People in Their 30s Don’t Have a Retirement Account
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Save Now for a Better Retirement Later
Starting to save in your 30s can roughly double your eventual retirement savings, how do we get that message to people in their 30s.
According to an Investopedia analysis of the Federal Reserve’s most recent edition of its Survey of Consumer Finances (2022), about 40% of U.S. households led by 30-somethings have no retirement savings account. Workers of all ages tell surveyors that housing and healthcare are cutting into their ability to save for retirement. Additionally, workers without access to workplace retirement plans face their own savings challenges, especially in smaller firms or gig roles.
Recent research from Northwestern Mutual shows that only slightly more than half (54%) of non-retirees in the U.S. believe they will be financially prepared when retirement time comes. If you have a zero balance in your 30s it’s far from too late, but starting early gives you a big leg up.
Start Your Retirement Account in Your 30s
Starting a retirement account in your 30s gives compounding plenty of time to work. But there are still barriers, 72% of private-sector workers had access to a retirement plan at work, the Bureau of Labor Statistics found, but only 55% of workers in firms with fewer than 50 employees did. (March 2025) The Employee Benefit Research Institute’s 2026 Retirement Confidence Survey reports Sixty-five percent of workers said household debt was a problem, with almost 1 in 3 carrying more than $25,000 in non-mortgage debt and nearly 6 in 10 saying healthcare costs were hurting their ability to save.
The math of how savings build upon themselves offers a strong incentive to start earlier: a 30-year-old who saves $5,000 a year at a 7% return ends up with more than twice as much at age 65 as one who waits until 40. Even small, consistent contributions build momentum that matters more than the starting balance. For most 30-somethings starting from $0, start by contributing to your 401(k) at least as much as the company match. For workers without a 401(k), consider a Roth IRA as a strong starting point. Contributions grow tax-free, and contributed amounts can be withdrawn tax-free and penalty-free at any time.
One of the more “adult” decisions you can make is to spend now on retirement savings to have a better quality of life when you are able to retire. We are available to discuss your current situation and how we can help.