We all know we should save for retirement, but many people don’t bother or just put it of until ‘next week/month/year’. But every day you put off saving for retirement is a day you are losing time to compound your retirement savings and investments. How much money will you need in retirement? $500,000? $1 million? $2 million? $5 million? Everyone’s answer is different, but if you want to enjoy retirement, you need to plan for it and save for it starting now.
Retirement may still seem like it will be impossible to reach or just an incredibly long way off, but the longer you put off saving for retirement, the more at risk your financial situation will be when you do reach retirement. So, what if you put off saving for retirement for a few years? Or 10 Years? What is it going to cost you?
Below are six examples of two different people saving and investing for retirement. These examples will show how important it is to save for retirement as soon as you can. And they will show you how starting later will make you a severe game of catch up. You can click on table to bring you to a full table to show the growth by year.
Below are six examples of two different people saving and investing for retirement. These examples will show how important it is to save for retirement as soon as you can. Even if you aren’t 22 years old, you can and should still be saving for retirement. It may still seem like it is a long way off, but the longer you put off saving for retirement, the more at risk your financial situation will be when you do retire. Centenarians are the fastest growing age group in the United States. So, if you plan on retiring, you need to make sure you have enough saved and invested so you don’t outlive your retirement savings. You can on click each table to see a full table to show growth by year.
