Have you begun saving for retirement yet? It’s never too early to start saving for retirement, but it can become extremely difficult to have a substantial amount of funds available to you at retirement the longer you wait to save.
Rising Sun Express has an open enrollment date coming up May 1st, 2017 for the company’s 401(k) plan. Now is the time to begin thinking about planning for retirement if you haven’t yet. To be eligible to enroll in Rising Sun Express’s 401 (k) plan you must be 21 years of age and have been a full time employee for six months.
According to JP Morgan, a person who invests $5,000 annually between the ages of 25 and 35 will have roughly $602,070 at the age of 65, with a 7% annual return. In comparison a person investing $5,000 between the ages of 35 and 65 will only have $540, 741.
Although market returns are not guaranteed each year nor are company matches, but as the math shows the sooner you begin to plan for
retirement the better you chances are at attaining your financial goals.
Even if you haven’t begun saving yet and you’re not between the ages of 25 and 35 you still have the chance to spend less money than you earn and invest that money into a retirement fund.
If you haven’t started saving for retirement yet, when will you? Although tomorrow may sound like a better option today, life may decide to surprise you more than once.
“Retirement saving may be more challenging today than it’s ever been. People are living longer than ever and thus must support themselves for an increasing number of years, yet a changing economy can quickly make the skills of older workers outmoded,” explains Richard Barrington, CFA, primary spokesperson for MoneyRates.com. “Meanwhile, interest on savings accounts and other traditional income vehicles has all but disappeared. The absence of income production puts all the more pressure on savings to carry the load in retirement.”
Think about your future and your financial goals and start saving for retirement today!