Check out this quote I just read in a Christian Science Monitor article about boomers and retirement:
“Nearly a quarter of those who turn 50 this year say they haven’t even started saving, according to a poll in January.”
I would be curious to know what percentage of that percentage have…
• a new (non economical) car?
• a boat?
• an expensive home (“expensive” meaning higher priced for their particular area of the country)?
• a budget?
• are turning down a company match?
• COULD save money but REFUSE to?
I know, I know,…I’m being judgmental. I don’t mean to be. I just find it hard to believe that that many people haven’t put anything away for retirement.
I suppose a positive way to look at this is that lots of those people are going to be working a long time, which will help stave off the employee crunch we were supposedly going to face when Boomers began retiring in droves and there weren’t enough in the younger generations to take their place.
For those of you just starting out in life, PLEASE HEED MY ADVICE:
Start saving for retirement NOW! Make it a PRIORITY! Before you know it, you’ll be 50-years old. You don’t want to waste all those years of potential compounding of your retirement funds.