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Retirement Savings: How do you measure up? - Investopedia
For many young people, “retirement savings” is something to think about in the future. But, believe it or not, the future may be closer than you think. Ask anyone in their early sixty’s evaluating if they can retire and how Social Security will fit into their plans, and they will surely tell you that their retirement sort of “sneaked up on them.” And most will tell you that they wished they had started saving for the future much sooner.
Fact is, only about half of Americans under age 35 have any money set aside for retirement, and those that do have only a small amount. This article reveals that saving early for retirement is crucial in order to take advantage of compounding, e.g., $1 saved at age 25 is worth about $5 at age 55, simply because of compounding. As the article suggests, ““The tragedy isn’t starting with little; it’s waiting.”
Curious to know how you compare to others in your age group? This Investopedia article by Sara Clarke will show you a comparison of retirement savings by age category, and explain what you can do to improve your future retirement. Click here to read more.
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