Age Should You Start Saving For Retirement?

Our tips & tricks to help you save for retirement

When it comes to the best age to start saving for retirement, it really is right away and if you’re asking yourself questions about when you should start saving for retirement the simplest answer is right now.

In an ideal world you should start planning and saving for retirement in your 20s so that you have ample time for your investments to grow before you reach retirement age. If you’re past that age though and you can feel retirement looming, it’s important to remember that it’s never too late to start putting money aside for retirement. 

Here are some of our top tips for starting your retirement planning and beginning saving for retirement, no matter your age! 

It has to be easy 

Regardless of your age, having a retirement saving strategy in place probably won’t work for you unless it is easy and seamless. One of the simplest ways to save for retirement is to make it automatic. 

The truth is if you have to manually move money into a retirement savings fund every single time you get paid, it probably won’t happen, but setting up an automatic transfer every time you get paid is an easy way that will ensure you are putting funds away every pay.

Chances are good after a few paychecks you won’t even notice the money coming out of your account but you will be building up an ample retirement fund without even realising it! 

Include retirement savings in your budget

When it comes to budgeting, most of us do have some wiggle room for some extra savings in our budget. When you take a look at your spending, ask yourself if there are any aspects of your spending habits that you can scale back to replace with saving for retirement. 

It’s important to make sure that you’re only saving the amount you can afford as any unreasonable or unrealistic savings will make it much harder to keep up long term. By including your retirement savings in your budget, you get into the habit of putting money away for your future. 

Visualise the life you want for yourself in retirement, whether you’re wanting to put aside a large sum for retirement to help set yourself up early or you want to save a couple extra dollars a week – rethinking your budget to include retirement savings will help you to get where you need to be for your future! 

Keep track of your progress

When it comes to saving for retirement, especially if you're a long way away from retirement age, it can sometimes feel like more of a hassle than it’s worth – but keeping track of your progress is a great way to help combat those feelings. It can be very satisfying to see your retirement savings grow as you put more into them. Whether you are saving in an account or you’re adding extra into your Super fund each month, keep an eye out for your statements.

Measuring your savings progress will help you stay motivated and that’s the number one thing you need when it comes to long-term saving goals. Staying motivated is the key to staying on track and keeping track of your progress is the perfect way to improve your morale and your motivation. 

How Can We Help? 

Whether you are in your 20s just starting your retirement savings journey or you’re a bit older but have neglected your retirement savings – it’s never too late to start! Our team at Allied Wealth can help you when it comes to retirement planning and financial planning for the future.

Our team can help you prepare for the future so that you can have a comfortable and financially free future even in retirement! 

Contact a member of our team today to see exactly how we can help you to future-proof your finances!

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