360 Photo Template Solutions SAVEMany of us experience different types of financial remorse, but when it comes to retirement, there’s one major regret that’s seemingly universal: not saving early enough. In a recent survey, 74% of workers admitted that they should’ve started saving for retirement sooner than when they actually did. Not surprisingly, this attitude is highest among 30-somethings, many of whom had the forethought and ability to start saving earlier on in their careers. Even 68% of current retirees say they regret waiting to save. It’s true that missing out on even a few years of retirement plan contributions can have a significant impact on your long-term savings. But while you can’t go back and change the past, as long as you’re still working, you can aim to compensate by ramping up your savings while you still have a chance. And if you’re just getting started in your career, you have a prime opportunity to avoid the mistake so many workers before you have come to regret. The following table shows how much money you stand to accumulate if you begin saving $300 a month at various ages and your savings balance at age 65 (assuming an 8% average annual return):

  • 22, $1.186 million
  • 25, $932,000
  • 28, $731,000
  • 35, $408,000
  • 45, $165,000
  • 55, $52,000

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