Don’t be afraid of retirement
The R word
To some, retirement is a dirty word. It may be hard to imagine yourself as a senior citizen because you’re just starting your career. Or the idea of saving for retirement may be just plain overwhelming when you’re putting your kids through college. But now’s the best time to get started.
I know it can be tempting to put off saving for retirement. Believe it or not, at my first real job, I didn’t participate in my 401(k) plan right away! I’m sure I had a good excuse at the time, but nothing could justify the thousands of dollars I lost in the long-term. If you’re still not convinced, here are a few things to consider:
1. You cannot borrow for your retirement. Getting by on credit cards might work just fine today, but, eventually, you’ll need to have some savings.
2. More than 3 million American senior citizens live in poverty. And 71% of them are women, who, on average, have 40% less in retirement accounts than men, even though they live four years longer.
3. It’s not selfish to put yourself first! There’s no better gift to your family than not having to lean on them when you’re older. Consider this your permission slip to invest in your own retirement before stocking your kids’ college funds.
Plus, saving for your future can be as simple as saving just $3 a day. Start this week, and by the end of the year, you’ll have over $1,000 saved. A 35-year-old who follows this plan and lets the funds grow in an IRA could have more than $125,000 stockpiled by age 70.
What got you to finally start saving for retirement?