Retirement can seem like it will never come for young professionals. But time can be a sieve, and retirement age can arrive in the blink of an eye. Young adults who have not planned accordingly for retirement can find themselves in financial straits at a point in their lives when they want to kick back and enjoy themselves.
Ideally people should start saving in their 20s when they first leave school and begin their careers. The sooner one saves, the more time money has to grow.
Vanguard says that the person who saves $4,500 per year over a career spanning 45 years can reach a goal of having more than $1 million in savings by the time he or she retires. Compounding interest and investment matches from employers can further secure professionals’ financial futures. MM17C523