Save for retirement, starting now
Saving for retirement is one of the most important things you can do. It's also something many people put off, thinking they will start tomorrow, next month, next year.
Don't rely on just social security
Putting off saving for retirement can be a dangerous mindset since social security, as of right now, barely covers expenses for many seniors. This scenario won't likely improve, and there are some forecasts that social security may very well begin to dry up not too far down the foreseeable road, the year 2041 to be exact. Unfortunately, many people will be traveling this very same road to retirement, not fully cognizant of all the pitfalls and potholes lurking in wait to sideline them.
What can you do to proactively protect your future?
Plan and save for the future, starting now. IRA's and 401(k)'s accrue more interest and money the earlier they are started. And who wouldn't want that?
MeetStacey. She's twenty-five and wants to start saving for retirement by way of a 401(k). Using a retirement calculator, she sees if she puts $5000 into her account yearly until retirement and has an expected annual return of 6%, by age 65 she will have $797,024.12. But if she decides to wait until she is 35, she will only have $407,149.66 accrued in her account by retirement. Even though all the other factors remained the same, 10 years made a large and expensive difference.
Begin now with OneBudget
So begin saving--the earlier, the better. But for those late to the game, remember: better late than never. It's much safer to play a little catch-up than to be left behind without any alternate retirement funds in the bank. No matter your age or retirement goals, our Goals feature can help you along your journey.