Today, only 43% of Americans have calculated how much they need to save for retirement. Even if retirement seems like it’s a long way off, it’s important for you to start saving for retirement now. Here are some resources to help you get started.
Start saving now to take advantage of compound interest.
Set goals for annual and long-term saving.
Stick to your plan. Remember to invest in yourself!
How to Start Planning for Retirement
It’s never too early to start planning and saving for retirement. Whether you’re just joining the workforce or retirement is on the horizon, here’s what you can do to make sure you’re financially prepared.
Learn About Compounding Interest
When interest is added to the principal of a deposit which also earns interest, this is called compounding. With compounding, you’ll see your account grow more quickly. Compound interest is the type of interest that you are looking for when it comes to investing money.
With compound interest, saving a little bit now means earning a lot more interest later. Einstein called it “one of the most powerful forces in nature,” and it’s true. Like a snowball, the more you add to what is there, the more it grows…and grows…and grows…