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So, how close are you to hitting that seven-figure mark?
Heres a look at where you stand and how you canset yourself up for a comfortable, stress-free retirement.
As Albert Einstein is often quoted, Compound interest is the eighth wonder of the world.
He who understands it, earns it.
He who doesnt, pays it.
Thanks to compound interest, time is your best friend, said Battin.
Aside from starting early, he suggested living below your means.
Spend less than you earn; save and invest the difference.
Additionally, try toavoid the temptation of impulse spendingby limiting your online shopping and wandering through malls.
In other words: Dont let your spending increase at the same rate as your income does.
At the same time, he advised automating everything.
He said automation removes the temptation and procrastination that can often interfere with the best intentions to save.
Finally, make a run at keep fees, taxes and expenses to a minimum.
When possible, utilize tax-efficient index funds and low-cost active managers, Battin explained.
Also consider opening a Roth IRA and contributing post-tax for tax-free withdrawals in retirement.
Use Budgeting Apps
Battin also recommendedusing apps that help you track your spending.
Cut big expenses: Housing, cars, food those eat your budget fast, he explained.
Before long, youll be saving 15% without feeling the pinch.
Remember: Saving for the future is a real way of achieving peace of mind.
After all, Battin said, you could buy a bed, but you cant buy sleep!
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