Almost every article on saving for retirement makes a huge deal out of starting early.
“Look! You if you start saving when you are 20 and then quit when you are 30, you’ll have more than if you start and 40 and save util you are 65.”
That’s great. But, it doesn’t much help if you aren’t 20 anymore, now does it?
Saving For Retirement Now
Ricky Gervais once wrote an article in which he declared,
It’s never too late, but do it now.
He was talking about following your dreams or working toward your life goals, but the advice applies very well to retirement savings and planning as well.
The reality is that you can’t go back into the past and save more for retirement. Your only option is to start saving and investing for retirement now. Or, as another saying puts it, “The best time to plant a tree was 20 years ago. The second best time is now.”
Whether you are 20 or 50, saving for retirement is the same. Put as much money as you can handle within your budget into a 401k plan. That’s it. That’s all it really takes.
If you are 50 and don’t have a dime saved for retirement, it isn’t like 10 years of savings and investing is going to net you some huge nest egg to travel the world with. That being said, if you work until 65 or even 70, then we are talking about 15 or 20 years of retirement savings. That isn’t nothing.
If you are in your 40s, the news is even better, and of course, if you are in your 30s or 20s, you can really build up some amazing savings.
The important part is to not let the idea that you should’ve / could’ve / would’ve started years ago. You can only do what you do now. But, that is the key, do it NOW, not later, not next month, not even next week.
Many employers have an online portal with which you can sign up, or change the investments to your 401k accounts. Call your HR department TODAY and get access to the portal if you don’t already have it, and start saving 5%, 10%, or 15% of your income into your 401k retirement saving plan. No matter how old you are, doing this today will improve your position down the road.
Oh, and if you happen to be in 20 years old?
You can win this game bigger and easier than anyone else.
The advice is the same. Do it now. Only the rewards will be bigger for you than for others.