When To Start Saving For Retirement ~ Joseph A Leonard - Wealth Management & Consulting

Monday, July 26, 2010

When To Start Saving For Retirement

The best answer to this question is right now if you have not already started. This is because you can never be too sure or safe in how much you have or will need to retire anymore. The best time to start or if possible is near age 25. That is of course if you are looking to be able to have a million in wait for when you retire. If you start here and you put away about $200 per month you will be able to realize this goal, especially if it is a matching 401k. You will need to increase the amount by $10 per month each year in order to continue on the level of growth you will need to reach for the million. At the age of 35 you should be at about $400 per month in contributions so you will be able to reach your goal and continue this on through retirement if at all possible.

Joseph Leonard is a registered Investment Advisor in North Carolina, author of The Retirement Vault and founder and CEO of the Financial Management Company in North Carolina, Coastal Financial Associates.

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