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Start Early if Possible
Northwestern Mutuals survey found that the average American begins saving for retirement at age 31.
But what if you could start a decade earlier, at 21?
Starting early allows your investments to compound over a more extended period, dramatically increasing your savings.
Starting early can also mean setting aside smaller amounts regularly, making it less burdensome on your monthly budget.
Its easy to get caught up in current expenses and forget about future needs.
To combat this, make retirement savings a non-negotiable part of your budget.
Treat it like a bill that must be paid every month.
Set up automatic transfers from your checking account to your retirement account.
This way, youll save consistently without having to think about it.
Dont be part of the 70% who leave money on the table.
Remain Consistent
Consistency is key when it comes to retirement savings.
If youre already saving, keep up the good work.
Market fluctuations can be unsettling, but remain focused on your long-term objectives.
Avoid the temptation to pull out of the market during downturns.
Instead, consider these periods as opportunities to buy investments at lower prices.
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