In this week's episode, we are discussing retirement savings and how important saving early is to your bigger financial goals. I'll also provide an overview of the different types of retirement accounts.
Welcome to the Balanced FI Podcast, episode 6! Thank you so much for listening in!
Using realistic examples and actual numbers, I’ll demonstrate the difference between starting to save at age 25 and at age 45. Saving earlier offers a huge financial advantage, but it’s never to late to start planning for retirement. You may have to work longer than you’d like or save more each month, but you can at least save something.
We’ll also discuss the differences between the most common retirement vehicles, as well as the annual contribution limits that may impact you.
Even if you still have debt, start or continue to contribute to retirement, especially if your employer offers a match for your contributions. Starting to save, today, will only help your future.
Read: Begin Saving for Retirement, Financial Security Step 2b
Investopedia: What is the Average Annual Return for the S&P 500?
The New York Times: Employees’ Retirement Plan is a Victim as Enron Tumbles
SoFi: Understanding the Different Types of Retirement Plans