How your 30s and 40s are critical to ensure you adjust, adapt and ace your retirement goals
30s: Getting into the loop
Very few enter their 30s with a firm grasp on their finances. Most are only just beginning to find their feet in their careers. Around this time, most typically get married and are even blessed with an offspring, which brings on the burden of family responsibilities. Expenses start piling up, even as income is yet to pick up substantially. Some may take on a sizeable home loan along the way, which further squeezes the income. Lifestyle spends like travel and entertainment dominate this phase.
Dilshad Billimoria, Managing Director, Dilzer Consultants, laments, “Retirement is not really a priority for individuals in their 30s, with many keen on vacations and other experiences.” There is a belief that enough time is at hand to ponder over a goal like retirement. A high degree of optimism regarding future earnings is also a common reason for putting it off. However, you could be setting yourself up for a disaster. If you put off saving for retirement any further, you could be left playing catch-up later, which could be a losing battle.
Rohit Shah, Founder, GYR Financial Planners, asserts, “By the time you enter your 40s, you would have merely 15-20 years left for retirement, which is not adequate to capture gains from compounding. Having 25-30 years of compounding makes a material difference to your corpus.”
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