Why Saving for Retirement Early is Important

According to a new report from Lincoln Financial Group, your golden years might be marred by regret about one thing: saving.

The new study of more than 1,400 retirees found that a vast majority wished they had started their retirement nest egg earlier and had contributed more to it than they did. 

Plan for Retirement Now

The study found that 63 percent of retirees wished that they could go back in time to plan differently for their post-work lives. That makes sense. As they say, hindsight is 20/20.

Save More Now

However, what was most striking about the survey was the percentage of retirees who wished they had stockpiled more savings. The survey found that 75 percent of retirees wished they had started saving earlier for their retirement, while 63 percent said they wished they had saved more before retiring. 

Plan and Save Early

The message from this report is clear: If you haven’t started saving for retirement, do so immediately. Also, save as much as you can, while you can.

Steps to Grow Savings Today

Here are some ways to help you save money, starting today:

• Go through your budget and trim excess spending.
• Funnel that money into your retirement savings accounts and investments.
• If you have an employer match on your 401(k), make sure you contribute enough to get the match, if not more. That’s free money that will make a difference when it’s time to retire.
• If you don’t have a 401(k), open an IRA as a retirement savings vehicle.
• Aim to save between 10 to 15 percent of your pretax income. If you can go higher than that, all the better. The main point is to start saving now and save as much as you can.
  

Do One Thing: If you are not saving for retirement, start immediately. No matter how old you are.