Although your golden years could be decades away, you need to start thinking about saving for retirement.
While you may be wondering about the right time to start saving, the answer is simple: Begin setting aside money for retirement as soon as possible. If you're in your early 20s or a recent college graduate, this may not appear feasible on an entry-level salary. However, even if you only save a little each month, your money will continue to grow, preparing you for the time when you're ready to leave the workforce.
Retirement savings accounts have compound interest. This means the interest you earn is added to your principle, allowing you to accrue interest on those earnings. Each year you save is another year that your investment can make money, maximizing your potential nest egg by the time you're ready to retire.
Don't worry if you can't put aside a lot of money right away. After you get a raise or two from your employer, you can start saving more aggressively.
For more information on effective wealth management strategies, contact Landmark Bank.
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