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Starting a retirement plan (or planning for retirement) should start as early as possible. Even if it's just $10 or $25 per month while you're in your early 20s, it will pay huge dividends (figuratively) as the money continues to grow.
My employer offered matching contributions for my 401K. I started immediately and it made a big positive difference in my retirement planning. I started and never stopped.
Diversification is important at all times.
A full-time financial adviser or broker (not a marketer or advertiser) is your best resource. They can monitor your progress, make changes and guide you to an early and enjoyable retirement. Putting dollars in your pocket is their goal.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
When should you start a retirement plan? What were you doing yesterday? The biggest factor in retirement saving is time. Time allows you to use less money, accept more risk and gain better results over time. The sooner a person can start a plan for retirement, sooner they can actually retire as well. Time is the most important aspect of retirement planning.
You should start a retirement plan the day you start your first full time job, especially if your employer does a partial or full contribution match. The odds are high that you will live longer than your parents, so your retirement period may be longer as well. It’s always in your best interest to pay yourself first, even if it’s only $10 a paycheck. The cost of procrastination is substantial. The power of compounding over decades is significant. What you do today will determine how you live tomorrow.
That is a great question! The best answer I can give you is as soon as it is possible. You shouldn't count on Social Security or Medicare to be solvent after the next 10-15 years. Economists are predicting a monstrous rise in the poverty rate when that happens. I'm not a doomsayer, but unless something radically different starts happening with the people we elect to govern us, it's most likely that those programs go belly up. If that happens, you have about that long a head start to put away as much as you can. The rule of thumb is 8-10 times your current salary, to live as you do now. Please start a savings plan today. If you need help, please feel free to contact me. Thanks for asking!
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My employer offered matching contributions for my 401K. I started immediately and it made a big positive difference in my retirement planning. I started and never stopped.
Diversification is important at all times.
A full-time financial adviser or broker (not a marketer or advertiser) is your best resource. They can monitor your progress, make changes and guide you to an early and enjoyable retirement. Putting dollars in your pocket is their goal.