July 4, 2022

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5 of the most common regrets when it comes to saving for retirement – CNBC

Select’s editorial team works independently to review financial products and write articles we thi.......

Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We may receive a commission when you click on links for products from our affiliate partners.

Saving for retirement isn’t always an easy feat — especially when you don’t know where, when or how to start. Often times, it’s only after retirees have left the workforce and are finally spending their savings that they realize there were a few things they could have done differently.

Hindsight is 20/20 and while you can’t turn back the clock, you can avoid making some common mistakes that lead to regret when it comes to saving for retirement. Below, Select has rounded up some of the biggest things retirees wish they did differently.

1. Not saving enough money

Not saving enough money for retirement often goes hand-in-hand with not starting earlier with your savings. According to an Ask Carrie article written by Carrie Schwab-Pomerantz, President of the Charles Schwab Foundation, the later you start saving for retirement the more you’ll have to put away each month in order to sustain yourself once you retire — if you start saving in your 20’s, you’ll put away 10 – 15% of your income but if you start in your 40’s, you may have to save up to 35% of your income.

Plus, when you start earlier, your money has even more time to compound, which means …….

Source: https://www.cnbc.com/select/common-regrets-when-saving-for-retirement/