How Soon Should I Start Saving For Retirement?
How soon should someone start saving for retirement
? Right this very minute! No, really, the sooner the better. Once you start working and earning an income you need to start thinking about what you want to do for a retirement plan and what your financial goals are in general. There are a number of reasons why getting on this as soon as possible is important.
The sooner you start investing the more time your savings will have to be invested and earn you returns. When you put money into a 401k or IRA your contributions are invested in a variety of ways (stocks, money market accounts, mutual funds, bonds, etc) that you've chosen, earning you returns on your investments. Because of this the five dollars you save now is worth more in the end than the five dollars you invest ten years from now, because that five dollars you invest now will have more time to be invested and earn you returns.
There will always be a reason not to save, so start putting some aside now to get into the habit. It may seem like you don't have the money now to put any aside, but there will always be something. Whether it's a mortgage, having children, traveling, getting married, or working at your first job after school there's always a reason to put off saving for the future. The sooner you get into the habit of putting aside a small portion of your income the easier it is to make that a part of your normal budget.
If you have dreams of living lavishly or retiring early they are much more likely to become a reality if you invest early, because you'll have more money in the end. Trying to catch up with contributions in your fifties is frustrating, scary, and a huge hassle. Get started now and saving for retirement will be a much easier goal and saving enough will be a more easily attained reality.
by: Jennifer Quilter
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