Too late to the party
One of the most common regrets people had when they retired is not starting soon enough to save money. Studies show that respondents of 50 and older had bigger regrets than the younger ones when it comes to saving for retirement.
Many people don’t realize they need to do that until they reach 40 or 50 years old. Luckily, you can still start saving at an advanced stage, but it will require a lot of discipline and immediate action.
If you wish to have gathered $1 million in savings for your retirement, you have to come up with a plan. Assuming a 7% annual rate of return, you’ll be needing to save $381/month at 25 years, $820/month at 35, $1,920/month at 45 and $5,778 at 55. The sooner the better!
We can’t claim this next one is a good idea…..