How Old Were You When You Started Saving for Retirement?
“Save early and save often” is the mantra of almost every personal finance expert. But we all start our retirement savings journey at different times. When did you start and what prompted you to do so?
Every year counts. Wells Fargo’s retirement study found that working Americans ages 55-59 have accumulated three times as much as people ages 60 and older simply by the power of compound interest and starting early. (The 55-59 age group began saving at an average of 31, and people over 60 at an average of 37).
However, if you are late or late to the game and are missing how much you should have saved by now for your age group , there are still ways to catch up : be a little more frugal so you can catch up. adjusting your asset allocation for greater risk (which obviously entails more risk).
Let’s tell you when we started, how our retirement planning began abruptly, and what we are doing at the moment (are we trying to catch up or just move by inertia).
Photo by aag_photos .