Top 7 Retirement Planning Mistakes To Avoid Before You’re 40
The Hidden Costs of Delaying Saving
The allure of today’s disposable income leads many to delay saving for retirement. But for every year you procrastinate, the amount needed to meet your goals rises exponentially. The concept of compound interest means an early start allows for smaller contributions to accumulate into substantial amounts over the years.
Surprisingly, every year you defer savings in your 30s dramatically increases the financial burden in your 40s or 50s. Here’s some math most overlook: starting at 30 versus 40 can mean the difference of hundreds of thousands of dollars in retirement savings.
Rather than procrastination, automating monthly savings into retirement accounts makes the process seamless and foolproof. The result? Long-term benefits that justify short-term cutbacks, promising far better financial security come retirement.
If this hasn’t yet ignited your planning instinct, our next insight surely will. It’s a call to action you won’t want to ignore—coming up next…