The Time To Save For Retirement Is NOW
How do you envision your future self? Are you planning on having a productive and interesting career in which you fulfill some of life’s essentials, including passion, purpose and engagement while working? Are you planning to have the health and financial freedom to enjoy retirement with travel, leisure, spending time with your grandchildren, etc.? Remember, if we take care of our health, there’s a good chance that you might live into your 90s or even 100+ (See: The 100 Year Life).
If so, now is the time to start develop a life plan including saving for the retirement section of your life. Merrill Lynch issued an important and concise report on the impact of delaying your savings start. Using three hypothetical co-workers who decide to start saving the same amount at different ages, you can see the impact. In each case, the person began investing the maximum allowed by law in tax deferred IRAs and company 401Ks, which compounding at the same rate. Allison starts when she’s 25 and has $4.64 Million when she reaches 65; David starts 10 years later and has 2.47M in his account at age 65; Rhonda waits till 45 to start saving, and by age 65 her account has $1.26 Million.
Obviously, a lot of factors affect these hypothetical examples, but they make a clear point: the earlier you invest in your retirement savings account, the more you’ll probably have in it when you decide to retire. Then you can leverage the financial independence to have a fulfilling elongated life.
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