Excuses, excuses. We all can come up with reasons why we're not saving for retirement. Do these two sound familiar?
What's Your Excuse Not to Save
No matter the size of your paycheck, you could be setting money aside for retirement.
Complete this simple exercise to determine how much money you could have in your retirement account if you started saving just 1% of your pay today, increasing your contributions by a 1% a year until you and your employer are contributing a total of 6%.
Enter your expected years to retirement and your annual income. Now compare how much it will cost you in retirement saving if you waited six years to begin contributing versus starting now at 1% and increasing it 1% per year.
Enter years to retirement:
Enter your income:
Amount saved if you start now at 1%*:
Amount saved if you start in 6 years at 6%*:
Difference:
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*Assumption: 8% Rate of Return. Your actual rate of return will depend on asset allocation, funds selected and actual performance from now until retirement. This hypothetical example is for illustration only. The rates of return mentioned are not intended to reflect the performance of any actual investment. Investments do not typically grow at an even rate of return. Actual returns may result in a gain or a loss.
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Past performance is not indicative of future results.
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Excuses, excuses. We all can come up with reasons why we're not saving for retirement. Do these two sound familiar?
