Let’s face it, we have all had financial regrets. But don’t let that stop you from re-engaging with your financial life and reaching your financial goals. I don’t know about you, but the phrase, “I wish I knew then what I know now” definitely applies to me. I chased shiny baubles in my twenties and early thirties but finally got real about retirement savings and investing in my late thirties. Are you still chasing baubles that have no real value?
A recent study indicated that Americans have three top financial regrets: not saving early enough for retirement, not saving enough for an emergency fund, and taking on too much credit card and student loan debt. You can read more about these regrets here.
Consider this, if you start saving $300 a month at age 25, with a hypothetical 5% return, you will have about $450,000 saved by age 65 and you will only have contributed $144,000 into your retirement account. If you wait until age 35 to save the same amount each month, you will contribute $108,000 toward your retirement but only accumulate about $250,000 by age 65. The difference is time and the magic of compounding. Add an employer provided retirement plan to the mix and you can see how your golden years could be truly golden. If you have any of these regrets, put a stop to it now and get started on a new plan.
As an independent Certified Financial Planner™, I can help you establish and maintain better financial habits and help you create a plan to move forward. Contact me and let’s get started! #talktometuesday #education #Hireaplanner #retirement #aplanforyou