Are you one of the many that are getting closer to retirement age and starting to wonder if you’ve saved enough? Don’t worry, you’re not alone and guess what, you’re not too late!
The past five years may have caused some additional stress for you as savings that you had may have lost value or in turn not grown at the rate that you had always thought. You’re definitely not alone in this. Many people are nearing retirement and wondering if they’ve done enough. Even if you weren’t in a situation to begin saving in your 20’s or even 30’s there is still plenty of time to start saving and be able to retire more comfortably.
Below is a chart that I put together to help show that there is still plenty of time to start saving or to boost your savings a bit to help you enter retirement when you’re ready. Below you’ll see what you could potentially save if you are 40, 45, 50 or even 55 and start saving today and what that investment could turn into by your retirement at age 65.
Obviously, the sooner you start saving the greater your savings will be upon retirement, not only because you’ve contributed more, but the added advantage of compound interest. However, it’s always easier said then done and unfortunately saving for retirement sometimes gets pushed to the end of our lists, but we wanted to assure everyone that there is still time to boost your savings. We would love to discuss and review your individual situation and provide a financial plan and savings options for you specifically, so please let us know if we can help!