March 4, 2019
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When is the best time to start saving for retirement? The answer is simple: as soon as possible. But like most things in life, that is easier said than done. Given the job market, high student loan payments and other personal situations, the last thing young adults want to do is sacrifice a portion of their hard-earned paycheck for a retirement that is not happening for at least 30-40 years.
A recent Pittsburgh Post-Gazette article highlights how putting away even as little as $20 a month can compound and grow into much more by the time retirement rolls around:
As the article explains, saving money takes discipline and financial planning. Our financial expert, Matt Herron strongly believes the only way to acquire wealth is through saving and earning interest, not paying interest. So take advantage of your automatic deduction 401k plans to help save without effort. Additionally, avoid borrowing and taking withdraws from you retirement or 401k. Your 401k is not a checking account. Early withdraws and loans are expensive and will dilute your ability to compound money. If debt is keeping you from making your best effort to save call us to eliminate your debt and develop a plan to start saving your financial future depends on it.