Well, it just does. The sooner you invest money the longer it has to mature. You can double your investment if you put away a set amount for ten years starting at age 25 than at age 35.
So you see, saving for retirement doesn’t have to be a slog forever. If you can invest $5000 a year for ten years from the age of 25 to the age of 35 you will have upwards of about $800,000 when you retire at 65.
So the earlier you start the better. This is something you have control of, you don’t have to save forever, and a good ten year plan is fine.
Get around the financial institutions and check out their options. Lump sum payments can get you more interest at times.
One thing is for sure, you’ll be spoilt for choice, but do choose wisely and use a well-known company. If you make a bad choice, no one will be there to help.
Your retirement money is your responsibility. Get onto it as soon as possible. But honestly, even putting something aside at age 55 is better than waiting until you are 65 and worrying about it.
If you need 30,000 a year to live on then you’d better get cracking! But be realistic, money can come partially from social security pension, perhaps your employer has a pension scheme, maybe you are going to have a small business to generate some cash to live on. Savings can make all the difference to your quality of life.