Why Retirement Should Be Next on Your To-Do List
#WiseUp
5 mins read

Why Retirement Should Be Next on Your To-Do List

Chances are you’ve been putting off your retirement savings because like many, you’re under the impression that you don’t even need to start thinking about retiring until you’re at least 60 years old. But what if we told you that there are a few very good reasons why planning for the future should actually be one of your top priorities? According to the U.S. Small Business Administration, close to half of the total workforce is not offered a retirement plan by their employer. If you’re part of this group, listen up. We know that life is busy, and not having access to a plan at work means you have to take matters into your own hands, but trust us when we say that not doing so can take a huge toll on your financial future. Here are some important reasons why saving for retirement should be next on your to-do list.

 

The Earlier You Start, The Better

It’s crucial to understand the importance of time and its impact on your retirement savings. To better understand how this works, imagine starting a snowball at the top of a hill and rolling it down. By the time it gets to the bottom, the ball will be much larger than if you had started the snowball at the middle of the hill. Makes sense, right? What this means for you is that with every day that goes by, you’ll have to start your snowball further down the hill so your ability to grow your money is reduced. No matter how small your contribution may be, you’ll quickly realize how much of a number this investment can add up to, so why wait? Get started today and allow your snowball to become the biggest it can be.

 

 

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Social Security Benefits Will Be Minimal

We need to get something straight: you can’t rely on Social Security benefits as your only source of income in retirement. There’s a common belief that you don’t need to do anything extra to prep for retirement because the government has your back. However, in reality, monthly SS payments are minimal at around $1,300, on average. Would this be enough to cover all of your bills? Probably not. So, if you’ve been dreaming of a comfortable retired life, you need to get on it and start saving on your own.

 

It’s Easier Than Ever To Get Started

Thanks to innovation in the financial technology space, there are many online investing services that make getting started saving for your future easier than ever. This technology has allowed for the growth of platforms like Finhabits that let you start investing with small amounts of money so no matter what the size of your budget is, no one has to be left behind. The ball is in your court, so get moving!

 

Now that you know these three important things, we hope that you’ve officially run out of reasons to delay getting started with your retirement savings. If this is the case, you’re on the right track!

 

To learn more about opening a retirement savings account, visit www.finhabits.com. 

 

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This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The information and opinions contained in this post are derived from proprietary and nonproprietary sources deemed by Finhabits to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Finhabits, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this post is at the sole discretion of the reader.

Open your IRA today!

Get started

Start with as little as $5 a week.