Starting to save for retirement is extremely important. First, no one knows if social security will be around or in what form when we retire so it is important that we start to save. Starting early is best because you are able to make smaller contributions over a longer period of time, which minimizes the amount of money that comes out of your pocket. Second, about every 10 years your money will double, so the longer you have it in the market, the more opportunities that you have to double your existing balance. Therefore, it is better to start early rather than later.
I know many young professionals in the work force who don’t contribute to a retirement account because they don’t know how to start or they are concerned with “missing” the money that will be deducted for retirement. Hopefully these tips take out the frustration, complexity, and concerns in starting to save for retirement.
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