Wealth Management Firm Near Me - Facebook Icon IMG  Wealth Planning Near Me - Certified Financial Planners Twitter Icon IMG   Find A Financial Advisor Near Me - Wealth Planners Linkedin Icon IMG 


Access Your Account

☰ Menu
Planning & Economy

Continuing to Secure Your Financial Journey

August 29th, 2023

Investors in their 30s

Maybe you resemble this profile: You’re in your 30s and feel you have some breathing room after having paid off most of your college debt and getting settled in your career. And recently, you’ve started to think about how to be sure your financial future is on the right path. In your 20s, hopefully, you had some time to start saving towards your emergency cash cushion. You are on the right path with your employer benefits and started saving in your retirement plan. In your 30s, we have a new set of goals we would recommend you consider.

1. Have six months of expenses saved in cash

We recommend you start this cash savings in your 20s, but you may have to adjust that figure in your 30s as your expenses may have increased, especially if you have purchased a home and have started a family. Suppose you have two employed individuals in your: In that case, you may get away with having only three months of expenses, especially if your incomes are similar, but having six months will provide more security if you’re the only individual in your home with an income.

2. Get a plan in place to pay off unsecured debt

As you start the decade into your 30s your expenses are most likely increasing. Your financial goals may take a backseat if you are not actively paying off unsecured debt like credit cards or student loans. Having a plan to pay off unsecured debt is essential; try the following simple steps:

Remember not to sacrifice your savings plan to pay off debt quickly. Be sure that your savings plan is intact. You want to be sure you have sufficient savings, so you’re not using more credit cards when you have an unexpected expense.

3. Get your estate planning documents completed

What are estate planning documents? Your Will, Power of Attorney & your Health Directive. It’s essential to complete your Will so that the right people or organizations are named to receive your assets at your death. We recommend people reevaluate their Wills at least every 3-5 years as your life and wishes may have changed as well. If you have started a family at this time, it’s crucial to have the guardians named in your Will that would take care of your children in case you and your spouse pass simultaneously.

4. Start saving your in a college account for your children

If you have children, it’s important to consider how you want to save for higher education or other future goals. Depending on the goal, you could use several different types of accounts to save for your kids. If higher education is important, I would recommend talking to your financial advisor or Windsor Wealth about investing in a 529 plan. Or, if you have other goals to save for your children, you could use a custodian account, a Roth IRA, or a regular savings or investment account. It’s best to start a savings plan when your children are young so that time is on your side, thus maximizing compounding returns. Remember, the rule of 72 means that if you average a 7% return a year, you double your money in 10 years.

5. Continue to increase your retirement plan contributions

Increasing your savings annually is very important as you get older and more settled in your career. By this time, you are probably saving into your employer retirement plan and seeing why compounding returns are essential. Sometimes, you can automate your contribution increases through your employer retirement plan by instructing the plan administrator to increase your savings by a certain percentage yearly. As you approach your 40s, we recommend you start saving the maximum amount, so increasing your retirement plan contributions over time in your 30s will make it easier to max out your savings in your 40s.

6. Do a life and disability insurance analysis and be sure your risks are covered for the unexpected

A significant part of financial planning is preparing for the unexpected. Part of that is ensuring you have the right amount of insurance for your situation. The younger you are, the more likely you will need more life insurance. Having an insurance agent or financial planner help you with this process will be vital. They can review your financial situation and help you develop the best life and disability insurance plan.

Working with financial planners early can help identify and prioritize your goals and concerns. Other professionals are prepared to help young families get their financial journey started. Having an attorney you can trust to get your estate planning documents in order is essential. You may also consider developing a relationship with an accounting firm. We’re ready to help you or any family members get started.

Christina Jones
Wealth Manager, RFJS
Partner, Windsor Wealth



401k plans are long-term retirement savings vehicles. Withdrawals of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2 , may be subject to a 10% federal tax penalty.
Matching contributions form your employer may be subject to a vesting schedule. Please consult with your financial advisory for more information.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does constitute a recommendation. Any opinions are those of Windsor Wealth and not necessarily those of Raymond James.
Every investor’s situation is unique, and you should consider your investment goals, risk tolerance and time horizon before making any investment. Prior to making an investment decision, please consult your financial advisor about your individual situation. You should discuss any tax or legal matters with the appropriate professional.
Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 ½, may be subject to a 10% federal tax penalty.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, marketed as Windsor Wealth Planners and Strategist. Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Windsor Wealth Planners and Stategist is separately owned and operated and not independently registered as a broker-dealer or investment adviser.

Raymond James financial advisors may only conduct business with residents of the states and/or jurisdications for which they are propertly registered.  Therefore, a response to a request for information may be delayed. 

Please note that not all of the investments and services mentioned are available in every state.  Investors outside of the United States are subject to securities and tax regulations within their application jurisdications that are not addressed on this site.  Contact your local Raymond James office for information and availability. Links are being provided for information purposes only. 

Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. 

Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.