Apr 2
Are Your 30s the New 20s … Only If Your 70s Are Your New 60s
Do not underestimate the difference that ten years can make. You might feel like you will be young forever, but you can bet that you will be old for even longer.
Many major life events are being pushed back into your thirties. However, there is one responsibility that you should not procrastinate … for the sake of your sixties, do not procrastinate saving for retirement in your twenties!
Fight Procrastination
Do not let a cliché hold you back from ensuring your future financial freedom. 38 percent of Americans in their twenties do not save for their retirement, and 72 percent feel that their current savings are not track.
Do not fall into this trap! Take control of your retirement and begin contributing to your financial freedom … unless you want seventy-five to be the new sixty-five.
Do Not Let the IRS Set the Bar
Set the bar for retirement contributions as high as you want to!
The IRS annual retirement contribution limit is a lot of money. Only 12 percent of retirement plan participants are able to save this much.
Do not set yourself up to fail: maxing out your retirement contributions in your twenties is great if you have the disposable income.
But this is far from a reality with student loans, increased housing costs, and stalling wage growth.
Instead, focus on learning how to save for retirement and how to increase your contributions as you lower your expenses and increase your income.
Get Started!!
There is no excuse to not save for retirement in your twenties. You do not need an employer to open an IRA and there is no minimum contribution limit or minimum balance requirement to take control of your financial future. Get started on building your independent financial future and do not worry about getting rich quick.
Please reach out to in50orless@gmail.com with any questions or suggestions for other personal finance topics to cover.
