A startlingly small number of Americans have started allotting money toward their eventual retirements.
A study by the U.S. Retirement Confidence Survey has revealed that a paltry 37% of Americans have even calculated the amount of money they will need to save for their retirements. Even worse, some estimates state that only 4% of Americans who are employed will have enough money saved up to retire by age 65.
If you’re one of the millions of Americans who hasn’t yet started putting away a portion of your income toward your retirement, now is the best time to do it.
Here are four facts that will show you the importance and necessity of starting to save for your retirement right now:
1. Federal resources for retirement funds are dwindling: Ask any certified financial planner, and they’ll tell you the same thing — today’s generations have increasingly fewer resources for financial help with their retirements. Employer pensions are essentially non-existent these days, and Social Security has been projected to run out of money by 2033. Knowing this, there’s never been a better time to find a financial planner.
2. You’ll likely live longer: The average American lifespan is currently nearing 80 years old — and by the time you retire, it may be even longer. To make sure you have enough money saved up for a retirement that could be as long as 30 years, it’s essential to have a certified financial advisor who can help you get started.
3. You can invest: You can grow the money you save for retirement even quicker by investing in stocks and companies that are projected to grow. By working with a certified investment advisor, you can start learning how to build a
4. The earlier you save, the more you’ll have: When it comes to saving, compound interest is your best friend. If you start saving around $500 a month when you’re 25, it’s been proven that you can easily build your savings to $1 million by the time you’re 65. But if you were to start saving a greater amount later on, there wouldn’t be as much compound interest. To get started on your retirement savings, speak with your certified financial planner today. Learn more at this link. Good refereneces.
