Interesting Article that can apply to anyone
Fully three in four, in fact, admit they harbor financial regrets, according to a survey of more than 1,000 adults by Bankrate.com.
Their biggest regret: not saving for retirement early enough (nearly one in five Americans put this in the No. 1 spot). What’s more, among those 65 and up, 27% said this was the biggest regret, compared with 17% of those aged 30 to 49.
Indeed, it is costly to wait. A person who starts saving $300 a month for retirement at age 25 (assuming a 5% return on investment) will have about $450,000 saved by age 65, despite only contributing $144,000 into his retirement account. Meanwhile, if that person waits until 35 to save the same amount each month, he will contribute a total of $108,000 toward retirement but only have about $250,000 saved at age 65. “If you don’t start saving early enough, you will start to notice that later,” says Greg McBride, the chief financial analyst for Bankrate.com.
