When To Start Building Your Retirement Savings

Saving for retirement is something most people know they should be planning. Whether or not they are actually doing it? That is an entire other matter.

Nine in ten working citizens believe they should be planning for retirement, though only 75% are actually focused and doing so, compared to 80% from the previous year.

The 20s is an appropriate time to start building wealth and saving for retirement. The earlier you start putting money away for retirement, the more you can reap the benefits of compounding and long-term market gains. Additionally, at this age, you can afford to invest more aggressively and take on a little more risk in order to earn better returns.  The simple answer: save more. If you are not able to put away large amounts of your income yet, it is most important to just get in the game. Once you are in a consistent position in your life and job, committing at least 20 percent of your yearly income (including retirement savings) to your investment portfolio is the way to go.

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