You Might Not Be Saving Enough

A GOBankingRates survey shows that about 64% of Americans have less than $10,000 saved for retirement. This amount of money might seem better than nothing and sure it is. But if you start thinking ahead and creating a personal plan for retirement, you’ll understand that $10,000 isn’t that much money. This is why it’s very important to start saving as early as you can.

Having 20 or 30 years old doesn’t give you the urge to have a savings account for retirement. Even some people whose age is 40 or 50 might think they still have plenty of time to catch up. Actually, starting early means you can afford to put away less money per month.

A study made by Global Atlantic Financial Group found that 36% of retirees wish they had put away more for retirement. Pretty troubling, isn’t it? Matt Ritt, a certified financial planner and investment advisor recommends starting a 401(k) or a 403(b) plan and increasing contributions whenever possible.