It is always better to start your retirement savings early that way you have more time to save up for it. But, if you do end up starting saving late, this is better than not saving at all and you can still make a pretty decent savings out of it. Start saving more than you normally would when you were younger, and cut expenses that you don’t need. If need be, you can always work a bit longer than expected.
Key Takeaways:
- Saving more will help you make up for missing out during your younger years.
- You can control your expenses by paying off all of your current liabilities.
- Delaying retirement a few years will give you more years for saving and paying off debt.
“If you can start saving when you’re young, you should. But if that’s impossible for you, beginning late is always better than never beginning at all. Starting when you’re older can provide you with the benefit of a higher income, as well as more disposable income.”
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