Start saving as early as possible
The longer you have to accumulate money, the better off you’ll be in retirement. Don’t tell yourself ‘I’ll start tomorrow’ because you’ll only be doing your future self a huge disservice. Financial advisors can’t help but stress that the earlier we start, the better. That’s because the dollars you save today will grow in 20 or 30 years and you want to ride out inflation for as long as possible.
Studies have also shown that one in three seniors have nothing saved for retirement. That means they’ll rely solely on their Social Security, which might not account to too much. Want to know how much you’ll be getting during your golden years? Thankfully, the Social Security website has a calculator you can use too, though it may not be entirely accurate. Use it to give you a general idea of what your finances will look like and then start saving up in order to supplement that fixed income.
