Is it too late to start saving at 30?
No. $100 a month from 30 to 65 grows to about $180,000 at an illustrative 7% a year. Starting earlier helps, but the gap between starting at 30 and never starting is far bigger than the gap between 25 and 30.
By Max, founder of ftrme · Updated What do the numbers say?
| Save per month | Start age | At 65 (illustrative 7%/yr) |
|---|---|---|
| $200 | 25 | ≈ $525,000 |
| $200 | 35 | ≈ $244,000 |
| $100 | 30 | ≈ $180,000 |
Starting ten years later roughly halves the result, but it’s still a quarter of a million dollars from $200 a month. The worst number on this table is zero.
Why does it feel too late?
Because people compare themselves to the most successful person their age they know. In our study, a 40-year-old asked how to start with $45k in a 401(k) and didn’t know how to log in. That’s more common than anyone admits, and it’s fixable in an afternoon.
Start this month
- Find every account you already have. Old workplace pensions or 401(k)s count. Log in or request access.
- Take any employer match. It’s the best return you’ll get anywhere.
- Pick a percentage you can keep. Start at 5%, add 1% every year or with every raise.
- Keep it simple. Low-cost, broad index funds are a common default. A fee-only adviser can check your mix.
Log into one retirement or pension account, or request the login. Just see the number.
Illustrative numbers: 7%/yr average return, monthly deposits, not a guarantee. This is general information, not financial, legal or tax advice. For your specific situation, a fee-only adviser, a non-profit credit counsellor or a lawyer can help.
Quick answers
How much should I have saved by 30?
Rules of thumb say about one year’s salary, but most people aren’t there. The useful question is what percentage you can save from now on.