So this is just the first of the most important things you need to do financially. In order to increase your wealth and work towards a good retirement there is one very major step. The sad thing is that it isn’t that hard or difficult and almost everybody can do this no matter their situation. You know what it is?
It’s actually starting. If you have eaten out 5 times in the last month, you can start saving. That isn’t much but once you’ve started saving, adjusting is much easier than starting. A person retiring today at age 65 would need about $300,000 in savings to cover lifetime medical expenses to age 90*. Holy Cow!!! thats a lot of money right? It is and what your going to need in say 2035 when I plan on retiring is going be a LOT more. So think about it.
I started saving for retirement when I was fourteen. I haven’t invested much over the years, but I already have a lot more than my friends who just started saving at 25. It takes many years to accumulate the wealth for a happy retirement. Three big things to think about for the next couple days. How much money do i think I’ll need, How am I going to get that money, and what can I do to make it easier?
* http://www.tiaa-cref.org/about/press/about_us/releases/pressrelease289.html
That is some motivational stuff. Never ever knew that ideas could be this numerous. Thanks for all the inspiration to offer such useful info here.
@Jessica Lee … absolutely that $20 or $30 a month can be worth it. In 40 years, at $30 a month, you will have put in $14,400 … that's it. Even if your income never grows (which is not going to happen if you build a career and don't work in fast food for 40 years) and you don't increase your additions… at the end of 40 years, at the average rate of return of 8%, you will have 105,428.44.
As Clayton said… you just have to start. One pizza night a month can go a long way when it's invested.
yes and the sooner you start the better, it is very important
I have a small paycheck each month can I really start saving for retirement? It just doesn't seem realistic for me right now. Is there any point in be able to put away say 20-30 dollars a month?